Top Thai retailer Central Retail posts $401 mln Q1 revenue in Vietnam
Central Retail, Thailand’s top retailer, 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 the revenue of fashion and hardline products fell 3.1% and 17.6% year-on-year, that of food products rose 8.3%.
Central Retail's GO! mall in Lao Cai province, northern Vietnam. Photo courtesy of Vietnam News Agency.
As a result, Vietnam is Central Retail’s second-biggest market, only behind Thailand, the retailer’s domestic market, with a revenue of THB41,630 million ($1.13 billion).
Reviewing the performance in Q1/2024, Central Retail said the higher revenue was driven by heightened consumer spending during the Lunar New Year (Tet) holiday and an uptick in tourists. It also attributed the growth to the expansion of supermarkets under the Mini go! brand, and the renovation of shopping centers and hypermarkets under the GO! brand.
Besides, Central Retail said it plans to reaffirm its position as the leading player in Vietnam in malls and hypermarkets, with the opening of three branches this year and completing the renovation of flagship stores in Hanoi and Ho Chi Minh City by end-2025.
As of end Q1/2024, Central Retails had 39 malls across 29 localities in Vietnam, serving 90 million customers a year.
Central Retail has also enlarged its lifestyle-fashion business in Vietnam by becoming the distributor for global brands like Dyson, Crocs, and FitFlop, targeting high-income earners, millennials, and international tourists.
Regarding the Global Minimum Tax, Central Retail said it expects no impacts as the effective tax rate of its entities in Vietnam is already over 15%.
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