Central ramps up Viet Nam expansion
Central ramps up Viet Nam expansion
CENTRAL Group, Thailand’s largest retail conglomerate, plans to spend as much as US$500 million to expand its retail network in Viet Nam over the next five years.
Philippe Broianigo, chief executive officer of Central Group Vietnam and Big C Vietnam, said that Central Group is the largest foreign retailer in Vie nnam, with five core business units: Big C Shopping Mall, Food Store, Fashion Store, Hardline Store, and Online Platform providing omnichannel and e-commerce services.
Central Group Vietnam recently launched a series of new branded retail initiatives, such as Look Cool, Hello Beauty and HomeMart DIY.
“We (Central Group) have already invested US$1.5 billion in Viet Nam 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.
He said that the company’s employees in Viet Nam now number more than 17,000, serving over 175,000 customers a day.
Central Group Vietnam (CGV) is a member of Central Group, which was established in Vietnam in July 2011. The group's business activities in Viet Nam range from electronics, sports, fashion, shopping centres and hotels to e-commerce and supermarkets.
Central Group’s 250 stores cover in Viet Nam cover more than 700,000 square feet in more than 37 provinces and cities.
“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.
“So, the key challenge is the speed and the need to truly understand Vietnamese consumers’ behaviour and culture. Central Group Vietnam is looking for only the best to serve Vietnam customers across all formats, both offline to online, to meet their needs.”
Broianigo said that the company’s sales in Viet Nam grew by double digits in the first six months of this year compared with the same period of last year. The firm expects to achieve an even greater performance in the second half of this year.
