Thai retail giant, Central Retail, reported impressive revenue figures from its operations in Vietnam for the first quarter of this year, amounting to 14.16 billion baht (approximately 9.777 trillion VND).
The company has announced ambitious expansion plans, committing to invest 2 billion USD in Vietnam over the next five years. This includes the development of new GO! shopping centers and the expansion of its GO! supermarket, Tops Market, and mini go! chains.
A significant portion of their revenue in Vietnam came from food sales, totaling 12.77 billion baht (approximately 8.822 trillion VND). The hardline category, represented by the Nguyen Kim supermarket chain, contributed 1.38 billion baht (approximately 952 billion VND) to the Thai conglomerate’s coffers. Additionally, their fashion segment generated 4 million baht (approximately 2.8 trillion VND) in revenue.
Central Retail’s performance places them among the top players in Vietnam’s retail industry, alongside Bach Hoa Xanh of The Gioi Di Dong (HoSE: MWG) with 11 trillion VND in revenue, and WinCommerce of Masan (HoSE: MSN) with 8.875 trillion VND.
In the context of Central Retail’s global revenue of 69.78 billion baht, the contribution from Vietnam accounts for a substantial 20.3%. Thailand, their home market, remains the largest contributor with 46.83 billion baht, representing 67.1% of their total revenue.
Specifically focusing on the Vietnamese market, Central Retail’s revenue, when calculated in VND, increased by 4% compared to the same period last year. However, when calculated in baht, the revenue decreased by 4%. The company attributes this growth primarily to increased spending during the Tet holiday season.
According to VietinBank’s statistics, the baht has appreciated significantly against the VND in the first quarter of this year.
Looking ahead, Central Retail is constructing two new malls in Hung Yen and Yen Bai, slated to open in the latter half of this year. Additionally, two existing malls, Big C Thang Long in Hanoi and Big C Dong Nai, will undergo rebranding and upgrades during the year.
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Introducing the airline operated by Sun Viet Airlines JSC.
