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)
Central Retail Corporation (CRC), the largest retailer of Thailand, has announced its biggest investment in Vietnam at 50 billion THB (1.45 billion USD) in the 2023-2027 period to accelerate its market presence in the country.
According to CEO of CRC Yol Phokasub, the firm sees Vietnam as a high-potential market that posted continuous economic growth. With CRC’s strong foothold in the country, it has set a five-year roadmap to continue its expansion there, allocating 50 billion baht over a five-year period.
The Vietnamese retail market, valued 49.7 billion USD, is expanding 10-125 each year.
The CRC invested more than 10 billion baht to expand its retail business in Vietnam during 2012-2022. It has more than 340 stores with a total gross floor area exceeding 1.2 million square metres across 40 provinces.
Olivier Langlet, CEO of Central Retail Vietnam, said that the company recorded rapid sales revenue growth in the country, rising from 300 million baht (8.7 million 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 GDP growth 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 make Vietnam Southeast Asia’s fastest growing market, he said.
Central Retail Vietnam wants to grow its food business nationwide to reinforce its leading position in Vietnam’s hypermarket segment by rebranding and renovating 10 GO! branches and expanding Tops market and Mini go! branches by adding 8-10 outlets to better serve the needs of local consumers, he said.
The company vows to strengthen its fresh food category and the non-food category to drive customer traffic via renovation, in addition to preparing for new branch launches in the future, he underlined.
He said the firm plans to renovate 10-12 branches of Nguyen Kim, an electrical appliance chain, and add 3-5 new branches, including stores in its GO! malls./.