AEON Invests Nearly $170 Million in Shopping Mall Project in Aspiring Centrally-Governed City: Delays Persist, Aiming for Groundbreaking on Special Occasion

According to the Bac Ninh Province Electronic Information Portal, on the afternoon of October 3rd, Mr. Vuong Quoc Tuan, Chairman of the Bac Ninh Provincial People’s Committee, held a meeting with AEON Mall Vietnam Co., Ltd. and Newland Investment Joint Stock Company, a strategic partner of AEON Mall Vietnam.

Currently, AEON Mall Vietnam Co., Ltd. is collaborating on a project to develop a commercial center combined with office space and tourism activities in Tan Tien Ward, covering an area of over 76,000 square meters with a total investment of nearly VND 4 trillion. To date, the project has completed land procedures, environmental impact assessments, and is undergoing feasibility study report appraisal.

Mr. Nakagawa Tetsuyuki, General Director of AEON Mall Vietnam Co., Ltd., stated that the company is focusing on implementing a merchandise strategy and tenant strategy, aiming to complete these critical components by the end of 2025. However, progress has not met expectations.

Mr. Nakagawa noted that after completing the aforementioned tasks, the company will promptly submit the project approval application. The delays stem from both objective and subjective factors. Therefore, AEON Mall Vietnam is making maximum efforts to accelerate progress, compensate for the interrupted period, and ensure the project’s timely implementation.

The General Director of AEON Mall Vietnam expressed hope for continued understanding, cooperation, and support from Bac Ninh Province in executing the project within the region.

Mr. Nguyen Cong Ha, Chairman of Newland Investment Joint Stock Company, the project investor, stated that the project has completed land allocation and financial obligations. The company is currently submitting the feasibility study report for appraisal as required by law, serving as the basis for obtaining the Investment Certificate. These tasks are expected to be completed in October.

Simultaneously, Newland Investment Joint Stock Company and its partner, AEON Mall Vietnam Co., Ltd., plan to finalize project transfer procedures once conditions are met under legal regulations in November. The company aims to commence construction on December 19th, in celebration of the 14th National Congress of the Party.

Mr. Vuong Quoc Tuan, Chairman of the Bac Ninh Provincial People’s Committee, thanked the enterprises for choosing the province as their investment destination. He emphasized the province’s determination to become a centrally governed city by early 2028. Therefore, projects implemented by AEON Mall will contribute to achieving this goal.

The Chairman of the Bac Ninh Provincial People’s Committee suggested the company consider renaming the project to align with the province’s new toponym, boosting local morale and establishing a long-term brand presence on digital maps.

Expressing a desire to hold the groundbreaking ceremony for the commercial center in Tan Tien Ward on December 19th, Mr. Vuong Quoc Tuan urged the companies to expedite the review and completion of necessary procedures. He affirmed that for procedures involving local authorities, the province commits to creating all favorable conditions, placing the project in the “green lane” for priority to ensure timelines and progress.

The Chairman also expressed hope that after completing procedures and commencing construction, AEON Mall Vietnam Co., Ltd. and Newland Investment Joint Stock Company would accelerate progress, shorten construction time, and strive for project completion by July 1, 2027.