Central Group, Thailand’s largest retail conglomerate, considers Vietnam its number one target for investment expansion, according to Nicolo Galante, Central Group’s CEO.
(Illustrative photo)
The group is keen to grow in Vietnam, which is one of the fastest growing economies in the world, Galante said in an interview with Bloomberg.
According to Galante, Central Group is currently the largest foreign retailer operating in Vietnam and the plan is clear to maintain its status in the country.
Last August, CEO of Central Group Vietnam Philippe Broianigo revealed a plan to invest an additional US$500 million in Vietnam’s retail market in the next five years, taking the total investment capital of Central Group in Vietnam since 2012 to US$2 billion.
Store penetration in Vietnam is 250 stores covering 700,000 square feet in more than 37 provinces/cities and the group plans to reach 720 stores by 2020, Broianigo said in a press conference in Bangkok on August 22, 2018.
He said that the company's employees in Vietnam now number more than 17,000, serving over 175,000 customers a day.
Central Group Vietnam is a member of Central Group, which has been present in Vietnam since July 2011. The group's business activities in Vietnam range from electronics, sports, fashion, shopping centers and hotels to e-commerce and supermarkets.
The group made the headline in Vietnam following its acquisition of a chain of 33 supermarkets and hypermarkets owned by Big C for US$1.05 billion in April 2016.
