Nikkei Asia: Central to spend 1.4bn USD on expanding further in Thailand, Vietnam
(VOVWORLD) -Thailand's retail conglomerate Central Group is planning to expand aggressively at home and in Vietnam, hoping to tap an expected jump in demand when the COVID-19 pandemic ends, according to a Nikkei Asia article published last Friday.
 Central Group of Thailand has changed the name of BigC supermarket chain to TopMarket and GO! in Vietnam. (Photo: thanhnien.vn) |
Central Retail, the group's major retail arm, has set aside 30 billion baht (848 million USD) to invest in Vietnam, where it plans to increase revenue from the current 38.6 billion baht (more than 1 billion USD) now to 100 billion baht (2.8 billion USD) in the next 5 years according to the company's annual report on business strategy.
The plan is in line with analysts' forecasts which expect the resilient Vietnamese economy to continue to grow following the pandemic. These forecasts anticipate that the country's retail sector will grow at 9% annually to around 150 million USD, Nikkei Asia said.
Central Retail owns 340 malls and stores as well as 10 retail brands in Vietnam, including Go!, Nguyen Kim, SuperSports and Top Market, selling a wide range of items from electronics to sportswear and groceries.