Thai retail giant continues expansion in Vietnam
Thai retail giant continues expansion in Vietnam
Central Retail set up its latest location in Vietnam in Thai Binh province, thereby following its expansion path set for the next five years.
On December 14, Thai Central Retail has launched a new GO! mall in Thai Binh city on two commercial floors with 21,000 square meters and an investment of over $21.7 million. GO! Thai Binh will offer food, essential household items, utilities, fashion, accessories.
Christian Olofsson, president of property at Central Retail said, "It's a significant achievement for us to open this beautiful mall under the current circumstances, and we intend to encourage economic development while also ensuring the safety of all consumers, partners, and employees in the process. Today’s opening event exemplifies our commitment to Vietnam’s prosperity and the dynamic retail industry."
Nikonrndej Balankura, Ambassador of the Royal Thai Embassy to Vietnam, said that the expansion of GO! reflects the development of the trade and investment ties of Vietnam and Thailand.
"We believe that GO! Thai Binh will contribute to provincial economic development and improve the quality of Vietnamese lives. This also confirmed the well-developing economic relations between Thailand and Vietnam," said Nikonrndej Balankura.
He emphasised that Thai investors are ready to cooperate with promising partners in various business areas, and believes that both countries would grow much stronger together.
By launching GO! Thai Binh, Central Retail continues its expansion in the Vietnamese market. In April, Central Retail announced an investment project of $1.1 billion in the country, aimed at setting up a retail system in all cities and provinces across the country within the next five years. The mall in Thai Binh was the fourth launched this year, following Thai Nguyen, Ba Ria-Vung Tau, and Binh Duong.
Despite the pandemic's influence, Vietnam's retail landscape remains promising. According to the General Statistics Office, the total retail sales of social consumer goods in November were estimated at $17.3 billion, a rise of 6.2 per cent on-month, mainly due to the recovering purchasing capacity of locals.
