Japan-based retail real estate company Aeon is building the new mall, which has a total investment cost of between $170m and $190m, according to media reports. The project was due to begin in the first quarter of 2022 but was delayed amid the Covid-19 pandemic.
In April 2023, the Thanh Hoa Government signed a memorandum of understanding with Aeon intended to accelerate construction, which is now due to begin in September 2023. The announcement was timed to commemorate 50 years of diplomatic relations between Japan and Vietnam.
The mall will be in Quang Thanh ward in Thanh Hoa town. Construction is expected to take one year to complete.
Aeon already has seven operational malls in Vietnam, with two in Ho Chi Minh City, three in the capital city Hanoi, one in the southern province of Binh Duong and one in the northern city of Hai Phong.
The company plans to expand its network of malls in the country to 25 by 2025, with other new malls located in the provinces of Binh Duong, Thua Thien-Hue and Hai Duong.
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Japan is the largest source country for foreign direct investment in Thanh Hoa province. Japanese companies have particularly invested in the province’s energy sector, including in the Nghi Son oil refinery, power plants and a cement factory.