Southern Industrial Hub Attracts Major Retailers
Binh Duong Province, with its thriving economy, advantageous demographics, and proximity to Ho Chi Minh City, has become an attractive destination for both domestic and foreign retailers. Aeon Vietnam Co., Ltd., known for its compact general merchandise stores and supermarkets, recently expanded its presence in Binh Duong after successfully launching in Hanoi last year. The newly opened supermarket spans 5,000 square meters and features a shopping area and a food court offering Vietnamese, Japanese, South Korean, and Thai cuisines.
YASUYUKI FURUSAWA, the general director of Aeon Vietnam, explained that Binh Duong was chosen as the debut location for their compact supermarket model in the southern region due to its promising economic potential and population.
In addition to Aeon Vietnam, other prominent retailers like Central Retail, Mega Market, and LOTTE Mart Vietnam have also been drawn to Binh Duong. Even high-end retail and service brands, typically considered less affordable for the local population, have recently established a presence in the province.
UNIQLO, the renowned Japanese fashion retailer, opened its first store in Binh Duong in June, following its successful launches in HCMC, Hanoi, and Hai Phong. The company plans to open a second store in the province during the upcoming fall or winter season, marking its 20th location in Vietnam. Starbucks, known for its premium beverages, also expanded its footprint in Binh Duong with the opening of its third store last month. Additionally, The Glam Beautique, a health and beauty product retailer, chose Binh Duong as the location for its eighth store in the country.
Experts highlight that one of the key factors contributing to Binh Duong’s appeal is its substantial market size. The province’s total retail sales of consumer goods and services increased by 12.4% year-on-year in 2023, reaching VND174.82 trillion (US$7.4 billion). This places Binh Duong as the third-largest market in Vietnam, trailing only HCMC (VND660 trillion) and Hanoi (VND433 trillion) in terms of retail sales.
Binh Duong is home to 30 industrial parks and 12 industrial clusters, attracting over 3,400 foreign firms that have invested $40 billion across 4,121 projects. In terms of growth rate, the province ranks third, following Da Nang (22%) and Hai Phong (13.6%).