31/08/2023
Thailand’s leading retail group announces the largest investment in Vietnam
22/02/2023According to the Vietnam News Agency correspondent in Bangkok, Thailand’s largest retailer Central Retail Corporation (CRC) has announced the largest investment in Vietnam, with a total value of 50 billion baht ($1.45 billion) in the period 2023 – 2027 to accelerate their presence in this market.
According to CEO of CRC Yol Phokasub, the group considers Vietnam a high potential market with a continuously growing economy. Vietnam’s retail market is estimated to be worth $49.7 billion per year and is growing at a rate of 10 – 12% per year. With a strong foothold in Vietnam, over the years, CRC has set a 5-year roadmap to continue expanding here with an investment of 50 billion baht in the next 5 years.
CRC has invested more than 10 billion baht ($290 million) to expand its retail business in Vietnam in the period 2012 – 2022. Central Retail Vietnam has more than 340 stores with a total floor area of more than 1.2 million square meters in 40 provinces. Olivier Langlet, CEO of Central Retail Vietnam, said the company has recorded rapid growth in sales in the country, from 300 million baht ($8.7 million) in 2014 to 38.6 billion baht ($1.12 billion) in 2021. Assessing that Vietnam’s economy continues to grow despite world uncertainties, Mr. Langlet expects Vietnam’s Gross Domestic Product (GDP) growth to reach 6.7% and 7.2% in 2023 and 2024, respectively, compared with Thailand’s average of 3.5%/year over the next two years. This will make Vietnam the fastest growing market in Southeast Asia.
Mr. Langlet said, Central Retail Vietnam wants to develop the food business nationwide to strengthen its leading position in the hypermarket segment in Vietnam, by rebranding and renewing 10 GO! and expand Tops market supermarket and Mini go branch! by adding 8 to 10 outlet stores to better serve the needs of local consumers. In addition, Central Retail Vietnam is committed to strengthening its fresh food and non-food categories to drive customer traffic, as well as preparing for the launch of a new branch in the future. In addition, the company also plans to renovate 10 – 12 branches of Nguyen Kim electronics supermarket chain and open 3 – 5 new branches, including stores in the GO!
Source: CafeBiz
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