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Mr. Tran Ba Duong’s No.1 retail ambition: Spending 3,500 billion to open more Thiso, Emart aims to break even in the first year with new stores


Emart Vietnam aims to maintain the market leading revenue for Emart Phan Van Tri stores and reach breakeven in the first year for new stores, total revenue of the whole chain in 2023 will reach VND 3,200 billion, an increase 60% growth compared to 2022.

At the end of 2022, Thaco’s Thiso Mall was officially launched in District 2, Ho Chi Minh City with a total floor area (GFA) of up to 60,000m2/NLA: 33,000m2. This is known as the “one stop – many utilities” model that Mr. Tran Ba Duong announced after buying the Emart hypermarket.

This step comes from the current trend of developing hypermarkets, especially in the provinces. Meanwhile, the influence of the commercial center will gradually decrease. At this time, the stop is both a place for customers to buy and maintain cars, experience the conference center – wedding parties, indoor entertainment and fun activities, and shop for essential foods.

In 2023, Thiso plans to continue to put into operation Thiso Retail Phan Huy Ich (HCMC), deploy to build to put into operation in 2024 two complex projects: Tay Ho Tay – Hanoi, Bien Hoa – Dong Nai.

In 2023, Thiso also received the business transfer of operation management and provision of services (security, sanitation, trees, etc.) from Thadico – Dai Quang Minh to support Thiso’s real estate operation management and Trading-Service-Retail business.

Thiso’s strategy is to own, trade (sell and rent) and manage and operate all types of real estate under the model of “One destination – Many utilities”, with 4 types including: Complex complex large scale Thiso Complex (Hotel, Office, Shopping Center, Hanoi and a combination of residential real estate); The medium-sized complex Thiso Center (Office/Hotel/Apartment combined with shopping mall, shopping mall); Thiso Mall Trade Center; Hypermarket combining TM-DV Thiso Retail.

Trading in all types of Trade – Services including Retailing (Supermarket chain Emart Vietnam); Food, Entertainment and Convention & Wedding Center (Thiskyhall) through the following forms: joint venture; self-employment; link; franchise.

The goal is by 2026, to expand the system to 14 locations stretching from North to South, to become a leading trading and service group, and to make Thiso Retail – Emart Vietnam become a hypermarket brand with No.1 market share in Vietnam.

For the consumer retail business, Emart Vietnam aims to maintain the market leading revenue for Emart Phan Van Tri stores and achieve breakeven in the first year for new stores, total revenue The whole chain in 2023 will reach VND 3,200 billion, an increase of 60% compared to 2022.

The total investment value of Thiso disbursed in 2023 is 3,500 billion VND.

Also at the Customer Conference held in August 2022, Thaco announced an ambitious goal by 2026: Open 20 Emart hypermarkets with sales of 1 billion USD and lead the hypermarket in Vietnam.

“In 2021, Emart Go Vap leads in both revenue and average number of customers per supermarket in Vietnam, reaching a revenue of 1,600 billion VND. Thus, with 20 stores, the revenue of 1 billion USD is not too ambitious a target,” said Thaco Chairman. 

Joining the fierce game, Thaco is confident that the retail industry is not as difficult as people think. Along with that, the plan to open 20 hypermarkets in less than 4 years with a turnover of 1 billion USD is said by Mr. Duong as “not too ambitious”.

But, looking at a market full of “billionaires” like the Supermarket market with a series of “elders” such as AEON, Go (BigC), Winmart, etc., Thaco’s leading goal can be said to be full of combat. Not to mention, after 2 years of being affected by Covid-19 and general market trends have changed, Central Retail or AEON has also been developing a strong new investment strategy.

Source: CafeF

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