Central Group to invest US$500 million more in Vietnam retail market
"The digital lifestyle has played a vital role in the rapid growth of the country`s developments in its economy, infrastructure, and education, and this has resulted in increased domestic household income," said Philippe Broianigo, CEO of Central Group Vietnam and Big C Vietnam.
Central Group, Thailand's largest retail conglomerate, has plans to invest an additional of US$500 million in Vietnam's retail market in the next five years, Thailand's The Nation newspaper reported.
“We (Central Group) have already invested US$1.5 billion in Vietnam since 2012 and plan to invest another US$500 million in the next five years, from 2018 to 2022. Store penetration year to date in total is 250 stores nationwide and we plan to reach 720 stores in the next five years, or by 2022,” Broianigo said in a press conference in Bangkok on August 22.
He said that the company's employees in Vietnam now number more than 17,000, serving over 175,000 customers a day.
After six years in Vietnam, Central Group Vietnam, a member of Central Group, now owns 250 stores covering more than 700,000 square feet in more than 37 provinces and cities.
Its network comprises of 31 Big C shopping malls, 35 Big C hypermarkets, 25 Lanchi Mart outlets, 50 fashion stores under the Robins, DELALA, Supersports, and Marks & Spencer brands, 56 Nguyen Kim electronics stores. and more than 40 stores of new retail concepts such as LookKool, C-express, B2S, among others.
"The digital lifestyle has played a vital role in the rapid growth of the country's developments in its economy, infrastructure, and education, and this has resulted in increased domestic household income," said Broianigo.
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.
Without being specific, Broianigo said that the company's sales in Vietnam grew by double digits in the first six months of 2018 compared to the same period of last year, which stood at US$122 million in 2017.
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