In five years, Vietnam’s contribution to total revenue of Central Retail, a subsidiary of Central Group, is predicted to rise from the current 17% to 25%.
Central Retail, a subsidiary of Thailand’s retail conglomerate Central Group, is expected to expand business activities in Vietnam after raising a record high of US$2.46 billion from its IPO on the Stock Exchange of Thailand, according to Nikkei Asian Review.
Illustratiave photo. |
Following the company’s debut on the stock market, Central Retail's market cap stood at US$8.1 billion, making it the 13th-largest company on the exchange.
The prospectus suggested the proceeds will be used to expand and renovate its domestic and international store networks.
As of last September, Central Retail operated 1,922 stores in Thailand, 133 in Vietnam, and nine in Italy.
At present, 75% of its revenue comes from Thailand, 17% from Vietnam, and 7% to 8% from Italy. "In five years, Vietnam's contribution will rise to 25%," said Yol Phokasub, CEO of Central Retail, in an interview with Nikkei.
Central Group, Thailand’s largest retail conglomerate, is controlled by the Chirathivat family, the country's second-richest, and is led by Tos Chirathivat, the group's executive Chairman and CEO and grandson of the founder.
The luxury retail business in Thailand faces headwinds from falling tourist numbers due to the outbreak of the new coronavirus known as COVID-19. In particular, stores have seen a sharp decline in Chinese tourists, who account for a large part Central Retail's business.
Central Group Vietnam is a member of Central Group, which has been present in Vietnam since July 2011. The group's business activities in Vietnam range from electronics, sports, fashion, shopping centers and hotels to e-commerce and supermarkets.
The group made the headline in Vietnam following its acquisition of a chain of 33 supermarkets and hypermarkets owned by Big C for US$1.05 billion in April 2016.
Other News
- Central Retail to invest US$1.1 billion for business expansion in Vietnam
- E-solutions help MSMEs speed up digital transformation
- AEON Mall Vietnam to build US$190-million shopping center in Bac Ninh
- FDI commitments in Vietnam surge 18.5% in Q1
- VNR plans expansion of shopping centers at train stations in Vietnam
- Austria-based AT&S ponders US$1.8-billion hi-tech project in Vietnam
- Ho Chi Minh City to support 1,000 innovative start-ups in 2021-2025
- Vietnamese unicorn invests US$6 million in digital gifting platform
- Vietnam allocates US$120 billion for public investment in 2021-25 period
- World Trade Center Binh Duong New City to open this month
Trending
-
The old man guarding Hanoi's last ancient gate for 20 years
-
C.bank expects credit growth to exceed 12%-target for 2021
-
Vietnam officially approves online schooling
-
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
-
Vietnam to cut research time of Covid-19 vaccines amid thin supply
-
Corporate bonds of real estate - risky commercial debt for investors
-
Six major tasks await newly-appointed Hanoi Party Chief