Thai retail conglomerate Central Group plans to invest a total of $500 million over the next five years to expand its Vietnam operations.
The retail major is looking at establishing 720 stores in Vietnam by 2022, almost thrice the current 250 stores, according to Thai media reports.
“The digital lifestyle has played a vital role in the rapid growth in its economy, infrastructure and education, and this has resulted in increased domestic household income,” Philippe Broianigo, chief executive officer of Central Group Vietnam and Big C Vietnam, said. “Central Group Vietnam is looking for only the best to serve Vietnam customers across all formats, both offline to online, to meet their needs.”
Established in July 2011, Central Group Vietnam acquired BIG C Vietnam from the French retailer Casino Guichard-Perrachon SA in April 2016. The deal was said to be worth as much as $1.05 billion.
Currently, the group has become the largest foreign retailer in Vietnam with five core units: Big C shopping mall, Food Store, Fashion Store, Hardline Store and Online Platform providing omnichannel and e-commerce services.
It employs more than 17,000 people, serving over 175,000 daily customers in Vietnam.
Author: Chalida Ekvitthayavechnukul
Feature image credit: Photo: Peter Nguyen/unsplash