Thailand’s Central Retail builds $18 mln mall in northern Vietnam

Leading Thai retailer Central Retail has received an investment registration certificate to develop a $18.2 million mall under its GO! brand in Vietnam’s northern province of Hung Yen.

The retailer received the document at a Sunday conference held to discuss the province's 2021-2030 master plan and promote investment.

Speaking at the event, Christian Olofsson, property president at Central Retail in Vietnam, noted Central Retail has recently started the construction of its GO! mall in Hung Yen, thanks to the effective processing of administrative procedures by authorities in the province.

The 1.6-hectare facility is set to open in 2025, offering over 40,000 products with a focus on Vietnamese goods.

Central Retail entered Vietnam in 2012 and currently covers 42 cities and provinces, with over one million square meters of retail space and 340 stores. Its team of 15,000 employees serves over 390,000 customers daily, he added.

Central Retail sees Vietnam as a key market and plans to expand its network to 58 localities, both urban and rural, the executive added.

The company is committed to supporting Vietnamese farmers and local products, such as Hung Yen longan, through its extensive network across Vietnam, Olofsson highlighted.

The Ministry of Planning and Investment and Hung Yen authorities also granted investment registration certificates and in-principle approvals to 24 projects at the conference. These included 19 foreign-invested projects worth $630 million and five domestic ones worth VND10 trillion ($393.6 million).

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%.