Japanese retail group Aeon is accelerating the opening of malls and other stores in Viet Nam.

A Vietnam News Agency correspondent in Tokyo cited sources from Nikkei Asia newspaper that said Aeon plans to triple its malls in Viet Nam by 2025.

Aeon currently has about 200 stores in Viet Nam, including six shopping malls.

Stores are concentrated in HCM City and Ha Noi. In addition, the group plans to open a shopping mall in the central city of Hue in 2024.

The company expects to increase its number of supermarkets in Ha Noi to 100 stores by 2025, and almost triple the number of malls to 16 nationwide.

"We need to accelerate our store openings, which is why we must take new initiatives now," said Yasuyuki Furusawa, head of Aeon Viet Nam. Strengthening its food businesses, such as bakeries and kitchens, is part of that effort.

Viet Nam is "the most important market in our overseas strategy," said a top Aeon executive.

As a member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Viet Nam plans to abolish its foreign investment restrictions as early as 2024.

Besides, the country has a population of 100 million and a growing middle class. Its economic growth is expected to exceed 7 per cent this year. — VNS