Central Retail, a Thai retailer known for spending more than 1 billion USD to acquire Big C supermarket chain in Vietnam, announced that it will invest an additional VND 20,000 billion in the Vietnamese market in the next 5 years.
This retailer’s plan to pour more investment capital is to boost sales in the Vietnamese market in the period 2022 – 2026 to 65 trillion VND, aiming to become a multi-channel platform in the future. food sector and commercial center business.
With a large investment in Vietnam, Central Retail said it will expand its selling points from the current 40 provinces and cities to 55 provinces and cities nationwide.
A hypermarket of Central Retail in Vietnam. Illustration: TL
Central Retail invested in Vietnam ten years ago. Olivier Langlet, General Director of Central Retail Vietnam Group, said that Vietnam is one of the key markets. Sales of the market grew year by year and reached nearly 38.6 billion baht, more than 25,000 billion VND within 10 years, accounting for 22% of Central Retail’s total revenue.
Central Retail is currently one of the largest foreign-invested multi-sector retailers in Vietnam. The group has more than 300 stores and 39 trade centers, with a total retail area of more than 1 million m2.
Along with bringing two retail brands in Thailand, Tops Market, into Hanoi and Ho Chi Minh City, the group has also built a foundation in the food industry to hold a 62% market share in the hypermarket segment in Vietnam.
Accordingly, the omni-channel sales platform in the food business also grew well, bringing in 8% of the group’s total sales in Vietnam. The group also said that the plan to expand the non-food business and commercial center/real estate are also key activities in the Vietnamese market.
Regarding the retail market, last year, despite the raging Covid-19 epidemic, the total retail sales of goods in Vietnam still increased by 0.2%, setting a new record in sales, surpassing the milestone of 173 billion USD.
According to foreign retailers, in the long-term, Vietnam is still a potential market with nearly 100 million people, classified in the group of countries with a strong growing middle class and rapid urbanization.
@ Saigon Times
Related
Source: Vietnam Insider