Thailand’s Central Retail posts H1/2024 Vietnam revenues of $774 mln

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%.

Vietnam is Central Retail’s second-biggest market, only behind Thailand, the retailer’s domestic market, which saw H1/2024 revenues of THB89,966 million ($2.63 billion).

Its Q2/2024 sales performance in Vietnam declined 0.8% year-on-year due to continued domestic purchasing power slowdown, the retailer said.

The firm renovated several O! malls and hypermarkets, and opened many brand shops including Fitflop, Crocs and Dyson.

It also noted an 10.2% year-on-year improvement in the traffic to its malls in Vietnam in H1/2024, reaching 58 million visits.

Central Retail currently operates 39 malls across 29 provinces in Vietnam with over 1,000 tenants and over 100 million customer visits yearly.

It aims to expand the mall network to 42 facilities by end-2024. Outlets are being constructed in Ha Nam, Bac Lieu, and Ninh Thuan provinces.

It plans to add four more mini Go! Supermarkets in Vietnam this year, raising their total to 14.