Business

Aeon plans to attack Vietnamese financial services

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

In 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 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.

Japanese retailer to enter Vietnam

Japanese retailer to enter Vietnam

Business -  6 year
Japan’s household goods and apparel chain Muji plans to establish a Vietnam branch in August 2019 and open its first store in Ho Chi Minh City next spring.
Japanese retailer to enter Vietnam

Japanese retailer to enter Vietnam

Business -  6 year
Japan’s household goods and apparel chain Muji plans to establish a Vietnam branch in August 2019 and open its first store in Ho Chi Minh City next spring.
Solar & Storage Live Vietnam returns, leading sustainability and innovation in energy sector

Solar & Storage Live Vietnam returns, leading sustainability and innovation in energy sector

Business -  1 week

Solar & Storage Live Vietnam event has been running since 2017 and the 2025 edition will be the biggest yet.

New alliance pushes ESG standards for Vietnamese businesses

New alliance pushes ESG standards for Vietnamese businesses

Business -  1 month

A new partnership between EY and the Vietnam-Singapore Board Forum (VSBF) is set to strengthen ESG capabilities for Vietnamese businesses, helping shape more sustainable business models.

US giant backs Vietnam’s bid to lead ASEAN gas trade

US giant backs Vietnam’s bid to lead ASEAN gas trade

Business -  1 month

With strategic deals and strong policy alignment from the Vietnamese government, Excelerate Energy aims to anchor Vietnam’s LNG ambitions in the region.

Frasers Property, SPX Express sign deal for largest sorting centre in Southeast Asia

Frasers Property, SPX Express sign deal for largest sorting centre in Southeast Asia

Business -  1 month

Scheduled for completion in 2027, the logistics facility will be the first of its kind in Vietnam significantly boosting parcel processing capacity up to 7 million parcels daily.

Gamuda Land secures VND3,750 billion loan for Eaton Park project

Gamuda Land secures VND3,750 billion loan for Eaton Park project

Business -  1 month

Gamuda Land will use the loan to invest in a luxury real estate project in Ho Chi Minh City.

WHA Group accelerates industrial park investment in Vietnam amid tariff tensions

WHA Group accelerates industrial park investment in Vietnam amid tariff tensions

Business -  1 month

Amid global economic volatility, WHA Group has rapidly rolled out multiple expansion projects in Vietnam, signaling its strategic focus on the country.