The project sits in a holding pattern, waiting for planners to determine whether a shopping mall can coexist
At the intersection of Japanese retail ambition and Vietnamese development aspiration, Aeon and CMH Group have set their sights on Nghe An province — a region of central Vietnam where modern commerce has yet to fully take root. Their joint proposal for an international shopping mall on 8 to 10 hectares in Vinh Phu ward is less a done deal than an opening bid, one that must first reckon with zoning realities, infrastructure limits, and the patient machinery of provincial governance. It is a story as old as development itself: the vision arrives before the conditions are ready, and the work of alignment begins.
- A Japanese retail giant and a Vietnamese developer are pushing into central Vietnam's underserved market, where modern malls remain rare and consumer demand is largely untapped.
- The original 6.2-hectare site is too small for the project's ambitions, and the requested expansion to 8–10 hectares has collided with a patchwork of existing land uses — rice paddies, government offices, and irrigation systems that don't easily yield to retail.
- Provincial authorities have not said yes or no, but have instead opened a cascade of technical reviews spanning land-use planning, infrastructure capacity, and site clearance feasibility.
- CMH Group, a modestly scaled company still redefining itself after a 2022 rebrand, is staking a significant bet alongside Aeon, whose seven existing Vietnamese malls give it the credibility and reach CMH alone could not claim.
- The project sits in a formal holding pattern — no timeline announced, no approval granted — its fate resting on whether planners can reconcile a shopping mall with the land's current designations and the infrastructure's actual limits.
Two companies — one a Tokyo-based retail conglomerate, the other a Hanoi-based developer still finding its footing — have jointly proposed an international shopping mall in Nghe An province, roughly 300 kilometers south of Hanoi. The site in question is in Vinh Phu ward, though its exact shape remains unresolved. CMH Group has asked provincial authorities to expand the original 6.2-hectare footprint to between 8 and 10 hectares, pushing the boundaries southeast into land currently designated for government offices, rice paddies, recreational space, and transportation corridors.
That expansion request has set off a chain of institutional reviews. The provincial Department of Construction has told the People's Committee that before any approval can move forward, planners must assess land-use compatibility, technical infrastructure capacity, irrigation systems, and site clearance feasibility. CMH Group argues it has already done the commercial groundwork — market surveys, site assessments — and promises that if selected, it will move quickly and deliver benefits in the form of jobs, urban development, and provincial tax revenue.
CMH Group is a company in transition. Founded in 2007 as Vietnam Construction and Manpower, it rebranded in 2022 and pivoted toward trade, services, and construction. Its charter capital has grown from 80 billion dong to over 254 billion dong, and it has built shopping centers and worked as a contractor on major infrastructure projects. Financially, it remains modest — first-quarter 2026 net profit came in under $100,000 — though its shareholders have set ambitious targets for the year ahead.
Aeon is a different matter entirely. Its Vietnamese subsidiary, established in 2013, now operates seven malls across Ho Chi Minh City, Hanoi, Hai Phong, and Hue. Nghe An would represent a deliberate move into less saturated territory, where modern retail infrastructure is still sparse.
For now, the project waits. No timeline has been set, no approval granted. The proposal exists in the space between ambition and authorization, held there until planners determine whether the land, the infrastructure, and the zoning can be made to accommodate what two companies are convinced the region is ready for.
Two companies—one Japanese, one Vietnamese—are betting on central Vietnam's appetite for modern retail. Aeon, the Tokyo-based department store giant, and CMH Group, a Hanoi-based developer, have jointly proposed building an international shopping mall in Nghe An province, a region that sits roughly 300 kilometers south of the capital. The project hinges on a piece of land in Vinh Phu ward, though the details of that land are still being worked out.
The original proposal called for 6.2 hectares. CMH Group, however, wants more room. The company has asked the provincial government for permission to expand the footprint to between 8 and 10 hectares, pushing the site's boundaries toward the southeast. This expansion request has triggered a cascade of reviews. The provincial Department of Construction, in a report to the People's Committee, acknowledged that before anyone can greenlight the project, officials need to examine the existing land-use plan, check whether technical infrastructure can support a mall of that size, assess irrigation systems, and determine whether the land can actually be cleared for development. The current zoning designation for the area includes government offices, rice paddies, recreational space, water surfaces, and transportation corridors—none of which are obviously compatible with a shopping mall.
