Aeon Vietnam has received a US$41 million loan from the Japan Bank for International Cooperation (JBIC) and Mizuho Bank to expand its presence in Southern Vietnam. 

Mizuho Bank will grant the Vietnamese company $5 million in addition to the US$36 million loan from JBIC. The government-backed bank JBIC said the loan would provide the necessary funds for Aeon Vietnam to open two new general merchandise stores in Binh Duong and Long An Province. 

The move is part of Aeon’s four-year overseas expansion plan, which will focus mainly on Asia, with Vietnam as the group’s top priority market. 

Earlier this year, the Japanese conglomerate announced its expansion in Vietnam where it plans to open 20 shopping centres. The country accounts for the highest investment outside Japan, receiving more than $1.18 billion as of May.  

Aeon Vietnam reported a 20 per cent growth in revenue last year compared to the pre-Covid levels. The group currently operates six commercial centres in the market and aims to triple its malls in the country by 2025.