Sun Group, Central Pattana sign strategic partnership to pioneer next-generation mixed-use developments in Vietnam

Vietnam's leading developer Sun Group and Central Pattana, a member of Central Group and Thailand’s No.1 retail-led mixed-use developer, on Thursday signed an MoU on strategic partnership, laying the foundation for a new generation of world-class retail and mixed-use complexes across Vietnam.

The signing ceremony took place in Bangkok in the presence of Party chief and President To Lam and senior leadership from both countries, on occasion of Lam's state visit to Thailand.

Developing large-scale commercial and entertainment complexes

Central Pattana is one of Central Group’s principal growth engines, leading the group’s retail-led real estate and urban development platform across Thailand.

The company owns and operates a portfolio of retail and lifestyle destinations across the region, encompassing 45 shopping centers, 53 residential projects, 11 office buildings, 13 hotels, and 16 community malls.

Its flagship asset, centralwOrld Bangkok - one of Asia's leading shopping destinations and world-class lifestyle landmarks in the heart of Bangkok stands as a benchmark for how retail destinations can evolve into cultural, entertainment, and tourism landmarks, significantly extending visitor dwell time and driving per-capita spending.

In the context of the 50th anniversary of Vietnam-Thailand diplomatic relations, and both nations' shared ambition to raise bilateral trade to $25 billion through the "Three Connectivity" Strategy, the Sun Group-Central Pattana partnership is expected to serve as a powerful catalyst for commercial growth, foreign direct investment, and a new chapter in urban, retail, and services development between the two countries.

Under the MoU, Sun Group and Central Pattana will establish a long-term partnership to develop premium shopping centers and mixed-use complexes in Vietnam's key urban centers and strategic destinations, including Danang, Ho Chi Minh City, and Phu Quoc.

The two parties are committed to delivering large-scale, landmark projects that will set new international benchmarks for urban living, retail experience, and lifestyle, contributing to broader socioeconomic development and redefining the modern character of Vietnam's major city centers.

In Danang, the two parties will explore large-scale commercial and shopping complexes along the Han River, envisioned as transformative new lifestyle and experience hubs for the city.

For Ho Chi Minh City, collaboration will focus on large-scale retail and integrated developments in the Eastern part of the city and the emerging new financial center - areas poised to become the city's key growth corridors.

In Phu Quoc, the partnership will target the development of premium, experience-integrated retail centers, positioning the island not only as a leisure destination but as a world-class shopping paradise.

Unlocking Vietnam's shopping tourism potential

Beyond modern retail infrastructure, the Sun Group-Central Pattana partnership is expected to be a significant driver of shopping tourism - a sector fast becoming one of Asia's most important economic engines as Vietnam represents a highly promising market for next-generation destination retail and lifestyle complex models.

Shopping tourism is experiencing explosive global growth, emerging as a vital pillar of total tourism revenues worldwide. The sector is valued at approximately $321 billion in 2026 and is projected to exceed $613 billion by 2033. In leading tourism economies, shopping expenditure typically accounts for 30% to 50% of total international visitor spend per trip.

In Vietnam, modern shopping tourism remains a largely untapped opportunity. In 2025, the country recorded exceptional growth with over 21 million international arrivals and total tourism revenues surpassing VND1 quadrillion ($38 billion).

In the first four months of 2026 alone, the country welcomed nearly 8.8 million international visitors. The industry has set an ambitious long-term target of 25 million or more international arrivals annually, alongside a clear strategic imperative to shift from volume-driven to value-driven tourism growth.

Addressing the longstanding challenge of high visitor volumes but low per-capita spending, the development of world-class shopping tourism infrastructure is identified as a critical solution. The Sun Group-Central Pattana partnership is expected to decisively accelerate Vietnam's shopping tourism segment, capturing high-spending international and domestic visitor flows while maximizing service revenues across key tourism destinations.

This collaboration will also elevate shopping tourism to an entirely new dimension, transforming retail centers at major destinations into cultural, entertainment, and tourism landmarks offering rich experiences far beyond shopping.

Visitors to these next-generation complexes will come not only to shop for premium brands, but to enjoy world-class entertainment performances, immerse themselves in distinctive architectural environments, discover a fusion of local and international cuisine, and participate in large-scale festivals and cultural events.