Aeon targets 300 supermarkets and 30 malls in Vietnam by 2031
Japanese retail giant Aeon plans to more than double its operating revenue in Vietnam to 300 billion yen (US$1.9 billion) by March 2031. It aims to expand its supermarket network to 300 stores and its shopping mall network to 30 outlets, with about 60% of its Southeast Asian investment allocated to
Japanese retail giant Aeon plans to generate more than 300 billion yen (US$1.9 billion) in operating revenue in Vietnam by March 2031, 2.5 times higher than its fiscal year 2026 forecast. Under its medium-term business plan, the group aims to expand its supermarket network, including the MaxValu brand, from about 60 stores to 300 outlets, while allocating about 60 per cent of its Southeast Asian investment to the country.
Aeon also intends to grow its shopping mall network to 30 by the end of fiscal year 2030, with new facilities planned in Ha Long, Thanh Hoa and Da Nang. As of February 2026, the group operated 302 stores in Vietnam, comprising shopping malls, supermarkets and Ministop convenience stores. Aeon sees MaxValu as a key growth driver, as its smaller format allows faster openings in densely populated residential areas, particularly as large apartment complexes expand into suburban locations.
Vietnam is 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 per cent, from 6 per cent currently, and increase sourcing from Vietnam for markets including Japan. Daisuke Tezuka, the executive officer in charge of Aeon's Vietnam business, told Nikkei Asia in early September that Vietnam's growing population, young consumers and rising purchasing power offered substantial growth opportunities.
According to the World Bank, Vietnam's GDP per capita reached US$5,066 in 2025, seven times higher than two decades earlier. 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 building a customer ecosystem through its Waon loyalty programme, which has attracted about 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, including Thailand's Central Retail, which 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 such as Takashimaya and FamilyMart are likewise seeking further growth opportunities in the Vietnamese market.
