Thai largest retailer to pour over 1.4 billion USD in Vietnam
Central Retail Corporation (CRC), the largest retailer of Thailand, has announced its biggest investment in Vietnam at 50 billion baht (1.45 billion USD) in the 2023-2027 period to accelerate its market presence in the country.
Central Retail Corporation sees Vietnam as a high-potential market that posted continuous economic growth. (Photo: VNA)
Bangkok (VNA) – Central RetailCorporation (CRC), the largest retailer of Thailand, has announced its biggestinvestment in Vietnam at 50 billion THB (1.45 billion USD) in the 2023-2027period to accelerate its market presence in the country.
According to CEO of CRC Yol Phokasub, thefirm sees Vietnam as a high-potential market that posted continuous economicgrowth. With CRC's strong foothold in the country, it has set a five-year roadmapto continue its expansion there, allocating 50 billion baht over a five-yearperiod.
The Vietnamese retail market, valued 49.7billion USD, is expanding 10-125 each year.
The CRC invested more than 10 billion baht to expand its retail business in Vietnamduring 2012-2022. It has more than 340stores with a total gross floor area exceeding 1.2 million square metres across40 provinces.
Olivier Langlet, CEO of Central Retail Vietnam, said that the company recordedrapid sales revenue growth in the country, rising from 300 million baht (8.7million USD) in 2014 to 38.6 billion (1.12 billion USD) in 2021.
He said that Vietnam's economy continues to grow despite uncertainties, with GDPgrowth expected to increase by 6.7% and 7.2% in 2023 and 2024, respectively,compared with 3.5% a year in Thailand over the next two years. This will makeVietnam Southeast Asia's fastest growing market, he said.
Central Retail Vietnam wants to grow itsfood business nationwide to reinforce its leading position in Vietnam'shypermarket segment by rebranding and renovating 10 GO! branches and expandingTops market and Mini go! branches by adding 8-10 outlets to better serve theneeds of local consumers, he said.
The company vows to strengthen its fresh food category and the non-foodcategory to drive customer traffic via renovation, in addition to preparing fornew branch launches in the future, he underlined.
He said the firm plans to renovate 10-12 branches of Nguyen Kim, an electricalappliance chain, and add 3-5 new branches, including stores in its GO! malls./.
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Central Retail Corporation sees Vietnam as a high-potential market that posted continuous economic growth. (Photo: VNA) 
