Aeon Financial Service plans to expand in Vietnam through acquisitions

• Feb 27, 2019

AEON Financial Service (AFS) Co Ltd, the owner of Japan’s Aeon retail chain, wants to expand its financial services in Vietnam through merger and acquisitions, said AFS Chairman Masaki Suzuki.

In a meeting with Deputy Prime Minister Vuong Dinh Hue in Hanoi on Monday, the AFS leader pledged long-term investment in Vietnam to contribute to the country’s consumer finance market.

He said Aeon considers Vietnam a key investment destination in the region, with the group planning to pour some $5 billion into shopping malls nationwide, raising the total to 30 malls and creating jobs for 50,000 local labourers.

The host, for his part, applauded the firm’s plan to expand investment in Vietnam, saying that besides bolstering exports, the Vietnamese government is also interested in developing the domestic retail market.

The total retail sales of goods and services in Vietnam last year rose 12 per cent year-on-year, he said, adding that the Aeon shopping mall model has been widely accepted by Vietnamese consumers thanks to its integration of business activities and other services.

He also lauded Aeon for bringing Vietnamese products to its shelves and shipping local goods to Aeon chains worldwide.

Hue voiced his support for Aeon’s plans to expand investment in the financial sector, helping to improve the capacity and business efficiency of both Aeon itself and payment methods in Vietnam. VIET NAM NEWS/ANN

Source: https://www.phnompenhpost.com/business/aeon-financial-service-plans-expand-vn-through-acquisitions