Thai billionaires seek to dominate Vietnam retail market
The news that German Metro AG is selling its wholesale operations and real estate portfolio in Vietnam to Beri Jucker (BJC) owned by Thai billionaire Charoen Sirivadhanabhakdi for US$879 million has met with mixed reviews.
Many leading market analysts believe it evidences Thai billionaires’ ambitions to conquer the Vietnamese retail market.
Central Group was founded by Tiang Chirathivat in 1927. Samrit Chirathivat, Tiang’s son inherited his father’s business and opened the doors for the first shopping centre in Thailand – Central Department Store – in Wang Burapha, Bangkok in 1957. The Chirathivat family now tops the list of Thai richest with reported total net assets of US$12.7 billion, according to Forbes.
The Central Group opened Robins shopping centre on an area of 10,000sq.m at Royal City Commercial Centre in Hanoi in April 2014. It is destined to set up a new centre in Ho Chi Minh City in November and plans to open more trading centres in Vietnam from now until 2016.
Dhani Chearavanont ranks second among Thai richest with fortune to US$11.5 billion by June 2014, according to Forbes ranking.
Dhani Chearavanont ranks second among Thai richest with a fortune purported to be US$11.5 billion as of June 2014, according to Forbes ranking.
He is President of the Charoen Pokhphand Group (CP Group) which specialises in agriculture, telecommunications, marketing, distribution, import-export, oil refinery, real estate, insurance, automobile and animal feed . In addition, he is a member of boards of directors of 11 organisations operating in 15 different fields.
CP Group appeared in Ho Chi Minh City in 1990 and now has a company named C.P Vietnam in Bien Hoa City, southern Dong Nai province.CP Vietnam holds 7% of market shares of pork, (eggs from factory-farmed chicken (16%) and factory-farmed chicken meat (22%).
Berli Jucker Group (BJC) owned by Charoen Sirivadhanabhakdi has purchased Metro Vietnam at a cost of US$879 million.
Charoen is the third richest people in Thailand with estimated assets worth around US$11.3 billion. Drinking and retail are his main sphere of business
BJC has appeared in Vietnam for a long time operating in glass bottle and can production. In addition, it also has a produce Cellox paper and ICHIBAN soya curd facility
Last year, BJC bought Family Mart’s shares from Japanese partner and changed Family Mart name into B’s mart with 94 shops across Vietnam. It strengthened its appearance in Vietnam by opening two subsidiary companies – Thai Corp in south and Thai An in north.
Furthermore, TTC Land owned by Charoen Sirivadhanabhakdi holds 65% of shares five-star hotel Melia Hanoi.
- Over 1 million people lose jobs on Covid-19 in Q1: GSO
- South Korea helps Vietnam build more affordable houses
- Vietnam no longer labeled as currency manipulator: US Treasury
- Vietnam customs revenue hits over US$3.8 billion in Q1
- Hanoi Stock Exchange to stop listing new stocks from July 2023
- Digital transformation to drive businesses' economic growth
- Central bank to tighten credit in “overheating” sectors: Governor
- Vietnam apparels to win market share in US
- Vietnam car sales surge 127% in March
- Vietnamese steelmaker to manufacture containers next year
Vietnam no longer labeled as currency manipulator: US Treasury
Travel to Ninh Binh: the outstanding tourism attraction of Mua Cave
Hanoi: domestic tourism stimulating program debuts
Ba Vi Tourism Festival - Highlight of Hanoi’s suburban tourism
Remarkable tour packages offered Reunification Day and Labor Day holidays
Danang announces list of housing projects for foreign ownership
Vietnam warned of imported Covid-19 transmission amid rising regional cases
Hanoi team ranks 1st at National Archery Championships 2021
Vietnam moves up in int’l vaccine regulation ranking