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Japan-based biggest retail group, Aeon, is planning to build at least seven shopping centers in Vietnam, said its CEO.
It is planning to inaugurate its first trade center namely Aeon Tan Phu Celadon by early 2014, Nagahisa Oyama, CEO of Aeon Group, told Thoi Bao Kinh Te Sai Gon newspaper.
Construction work on the $100 million Aeon Tan Phu Celadon trade center is expected to start in 2012.
The3.5-hectares 1st phase of Aeon Tan Phu Celadon trade center will be built in the 82.5- hectare Aeon Celadon City SC complex in Tan Ky-Tan Quy Street in Ho Chi Minh City’s Tan Phu District.
According to the Japanese investor, the trade center is one of an extensive network of shopping centers that they will build across Vietnam in the future.
Aeon is known as a Japanese powerful retailer and it is expected to be a big rival for local retailers in the near future.
In addition to the investment in the shopping center, the Japanese group is planning to invest in entertainment, recreation, restaurant, bar, and gym facilities in Vietnam.
Earlier, the HCMC People’s Committee has officially granted an investment license to Aeon Vietnam Co., Ltd, the Vietnamese arm of the Japanese retail group, according to the municipal Department of Planning and Investment.
It has also partnered with universities in HCMC for labor training and recruitment.
Aeon Group is known for the Jusco supermarket chain, according to Japanese media. It has also opened branches in Malaysia.
Currently, Japan’s investment into Vietnam in the field of distributed mainly MiniStop convenience stores, Family Mart, and the same-price Daiso supermarket chains.
More flocking in
Vietnam’s retail market is expected to see the entry of at least 2 more giant foreign retailers.
Hong Kong’s Dairy Farm International Holdings has got a license to begin operations in the country this month. Dairy Farm will open an outlet of Giant, its supermarket chain, at the Crescent Mall Center in Phu My Hung Township in HCMC’s District 7.
In 2007 a subsidiary of Dairy Farm, Giant South Asia Vietnam, entered Vietnam with its Wellcome supermarket chain.
E-Mart, one of the largest retailers in South Korea, has also joined hands with the Binh Duong-based U&I Group to open a supermarket chain in Vietnam.
E-Mart will hold an 80 percent stake in the E-Mart Vietnam joint venture, which will invest $1 billion to open 52 supermarkets and stores in urban areas around the country.
Some existing foreign retailers are eyeing market share expansion.
Korea’s Lotte Mart said it had received the government’s green light to hike its investment to $50 million.
In 2008 it tied up with Minh Van Co for a $15-million joint venture in which it held 80 percent to open two supermarkets in HCMC.
Germany’s Metro Cash&Carry early this month set up a $500,000 fishery collection center within its facility in the Mekong Delta city of Can Tho.
Mekong Delta is Vietnam’s main agriculture-fishery hub.
It has also expanded its network with the establishment of two new outlets worth some $33 million in the northern cities of Ha Long and Vinh.