Thailand’s Central Retail Corporation plans to invest $1.1 billion in Vietnam in the next five years to expand its stores network.
It said Vietnam’s wholesale and retail sector grew 7 percent year-on-year in the last quarter of 2020, and growth is likely to be strong this year, making it one of the most attractive markets in the world.
Philippe Broianigo, CEO of Central Retail Vietnam, said the five-year plan would focus on multi-sector and multi-platform development.
The company opened four shopping centers last year in central and southern Vietnam, and renamed five Big C supermarkets as “GO!”.
It plans to invest $211 million for expansion this year, opening stores in the northern provinces of Thai Nguyen, Thai Binh and Lao Cai and the southern provinces of Ba Ria-Vung Tau and Tay Ninh.
Over nine years in Vietnam, foods have proven to be a key product for Central Retail, contributing 70 percent of its revenues.
With 37 shopping centers and 230 stores in 37 cities and provinces, it serves an average of 175,000 customers a day.