Aeon plans to attack Vietnamese financial services

By Quynh Chi - Feb 25, 2019 | 04:47 PM GMT+7

TheLEADERIn the context that foreign investors coming from South Korea and Thailand have been acquiring Vietnam’s financial companies, Japan’s Aeon does not want to set itself apart from the trend.

Aeon plans to attack Vietnamese financial services
Aeon Mall Long Bien.

Aeon plans to expand its financial services to Vietnam via the acquisition of foreign or state-owned financial companies, according to Chairman of Aeon Financial Service Co Ltd Masaki Suzuki.

In a recent meeting with Deputy Prime Minister Vuong Dinh Hue,  Masaki Suzuki said Vietnam is Aeon’s key investment destination in Southeast Asia with a plan to develop a system of around 30 large-scale malls, having the total investment capital of $5 billion. The Japanese corporation expects to create about 50,000 jobs for locals.

Aeon Mall is currently operating four malls in Hanoi, Ho Chi Minh City and Binh Duong and building two more in Hanoi and Hai Phong. 

Aeon has also signed a memorandum of understanding with the Ministry of Industry and Trade on boosting the export of Vietnamese products. Accordingly, Japan's leading retailer will increase the presence of Vietnamese goods in its shopping malls around the globe, taking Vietnam's export turnover through Aeon to $500 million in 2020 and $1 billion in 2025.

In addition to Aeon, Thailand's financial firm Srisawad Corporation is looking to acquire the Finance Leasing Company I of the Vietnam Bank for Agriculture and Rural Development at an estimated cost of $22.45 million.

In early 2018, Shinhan Financial Group also announced that its subsidiary Shinhan Card had completed the acquisition of Prudential Vietnam Finance Company Ltd.