Domestic and foreign competition, shopping mall market enters new climax

(Dan Tri) - Foreign giants poured billions of dollars, while domestic businesses also expanded rapidly, creating an unprecedented wave of investment in shopping malls across the country.

Japan's Aeon Group has just opened the Aeon Tan An shopping mall in Tay Ninh province. With a total investment of more than 1,000 billion VND (equivalent to 38 million USD), this is the 8th shopping mall of the Japanese "retail giant" in Vietnam, and the first in the Mekong Delta region.

Big names AEON, Central Retail, Lotte... increase presence

After more than a decade, Aeon declared Vietnam as its second most important market after Japan. The group has poured more than 1.5 billion USD into Vietnam and aims to triple its current size by 2030.

Not to be outdone, Thailand's Central Retail Group also shows its ambition to expand its presence in Vietnam.

Since the beginning of the year, Central Retail has continuously opened new GO! shopping malls. Most recently, this giant has just opened GO! Hung Yen with a total investment of more than 16 million USD from July 2025. This is the group's 43rd shopping mall in Vietnam. Previously, this "giant" had announced a plan to invest 50 billion Baht (1.45 billion USD) in Vietnam in the period 2023-2027.

MM Mega Market Vietnam Co., Ltd., a member of TCC Group (Thailand), is also promoting a project to build a hypermarket in Phu Tho to expand its business network.

Or Lotte Group (Korea), after the success of Lotte Mall Westlake from 2023, in 2025 the market will welcome Hanoi Centre - a project in which Keppel leases the entire commercial center area for management, operation and exploitation.

Domestic players rise strongly

In the country, another force is also rising strongly. After acquiring the Korean Emart chain in the Vietnamese market, billionaire Tran Ba ​​Duong quickly entered the trade and service sector with the ambition to lead.

In addition to supermarkets, Mr. Duong's THACO Group expanded its shopping mall business under the Thiso Mall brand. The first shopping mall is Thiso Mall Sala, in the new urban area of ​​Thu Thiem, Ho Chi Minh City.

This billionaire's enterprise has just started construction of its first commercial center in Hanoi, with a scale of more than 24,000 square meters. This is the third center invested by Dai Quang Minh Company, after Thiso Mall Truong Chinh - Phan Huy Ich and Thiso Mall Sala (HCMC).

The “big guy” Saigon Co.op also plans to open more than 150 new points of sale this year, bringing the total to nearly 1,000 points nationwide. On October 3, Saigon Co.op opened Co.opmart Pro Vu Yen at Vincom Mega Mall Vu Yen, Thuy Nguyen, Hai Phong. This is the first high-end supermarket model directly researched and developed by Saigon Co.op....

Japan's Aeon Group has just opened the Aeon Tan An shopping mall in Tay Ninh province. (Photo: DT).

The rise of large-scale shopping mall investment by "players" is taking place in the context of a very potential Vietnamese retail market.

According to the report of the General Statistics Office, the total retail sales revenue in the first 8 months of 2025, the total retail sales of goods and consumer services revenue at current prices is estimated at 4,579 trillion VND, up 9.4% over the same period last year. The retail sales revenue of goods in the first 8 months of 2025 is estimated at 3,495.8 trillion VND, accounting for 76.3% of the total and up 8.1% over the same period last year.

The number of international tourists to Vietnam in the first 8 months of 2025 reached 13.9 million, an increase of 21.7% over the same period. This contributed positively to the growth of Vietnam's retail industry.

With growth statistics, Vietnam's retail market continues to be an attractive market not only for domestic enterprises but also for foreign investors.

The usurpation of the retail market

Not to mention, shopping malls are also a new trend, colloquially called “1 stop - many amenities”. While people prioritize entertainment, dining and recreation integrated at shopping malls on holidays, brands are also experiencing a wave of “leaving the city and going to the supermarket”.

For example, Fahasa has recently continuously opened new bookstores in large shopping centers, accounting for 50% of the total 130 bookstores nationwide.

Sharing with Dan Tri reporter, Mr. Pham Nam Thang - General Director of Fahasa - emphasized that shopping in shopping malls is not only a current trend but also a trend of the future. "In old District 1 and District 3, many traditional business premises have been returned. The reason is not necessarily due to economic difficulties, but most businesses proactively move to shopping malls because of higher business efficiency," said Mr. Thang.

According to Mr. Thang, statistics show that the revenue growth of bookstores in shopping malls is always 5-10% higher than that of bookstores outside. This difference comes from the fact that Fahasa takes advantage of the existing customer base of the shopping mall, while also providing many conveniences for customers such as safe parking, no worries about bad weather and convenience when combined with other shopping needs in the same location.

Favorite brands enter shopping malls (Photo: DT).

Mr. Nguyen Hoang, Deputy Director of Eagle Academy, commented that after the Covid-19 pandemic, the rental market in Ho Chi Minh City has changed significantly. Many townhouses and shophouses have been vacant for a long time. The reason is that the rental price in the central area is too high, the rental cost accounts for the majority, even "eats up" the profits of individuals or businesses.

On the other hand, the consumption trend of young people, especially Gen Z, is leaning towards complex shopping malls, which integrate shopping, entertainment and recreation. These are modern spaces that meet the need for comprehensive experiences, not just simply shopping locations.

According to Mr. Hoang, changes in consumer behavior will continue to have a strong impact on the rental market in the coming time. He predicts that townhouses in the central area, especially those with small areas, will increasingly lose their advantage. On the contrary, large-scale commercial centers such as AEON Mall, Mega Mall or Vivo City will become the priority choice of both businesses and customers thanks to their ability to combine shopping, services and entertainment.

In its analysis report at the beginning of the year, Savills Vietnam predicted: With a harmonious combination of shopping, cuisine and entertainment, shopping malls become comprehensive destinations where customers can enjoy all services in a comfortable and modern space.

In particular, operational efficiency helps shopping malls retain consumers and tenants. These centers are well-invested, often with the participation of international operators, creating a convenient shopping and entertainment environment and a good experience for customers.

Source: https://dantri.com.vn/kinh-doanh/noi-ngoai-so-gang-thi-truong-trung-tam-thuong-mai-buoc-vao-cao-trao-moi-20251007174441031.htm