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Wednesday, June 19, 2024

Thailand’s largest retailer to invest US$1.45 billion in Vietnam by 2027

By T. Huy

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HCMC – Central Retail Corporation (CRC), Thailand’s largest retailer, has announced a new investment amounting to US$1.45 billion in Vietnam in 2023-2027 to expand its operations.

After its acquisition of Nguyen Kim, a home appliance distribution chain in Vietnam, and its opening of Go! Supermarkets, CRC decided to pour an extra 50 billion baht, or US$1.45 billion, into Vietnam from 2023 to 2027 to increase market penetration.

The Thai retailer spent US$290 million expanding its retail business in Vietnam from 2012-2022, resulting in its subsidiary Central Retail Vietnam having over 340 shops across 40 provinces and gaining rapid growth in revenue, from US$8.7 million in 2014 to US$1.12 billion in 2021.

Given the potential of Vietnam’s continued economic growth, Central Retail Vietnam wants to develop a food business across the country to reinforce its leading position in the hypermarket segment in Vietnam by rebranding 10 Go! branches and expanding the Tops market and branches of Mini Go! and adding 8-10 outlets to better serve local residents.

Central Retail Vietnam also plans to renovate 10-12 branches of Nguyen Kim and open more 3-5 new branches for this home appliance distributor, including those at Go! shopping centers.

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