In early February 2024, Central Pattana, a subsidiary of Thailand’s leading retail conglomerate Central Group, established a new legal entity in Vietnam named CPN Global Company Limited.
The new company specializes in real estate and has a registered capital of VND 20 billion. The representative in Vietnam for this entity is Mr. Chanavat Uahwatansakul.
This information comes after Central Pattana revealed its strong investment plans for the next 10 years, with Vietnam being one of the targeted areas.
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Central Pattana is the largest retail real estate development conglomerate in Thailand and currently owns and manages nearly 40 premium shopping centers, 10 office buildings, 5 hotels, and nearly 30 condominiums. In terms of business performance, Central Pattana achieved a net profit of THB 11 billion (equivalent to USD 306 million) in the first 9 months of 2023, representing a 40% increase compared to the same period last year. |
In March 2023, Central Pattana CEO Wallaya Chirathivat announced plans to invest in mega projects over a period of 5 to 10 years, with each project spanning over 350,000 square meters and requiring an investment of over THB 20 billion (approximately VND 14 trillion) per project.
Vietnam and Malaysia are among the destinations being considered by Central Pattana due to cultural similarities, consumer behavior, and the existing retail infrastructure of Central Group.
“Vietnam is an important market that we want to tap into despite the various regulations we have to overcome. We hope to make an announcement regarding Vietnam by the middle of this year,” said Wallaya Chirathivat.
For the people of Vietnam, the name Central is not unfamiliar. In fact, Thailand’s retail giant Central Group has already entered the Vietnamese market through its subsidiary Central Retail.
Currently, Central Retail operates over 340 retail stores in 40 provinces and cities in Vietnam, including 77 food retail stores, including 38 GO! supermarkets and 39 hypermarkets. Additionally, this retail powerhouse is also involved in sectors such as food, fashion, electronics, and real estate in Vietnam.
Previously, there were rumors that Central Retail might acquire a stake in a major retail real estate enterprise in Vietnam, but these rumors were later denied.
