Thailand’s leading retailer Central Retail reported a revenue of THB37,505 million ($1.07 billion) in Vietnam in the first nine months of this year, according to the firm’s third quarter report.
Accordingly, food products were the main revenue generator with THB30,432 million ($867.3 million), down 1% year-on-year; followed by hardlines products with THB5,612 million ($159.9 million), down 31%; and property (from rental spaces) with THB1,461 million ($41.6 million), up 18%.
The Thai retailer attributed the underperformance in Vietnam to pressures from the sluggish macroeconomy, as a result of the country’s exports to key markets failing and consumers remaining cautious.
Central Retail also acknowledged the authorities’ efforts to revitalize the economy, such as VAT cuts, lower policy rates, extension of e-visa validity from 30 to 90 days, and others.
In the third quarter of this year, Central Retail in Vietnam launched one more branch of GO! supermarket in Dien Ban town of Quang Nam province, central Vietnam. It also rebranded and renovated six Big C supermarkets into GO! malls and hypermarkets.
In January-September, Central Retail earned a post-tax profit of THB5,257 million ($149.8 million), up 25%; on a revenue of THB182,784 million ($5.21 billion), up 7%.
As of end-September, in Vietnam, Central Retail was operating 38 supermarkets under the GO!, Tops market, and Lanchi brands; and 39 malls under the GO! brand. In the nine-month period, the firm opened seven new supermarkets, while four-five GO! malls are under construction for opening in 2024.