Tokyo (VNA) - Japan's retail giant Aeon is stepping up its expansion in Vietnam, identifying the country as a priority market in Asia due to its strong economic growth and modernisation of the sector.

​In an interview with Nikkei Asia in early September, Daisuke Tezuka, Executive Officer in charge of Aeon's Vietnam business, said Vietnam's growing population, young consumers, and rising purchasing power offered significant growth opportunities.

According to the World Bank, Vietnam's GDP per capita reached 5,066 USD in 2025, seven times higher than two decades earlier.

Under its medium-term business plan through March 2031, Aeon aims to generate more than 300 billion JPY (1.9 billion USD) in operating revenue in Vietnam, 2.5 times higher than its fiscal year 2026 forecast. The group plans to increase its supermarket network, including MaxValu, from about 60 stores to 300, while allocating about 60% of its Southeast Asian investment to Vietnam.

As of February 2026, Aeon operated 302 stores in Vietnam, including shopping malls, supermarkets and Ministop convenience stores. The group plans to expand its shopping mall network to 30 by the end of fiscal year 2030, while developing new facilities in Ha Long, Thanh Hoa and Da Nang.

Aeon also sees MaxValu as a key growth driver, as its smaller stores can be opened more quickly in densely populated residential areas, particularly as large apartment complexes expand into suburban areas.

Vietnam is also becoming an important production base for Aeon's private-label products. The group aims to raise the share of such products in its portfolio to 20%, from 6% currently, and increase sourcing from Vietnam for markets including Japan.

Aeon entered Vietnam in 2014 and has since viewed the Southeast Asian country as a strategic market. Tezuka said the group's success over the past decade had strengthened its confidence in further expanding its business there.

The group is also building a customer ecosystem through its Waon loyalty programme, which has attracted around 4 million members since its wider rollout in Vietnam in 2025. With financial services planned for 2027, Aeon aims to increase membership to 20 million by fiscal year 2030.

Other retailers are also expanding in Vietnam. Thailand's Central Retail plans to open up to 12 large supermarkets and double its store network over the next three years, while Masan Group aims to operate 10,000 WinMart+ stores by 2030. Japanese retailers, including Takashimaya and FamilyMart, are likewise seeking further growth opportunities in the Vietnamese market./.