Retail giant Aeon Co. said it has formed a capital and business tie-up with two of Vietnam's major retailers in a bid to expand its business in the country.
The company said Tuesday it has decided to take a 30 percent stake in Fivimart Co., which operates 20 stores in Hanoi, and a 49 percent stake in Citimart Co., which runs 27 stores, mainly in Ho Chi Minh City.
Through the tie-up, Aeon will aim to increase its understanding of local business needs and acquire knowledge on merchandise procurement, while sharing its quality control and logistics know-how with its partners.
Aeon launched its first shopping mall in Vietnam in Ho Chi Minh City in January 2014, followed by another outside the city in November. It plans to open a third mall in Hanoi by the end of 2015.
Aeon sees Vietnam as its second most important market in Southeast Asia after Malaysia. It's aiming to eventually have 200 stores across the country and to increase sales to ¥100 billion.