Thai retailer Central Retail Corporation has reiterated a five-year plan to invest 30 billion baht (US$830.4 million) in expanding its business in Vietnam.
From now to 2026, Central Retail Vietnam will use the fund to develop its omnichannel platform in the food sector and build more shopping centers in Vietnam, with a target to achieve 100 billion baht ($2.77 billion) in revenue.
With the fresh capital, revenue contribution by the omnichannel platform to the total is expected to double to 15 percent.
Olivier Langlet, CEO of Central Retail Vietnam, said that food retail has remained a key revenue generator throughout its ten years of operation in Vietnam.
Its sales have skyrocketed year after year to reach nearly 38.6 billion baht ($1.07 billion), contributing 22 percent of the total revenue.
Currently, Central Retail holds the biggest share in Vietnam’s hypermarket segment with 62 percent.
Besides food, the company also focus on non-food categories and shopping centers.
In 2021, Central Retail spent about 6.6 billion baht ($182.8 million) developing four new shopping centers and a GO! hypermarket in Thai Nguyen, Ba Ria - Vung Tau, Thai Binh, and Lao Cai Provinces and one GO! mini supermarket in Tay Ninh Province.
It also converted 15 Big C to eight GO! hypermarkets and seven Tops Market supermarkets, and further diversify its non-food business.
The company’s long-term plan is to expand to 55 provinces and cities nationwide, from the current 40, in five years' time.