AEON MALL Ha Long in Quang Ninh province began welcoming visitors on November 11, ahead of its official opening on the morning of November 14. A month earlier, the Japanese retail giant had opened two other shopping centres: AEON Hai Duong in Thach Khoi Ward, Haiphong City, and AEON MALL Thanh Hoa.
Consumers shop at an AEON mall in Ho Chi Minh City (Photo: Nam Binh).
Retail giants expand their footprint
Under its 2026-2030 business plan, AEON has identified Vietnam as its top priority market in ASEAN, with the country expected to receive about 60 per cent of the group's regional investment.
The group aims to achieve annual compound growth of about 25 per cent in operating revenue in Vietnam, exceeding 300 billion yen by fiscal 2030, roughly three times the more than 100 billion yen recorded in 2025. Operating profit is targeted to increase fourfold.
Its supermarket network, including MaxValu outlets, is also expected to expand from about 60 to 300 stores.
Other Japanese retailers, including FamilyMart and FujiMart, are also planning to expand their Vietnamese networks.
FamilyMart currently operates about 200 stores in Vietnam and opened its first outlets in Hanoi in August. According to Nikkei Asia, the chain aims to reach 300 stores in the capital alone by fiscal 2031. FujiMart plans to increase its network to 50 outlets over the next few years.
Japanese investment is also gaining momentum in manufacturing and technology.
One of the latest major projects is Meiko Electronics' Meiko Yen Quang electronic semiconductor manufacturing plant in Phu Tho Province, with total investment of about USD 500 million.
Ground was broken on June 12. The facility will be the company's sixth factory in Vietnam, creating an estimated 1,200-2,000 jobs and generating annual revenue of about USD 530 million.
Meanwhile, Fujiya, a long-established Japanese confectionery brand, began operating its first Vietnamese factory in Tay Ninh Province in November 2025. The facility is also the first overseas production base for its Country Ma'am biscuit brand. Besides serving the domestic market, it is intended to supply 12 export markets, including Japan.
Investment shifts towards higher-value industries
According to the Foreign Investment Agency under the Ministry of Finance, Japanese registered investment in Vietnam reached USD 2.65 billion in the first nine months of 2026, ranking seventh among foreign investors.
About 2,000 Japanese companies currently operate in Vietnam. A 2025 survey by the Japan External Trade Organization (JETRO), released in late January, found that 56.9 per cent planned to expand their businesses in Vietnam over the following one to two years, the highest proportion in ASEAN for the second consecutive year.
Le Duy Binh, director of Economica Vietnam, said Japanese capital had initially focused largely on official development assistance for infrastructure, hospitals and schools. More recently, investment has shifted towards higher-value manufacturing, retail, processing and emerging technologies.
Vietnam is increasingly positioned as an important link in Japanese corporations' global supply chains, he said.
Truong Hien Phuong, senior director of KIS Vietnam Securities Corporation, told Dantri/Dtinews that Japanese companies were increasingly attracted by Vietnamese consumers' favourable perception of Japanese products, particularly electrical and electronic goods. Japanese businesses also maintain strong commitments to product quality in the markets where they operate.
Phuong expects Japanese investment in Vietnam to continue growing strongly, citing improvements in infrastructure, logistics and administrative procedures, as well as competitive labour costs and a more skilled workforce.
He added that political stability and increasingly investor-friendly policies were also important factors giving Japanese businesses greater confidence to commit capital to Vietnam.