Japanese retail giant Aeon Mall is planning its fourth megastore in Vietnam at an estimated cost of around US$200 million, news website Dau Tu reported Tuesday.
The mall will be located in Nam Thang Long Industrial Zone near Hanoi, and become the second Aeon Mall in the capital when it opens, possibly in 2019.
Since its entry into Vietnam in January 2014, Aeon has also opened malls in Ho Chi Minh City and the southern province of Binh Duong.
It plans to open 200 in Vietnam and make it its second most important market in Southeast Asia after Malaysia, with sales topping 100 billion yen ($885.27 million), the newspaper reported.
Aeon reportedly acquired stakes of 30 percent in Fivimart, a local retailer with 20 stores in Hanoi, last year, and 49 percent in Citimart, which has 27 stores mostly in Ho Chi Minh City.
Vietnam's retail market was worth more than VND2.46 trillion ($108.8 billion) last year, up 10.6 percent from 2014, according to official figures.