Thai Central Retail's Vietnam revenue hits $431 mln in Q1

Thai giant Central Retail posted revenues of nearly THB14.16 billion ($431.44 million) in Vietnam in the first quarter of this year, driven by increased consumer demand during the Tet (Lunar New Year) holiday.

In its Q1 financial statements, the company reported that revenue from Vietnam rose 4% year-on-year in Vietnamese dong terms, but declined 4% when measured in Thai baht. Thai bath significantly rose against Vietnamese dong in the first three months.

The total included THB12.77 billion ($388.97 million) from food products, THB4 million ($121,838) from fashion products, and THB1.38 billion ($42.02 million) from hardline products such as home appliances and electronic items.

Vietnam remains Central Retail’s second-largest market, accounting for 20.3% of its global revenue, behind only Thailand, where it earned THB46.83 billion ($1,426 million) in the same period.

With this performance, Central Retail ranks among the top retail players in Vietnam by Q1 revenue, alongside MWG’s Bach Hoa Xanh chain, which posted revenue of VND11 trillion ($423.44 million), and Masan’s WinCommerce chain with VND8.87 trillion ($341.45 million).

The company recently announced plans to raise its total investment in Vietnam to $2 billion over the next five years. This includes the expansion of its GO! shopping malls and other supermarket chains.

Central Retail is currently developing two malls in the northern provinces of Hung Yen and Yen Bai, both scheduled to open in the second half of this year.

It is also expected to complete upgrades of the Big C Thang Long (Hanoi) and Big C Dong Nai stores in 2024, as part of a broader plan to rebrand and upgrade 14 Big C locations 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.