Central Retail’s Vietnam revenue dips 0.5% to $1.4 bln in 2024

Thai giant Central Retail posted revenues of nearly THB49.01 billion ($1.4 billion) in Vietnam in 2024, down 0.5% year-on-year.

According to the firm’s 2024 financial statements, the figure included THB42.8 billion ($1.23 billion) from food products, THB87 million ($2.51 million) from fashion products, and THB6.2 billion ($178.5 million) from hardline products such as home appliances and electronic items.

While revenue from fashion and hardline products fell 33% and 18% year-on-year, respectively, that of food products rose 2.8%.

Despite the overall dip, Vietnam remains Central Retail’s second-largest market, behind only its home country, Thailand, which recorded 2024 revenues of THB 177.7 billion ($5.1 billion).

It also saw an 8.4% year-on-year improvement in the traffic to its malls in Vietnam in 2024, reaching 116 million visits.

Explaining the revenue decline, Central Retail cited several factors: fierce competition in Vietnam, weakening consumer purchasing power (especially in the fourth quarter) exchange rate fluctuations, and sale disruptions caused by the upgrade of its GO! hypermarkets in Hanoi and Dong Nai province.

GO! Thang Long and GO! Dong Nai are the company’s two largest supermarkets in Vietnam. Their upgrades are expected to be completed this year, as part of a broader initiative to rebrand and upgrade 14 Big C stores into GO! supermarkets.

As of end-2024, Central Retail operates 42 malls in Vietnam, including three new ones in Ha Nam, Bac Lieu, and Ninh Thuan provinces. In 2025, it plans to add two more malls in Hung Yen and Yen Bai provinces, both in the north.