Central Pattana, Thailand’s largest developer of retail property with a focus on premium shopping services, has established a wholly-owned subsidiary in Vietnam named CPN Global Vietnam Company Limited.
The Vietnamese firm has a registered capital of VND20 billion ($815,578), according to a recent filing by Central Pattana with the Stock Exchange of Thailand.
Operating in real estate management, the subsidiary will carry out Central Pattana’s Vietnam projects.
In March 2023, Central Pattana said it would invest THB135 billion ($3.76 billion) in a five-year (2023-2027) business plan.
In particular, it aimed to invest in more than 200 projects including 25 mixed-use projects covering 30 cities in Thailand and other ASEAN countries. These include 50 shopping centers, 17 community malls, 90 residential projects, 37 hotels, 13 office buildings, and four flex offices.
Central Group, the parent organization of Central Pattana, entered Vietnam in 2012 with its retailing brand Central Retail.
Earlier this month, Central Retail said it has plans to expand its operations in key markets like Thailand, Vietnam and Italy.
In Vietnam, Central Retail plans to launch three more branches of GO! Hypermarket and nine more branches of mini go! after both retail formats received a positive response over the past year, CEO Yol Phokasub said while outlining the firm’s five-year strategy at the CEO Forum 2024 in Bangkok.
Of the THB22-24 billion ($610-665 million) in capital expenditure that Central Retail has prepared for this year, about 75-80% will be allocated to businesses in Thailand, while the remainder will cater to Vietnam and Italy, known respectively for their large capacity food industry and luxury retail segment.