CMH Group says it has already done its homework. The company and its partner have completed market surveys and site assessments, and both firms are confident about the project's commercial viability. If selected as the developer, CMH Group has pledged to move quickly, mobilize resources efficiently, and operate the mall in a way that serves local commercial demand, generates employment, spurs urban development, and feeds money into the provincial budget. The pitch is straightforward: this is good for everyone.
CMH Group itself is a company in transition. Founded in 2007 as Vietnam Construction and Manpower, it was listed on the Hanoi Stock Exchange a few years later under the ticker CMS. In 2022, it rebranded as CMH Vietnam Group and pivoted toward trade, services, and construction work. The company is led by Kim Ngoc Nhan, who has been CEO since the beginning. Its charter capital has grown from 80 billion Vietnamese dong in 2007 to more than 254 billion dong today—roughly $9.6 million at current exchange rates. CMH Group has built shopping centers and apartment complexes, including Cam Khe Central Park in Phu Tho province, which represents over 1 trillion dong in investment. The company has also worked as a contractor on major infrastructure projects: the Hai Van tunnel expansion, the Deo Ca road tunnel, and a hydropower plant in Ha Giang.
Financially, CMH Group is modest in scale. As of the first quarter of 2026, the company reported total assets of roughly 633 billion dong and liabilities of 322 billion dong. In that quarter alone, it generated 69 billion dong in revenue and posted a net profit of 2.5 billion dong—less than $100,000. The company currently operates four subsidiaries, though two of them are winding down. For 2026, CMH Group's shareholders have set a revenue target of more than 368 billion dong and a pre-tax profit goal exceeding 29 billion dong.
Aeon, by contrast, is a heavyweight. The Japanese retail conglomerate established its Vietnamese subsidiary, AeonMall Vietnam, in 2013. The company now operates seven shopping malls across Vietnam's major urban centers: Ho Chi Minh City, Hanoi, Hai Phong, and Hue. Adding Nghe An would extend Aeon's reach into a less saturated market in central Vietnam, where modern retail infrastructure remains sparse.
The path forward requires patience. The provincial Department of Construction has recommended that the People's Committee authorize further coordination among relevant agencies to complete a thorough assessment of the expanded site. No timeline has been announced. The project sits in a holding pattern, waiting for planners to determine whether a shopping mall can coexist with the current land-use designations, whether the infrastructure can handle it, and whether the land can be made available. Until those questions are answered, the proposal remains exactly that: a proposal.
Notable Quotes
If selected as the investor, the company would concentrate resources to quickly implement and effectively operate the project, helping to meet commercial demand, create jobs, promote urbanization, and increase local budget revenues.— CMH Group
The Hearth Conversation Another angle on the story
Why does a shopping mall in a central Vietnamese province matter enough to report on?
Because it signals where foreign capital thinks Vietnam's growth is heading. Aeon doesn't build malls in places it doesn't believe will have customers with money to spend. Nghe An isn't Ho Chi Minh City, but someone thinks it's becoming worth the investment.
What's the actual holdup here? The land isn't available?
The land exists, but it's zoned for other things—rice fields, government buildings, parks. They want to change that. Before you can do that, you have to prove it makes sense: that the roads can handle the traffic, that water systems won't break, that you can actually move the people and uses that are already there.
Is CMH Group big enough to pull this off?
That's the real question. They're not a major player. Their quarterly profit is under $100,000. They've done solid work on other projects, but this is ambitious. They're betting on Aeon's brand and capital to carry them.
What happens if the province says no?
Then the land stays as it is, and Aeon looks elsewhere. But if they say yes, Nghe An gets a modern retail center, jobs, and tax revenue. The province has incentive to move fast, but they also have to be careful about disrupting existing uses.
How long does this usually take?
No one's saying. That's the uncertainty. Could be months, could be longer. Until the Department of Construction finishes its review and coordinates with all the other agencies, nothing moves.