Central Group Vietnam plans $30m investment
Thailand’s Central Group plans a $30 million investment for its Vietnam expansion in the next five years.
Central Group Vietnam will double the number of supermarkets as well as develop 13 commercial complexes by 2021.
The Thai-based retailer has been expanding rapidly in Vietnam since 2013 targeting middle class customers.
Since then, the group has acquired several operations to gain a strong foothold there.
Last year, it acquired 49 per cent of electronics retail chain Nguyen Kim, followed by fashion eCommerce marketplace Zalora Vietnam.
This April, Central bought out Big C Vietnam from the French group Casino in a deal worth $1.14 billion. The retail chain has 33 supermarkets nationwide which serves more than 50 million customers annually.
With the population of more than 90 million, Vietnam has the world’s second-fastest growth per person since 1990, behind only China. In terms of retail growth, the country ranks in the top five in Asia and 11th globally.