Thailand's Central Retail plans a larger presence in Vietnam, looking to reach nearly 90% of the country's provinces in the next five years, as the company aims to reduce dependence on its home market, Nikkei Asian Review reported.
|Thailand’s Central Retail plans to reach 90% of Vietnam provinces.|
Central Retail, a subsidiary of Thailand’s retail conglomerate Central Group, is eager to tap Vietnam's continued growth and economic potential, following the country’s early success in containing the Covid-19 pandemic.
"We will continuously seek opportunities for expansion and invest in Vietnam," Central Retail CEO Yol Phokasub was quoted by Nikkei as saying.
The retailer intends to have operations in 55 of Vietnam's 63 provinces and centrally-administered cities, up from the current 39. As part of Central's expansion, it will open six new GO! Mall locations and convert four Big C supermarkets into malls in the Southeast Asian country this year.
Central Retail operates 35 malls and about 230 supermarkets, electronics stores and other retailers in Vietnam. The country accounted for about 20% of total revenue in 2019, making it the largest market for the company after Thailand.
Central Group Vietnam is a member of Central Group, which has been present in Vietnam since July 2011. The group made headlines in Vietnam following its acquisition of a chain of 33 supermarkets and hypermarkets owned by Big C for US$1.05 billion in April 2016.
Central Group, Thailand’s largest retail conglomerate, is controlled by the Chirathivat family, the country's second-richest, and is led by Tos Chirathivat, the group's executive Chairman and CEO and grandson of the founder.