According to its fiscal year 2025 (FY2025) report, covering the period from March 1, 2025, to February 28, 2026, Aeon Mall generated operating revenue in Vietnam of JPY18.83 billion ($117.45 million), up 8.7% year-on-year.

Operating profit from its Vietnam segment reached JPY4.78 billion or VND785 billion ($29.81 million), an increase of 12.8%. On average, the Vietnamese market contributed approximately VND2.15 billion ($81,684) in operating profit per day to the Japanese retail group.

Vietnam ranks second among overseas markets after China

In FY2024, the Vietnam segment recorded revenue of JPY17.32 billion ($108.03 million) and operating profit of JPY4.24 billion ($26.45 million). This means revenue increased by about JPY1.5 billion in the past fiscal year, while profit rose by more than JPY540 million ($3.37 million).

As a result, the operating profit margin improved from approximately 24.5% to 25.4%. In other words, for every JPY100 ($0.62) of revenue generated in Vietnam, Aeon Mall earned more than JPY25 in operating profit.

Vietnam’s operating profit was equivalent to roughly 70% of that generated in China, despite revenue being only slightly more than one-quarter of China’s level.

At the group level, Aeon Mall posted operating revenue of JPY472.7 billion ($2.95 billion) in FY2025, up 5.1%, while operating profit reached JPY68.42 billion ($426.75 million), a 31.2% increase. However, net profit attributable to shareholders of the parent company declined by 9.1% to nearly JPY12.96 billion ($80.83 million).

Japan remained the company’s core market, generating segment revenue of JPY364.7 billion ($2.27 billion). Among overseas markets, China ranked first with JPY69.9 billion in revenue, while Vietnam ranked second with JPY18.8 billion ($117.25 million).

Aeon Mall speeds up expansion in Vietnam

Aeon Mall Vietnam was established in 2013 as a subsidiary of Aeon Mall Co., Ltd. The company focuses on the development, leasing, and management of shopping malls, distinguishing it from Aeon Vietnam, which directly operates general merchandise stores and supermarkets.

As of mid-June 2026, Aeon Mall operated seven shopping centers in Vietnam, including three in the south, three in the north, and one in the central region.

Its first project, Aeon Mall Tan Phu Celadon in Ho Chi Minh City, opened in January 2014 on a site of approximately 70,000 square meters.

In November of the same year, Aeon Mall Binh Duong Canary commenced operations in the former Thuan An area of Binh Duong province (now part of Ho Chi Minh City after their July 2025 merger). This facility operates under a leasehold property model.

Aeon Mall Long Bien, the company’s first shopping mall in Hanoi, opened in October 2015. The project occupies approximately 96,000 square meters of land, with a gross floor area of around 120,000 sqm and approximately 74,000 sqm of leasable space.

Aeon Mall holds a 90% voting stake in Aeon Mall Long Bien Co., Ltd., a legal entity with registered capital of $200 million. The remaining 10% belongs to local partner Luong Hoa Tien Investment JSC.

In July 2016, Aeon Mall Binh Tan opened in HCMC, featuring a total gross floor area of approximately 114,000 sqm.

At the end of 2019, the company inaugurated Aeon Mall Ha Dong, its second shopping center in Hanoi, with a gross floor area of around 150,000 sqm.

One year later, Aeon Mall Hai Phong Le Chan commenced operations on a site of approximately 93,000 sqm in the northern port city of Hai Phong, with a total gross floor area of 158,000 sqm.

The newest facility is Aeon Mall Hue, which opened in September 2024. It is Aeon Mall’s first shopping center in central Vietnam, built on approximately 86,000 sqm of land with a gross floor area of around 138,000 sqm.

Aeon Mall plans to open Aeon Mall Danang Thanh Khe on July 3, 2026. This will become the company’s eighth shopping center in Vietnam and its first in Danang.

The Japanese retailer is also partnering with Vietnam’s BIM Group to develop Aeon Mall Danang Hoa Xuan. The project covers approximately 10.18 hectares, with a gross floor area of nearly 126,740 sqm and a projected investment of over VND4.38 trillion ($166.4 million).

In addition to its Danang developments, Aeon Mall is implementing two large-scale projects in the central province of Thanh Hoa and the northern province of Quang Ninh.

Aeon Mall Thanh Hoa is being built on approximately 105,000 sqm of land, with a projected investment of JPY27.08 billion ($168.89 million). By the end of FY2025, the company had disbursed nearly JPY10.93 billion. The project is expected to generate approximately JPY1.72 billion in annual rental income and is scheduled for completion in the second half of 2026.

Meanwhile, Aeon Mall Ha Long is being developed on approximately 91,000 sqm in Quang Ninh province, with a projected investment of JPY32.81 billion ($204.63 million). Around JPY16.78 billion had been disbursed by the end of the reporting period. Annual rental revenue is projected to reach nearly JPY1.89 billion. The project is also scheduled for completion in the second half of 2026.

In January 2026, Aeon Mall Vietnam decided to invest in Aeon Mall Tran Bien in the southern province of Dong Nai, formerly known as Aeon Mall Bien Hoa. The project spans approximately 10 hectares and carries a total investment of more than VND6 trillion, although its opening date has not yet been announced.

In the northern province of Bac Ninh, the Aeon Mall Bac Ninh Tan Tien project has received its investment registration certificate, with total investment exceeding $149 million.

Covering approximately 7.7 hectares in Tan Tien ward, the project is planned as a mixed-use development combining retail, office, and tourism services. Local authorities expect completion by 2027, though Aeon Mall has not confirmed an opening date.

Including the Tran Bien and Bac Ninh Tan Tien projects, Aeon Mall’s portfolio of operating and planned shopping centers in Vietnam now totals 13.

Although Vietnam is not yet Aeon Mall’s largest market by revenue, it has become one of the company’s fastest-growing and most profitable overseas markets. This provides a strong foundation for the Japanese group to continue expanding its investment footprint in Vietnam in the coming years.