The Central Retail Corporation (CRC), the largest retailer in Thailand, has announced its biggest investment in Vietnam, of THB50 billion ($1.45 billion) in the 2023-2027 period, to accelerate its market presence.

According to CRC CEO Yol Phokasub, it sees Vietnam as possessing major potential amid economic growth. With CRC’s strong foothold in the country, it has set a five-year roadmap to continue expansion plans, allocating THB50 billion ($1.45 billion) over the five-year period.

Vietnam’s retail market is valued at $49.7 billion and expanding at 10-125 per cent each year, according to Bangkok Post.

CRC invested more than THB10 billion ($290 million) to expand its retail business in Vietnam during the 2012-2022 period. It has more than 340 outlets in 40 cities and provinces with a total gross floor area exceeding 1.2 million sq m.

The company has posted rapid sales revenue growth in the country, rising from THB300 million ($8.7 million) in 2014 to 38.6 billion ($1.12 billion) in 2021.

Mr. Olivier Langlet, CEO of Central Retail Vietnam, said Vietnam’s economy continues to grow despite the global uncertainties, increasing by an expected 6.7 per cent and 7.2 per cent in 2023 and 2024, respectively, compared with 3.5 per cent each year in Thailand. This will make Vietnam Southeast Asia’s fastest-growing market.

Central Retail Vietnam wants to grow its food business nationwide to reinforce its leading position in Vietnam’s hypermarket segment, by rebranding and renovating ten GO! outlets and expanding Tops market and Mini go! outlets by adding 8-10 more to better meet the needs of local consumers.

The company vows to strengthen its fresh food category and non-food category to drive customer traffic via renovation, in addition to preparing for new outlet launches in the future, Mr. Langlet said, adding that it plans to renovate 10-12 outlets of Nguyen Kim, an electrical appliance chain, and add three to five new outlets, including GO! malls.