Central Retail Announces $1.45B Investment in Vietnam for Expansion Over Next Five Years

This decision was motivated by Vietnam's potential for economic growth, with the country's retail market currently worth an estimated $49.7 billion annually and growing at a rate of 10-12% per year, Bangkok Post reported.

CRC CEO Yol Phokasub stated that despite the uncertainty in the world, the company sees a promising future for Vietnam's economy.

Central Retail Vietnam currently operates more than 340 stores in 40 provinces and cities, with a total floor area of over 1.2 million square meters. 

The company's revenue has grown significantly from 300 million baht ($8.7 million) in 2014 to 38.6 billion baht ($1.12 billion) in 2021. CRC's aim is to double the number of stores to 600 by 2027, with a total floor area of 2 million square meters, and expand its food business nationwide to maintain its position as a hypermarket leader in Vietnam. 

The company also plans to renovate 10-12 branches of the Nguyen Kim electronics supermarket chain and open 3-5 new branches, including stores in the GO! shopping center system.

As part of its expansion plan, Central Retail Vietnam will also implement sustainability measures, including the installation of solar panels on the roofs of 20 GO! shopping centers, the installation of more electric vehicle charging stations, and a reduction in the use of plastic bags.

Source: Tuoi Tre