Thailand’s Central Retail begins building mall in northern Vietnam province
Leading Thai retailer Central Retail kicked off the construction of a mall under the GO! brand in the northern province of Hung Yen on Wednesday, the company's 43rd facility in Vietnam.
The 1.6-hectare mall, called GO! Hung Yen, is set to open in 2025.
Notably, the mall will sell local specialties such as farm produce, and add goods from Hung Yen to the GO! mall network across Vietnam, according to Central Retail.
The groundbreaking ceremony of GO! Hung Yen mall in Hung Yen province, northern Vietnam, June 26, 2024. Photo courtesy of Central Retail.
As of end-2023, Central Retail was operating 133 stores and 39 malls in 42 of Vietnam’s 63 localities. Its net selling space in the country had reached 354,913 square meters, while the net leasable space was 213,324 sqm.
Notably, Central Retail’s network in Vietnam of 39 malls was higher than the 33 in Thailand, its home market.
Central Retail posted a revenue of THB14,775 million ($400.6 million) in Vietnam in the first quarter of 2024, up 4.6% year-on-year, according to the firm’s financial statement.
The figure included THB13,109 million ($355.4 million) from food products, THB31 million from fashion products, and THB1,635 million from hardline products such as home products and electronic items. While revenue from fashion and hardline products fell 3.1% and 17.6% year-on-year, that of food products rose 8.3%.
Besides, Central Retail said it plans to reaffirm its position as the leading mall and hypermarket player in Vietnam with the opening of three branches this year, and will complete the renovation of flagship stores in Hanoi and Ho Chi Minh City by end-2025.
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