Japanese retailer Aeon has announced plans to invest some US$1.5bn in developing shopping centres in Vietnam over the next decade.
The group's president and CEO Motoya Okada told journalists at a press conference it plans to open a shopping centre in the thriving Tan Phu district of Celadon City, which is located around 7km west of downtown Ho Chi Minh City. The store will include around 130 specialist retailers.
According to a report in the Mainichi Daily News, in October of last year Aeon acquired an investment license to develop the shopping centre and established a local corporation, Aeon Vietnam Co, which was capitalised at US$101m.
Okada told the press conference Aeon planned to open 20 stores across Vietnam by 2020.
The retailing group is now firmly focussed on the Asian market and in particular China and South East Asian countries such as Thailand and Malaysia.
