Central Retail, a Thai retailer, will invest more than 30 billion baht (US$825 million) in the Vietnamese retail market in the 2022 - 2026 period, aiming to become the No.1 omnichannel platform in the field of food and shopping malls in Vietnam.
|Central Retail Vietnam launched GO! Mall in the northern province of Lao Cai in May. Photo: Central Retail|
This is a five-year plan of Central Retail Vietnam, with a target of reaching 100 billion baht ($2.75 billion) in revenue. Earnings from omnichannel platforms are expected to double to 15%. The retailer will expand its operations in 55 out of Vietnam's 63 provinces and cities by 2026.
Olivier Langlet, Chief Executive of Central Retail Vietnam, said: “In 2012, Central Retail officially invested in Vietnam when realizing the potential and strong business development opportunities in this market.”
He added Vietnam is one of the group’s key strategic markets, with strong year-on-year growth, reaching nearly 38.6 billion baht ($1.06 billion) in revenue within 10 years, accounting for 22% of the total revenue.
The group plans to seize merger and acquisition opportunities to accelerate business expansion in Vietnam. The Southeast Asian country is considered a strategic location that supplies raw materials and products to Central Retail in Thailand.
Central Retail is running shopping centers and stores in 40 provinces and cities across the country.
In addition, the expansion plan in the non-food business and commercial center/real estate is considered a key focus of the Thai retailer.
According to the group's latest report, revenue from food, mall, and omnichannel retailing after sales in the first quarter of 2022 in Vietnam rose by 88% compared to the previous year.