Thailand top retailer Central Retail begins building $9 mln mall in northern Vietnam
Thailand’s leading retailer Central Retail kicked off the construction of a mall under its GO! brand in the northern mountainous province of Yen Bai last weekend.
Located in Yen Bai town of Yen Bai province, the 1.3-hectare establishment is set to enter operation in the last quarter of next year. It has an investment of VND223 billion ($9 million), featuring shopping areas, restaurants, playgrounds, office, cold storage, and other facilities.
Central Retail Vietnam CEO Olivier Langlet (left) at the groundbreaking ceremony of a GO! mall in Yen Bai province, northern Vietnam, October 5, 2024. Photo courtesy of Yen Bai newspaper.
Once completed, the mall, also Central Retail’s first project in Yen Bai province, is set to provide over 40,000 consumer goods items at affordable prices for local people.
Speaking at the ceremony, Central Retail Vietnam CEO Olivier Langlet hailed the provincial authorities’ support for the pacey progress of the project.
Yen Bai Vice Chairman Nguyen The Phuoc highlighted the project is a milestone of the province in the aftermath of typhoon Yagi. He also expected the mall can help boost the consumption of local products and deliver Yen Bai specialties to other areas of Vietnam.
Thai giant Central Retail posted H1/2024 revenues of THB26,448 million ($774 million) in Vietnam, up 2.2% year-on-year.
According to the firm’s financial statements, this included THB23,024 million ($673.8 million) from food products, THB61 million ($1.8 million) from fashion products, and THB3,363 million ($98.4 million) from hardline products such as home appliances and electronic items.
While revenue from fashion and hardline products fell 5.7% and 16.3% year-on-year, respectively, that of food products rose 5.6%.
In September, Central Retail opened a mall under its GO! brand in the northern province of Ha Nam, its 40th facility in Vietnam.
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