Thailand’s Central Retail opens $17 mln mall in southern Vietnam

Thailand’s leading retailer Central Retail has launched its 41st Vietnam mall, the GO! Bac Lieu mall, in the eponymous Mekong Delta province.

The VND432 billion ($17 million), 1.5 hectare mall, inaugurated Monday, began construction in December 2023. It is set to employ 600 people.

Bac Lieu Chairman Pham Van Thieu said at the inauguration ceremony that the project can serve the high-end commercial sector, which has been underdeveloped in the province.

It will also help the local retail sector and attract more visitors to the province, he added.

Central Retail Vietnam CEO Olivier Langlet said the Bac Lieu mall reaffirmed the Thai group's commitment to keep “contributing to Vietnam's prosperity and enhancing the quality of life of Vietnamese people.”

Bac Lieu province’s retail sale and service revenue grew 4.17% year-on-year to VND65,137 billion ($2.56 billion) in the first 10 months of 2024, reaching 75.9% of the year's target.

Prior to the Bac Lieu mall, Central Retail’s latest opening in Vietnam was the GO! Ha Nam mall, launched in the northern province of Ha Nam in September. It was the group’s 40th outlet in the country.

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.