Japanese retail giant AEON Co., Ltd. reported an operating revenue of more than VND2 trillion (US$78.7 million) earned from Vietnam in the March-November period, the first three quarters of the 2024 fiscal year, the highest among its markets in Southeast Asia.

AEON announced the figure in a report released last Thursday.

This revenue marked a year-on-year growth of 13.7 percent and accounted for around 3.6 percent of AEON’s consolidated operating revenue of nearly $2.15 billion. 

This result made Vietnam the largest contributor to AEON’s operating revenue from March to November of 2024 in Southeast Asia, where the retail group also has two other markets, Indonesia and Cambodia.

AEON also registered an operating income of VND552 billion ($21.7 million) from the Vietnamese market, up 19.3 percent from the same period of 2023.

Compared to all AEON’s markets, Vietnam is only behind Japan and China in operating revenue.

AEON commented that promotional activities have been conducted frequently and efficiently in 2024 in Vietnam, highlighting public holidays and events like Vietnam Women’s Day (October 20) and Black Friday (November 29).

The retail giant currently has seven shopping malls in Vietnam, including two each in Hanoi and Ho Chi Minh City, and one each in southern Binh Duong Province, northern Hai Phong City and the central Thua Thien-Hue Province.

AEON recently started construction of its eighth outlet in the southern Dong Nai province last Friday with a total investment of over VND6 trillion ($236 million).

It has invested about $1.5 billion in Vietnam after a decade of operation. There is a set goal of opening 20 malls across the country.

2025 is forecast as a pivotal year for the retail industry in Vietnam, with a strong recovery driven by increasing consumer demand and the vigorous development of the manufacturing sector.

According to a report by MB Securities Joint Stock Company (MBS), modern retail models such as AEON Mall and Go! have succeeded in attracting customers from traditional retail models thanks to efficient sales strategies.

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