In the next five years, Vietnam's contribution will rise to 25% from the current 17% to revenue of Central Retail, said the company’s CEO.
Vietnam is a focus market for Central Retail, a subsidiary of Thailand’s retail conglomerate Central Group, after its record IPO of US$8.1 billion, according to Nikkei Asian Review.
Illustrative photo. |
The retail conglomerate has grown around its department store business. 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 Central Retail CEO Yol Phokasub in an interview with Nikkei.
Central Retail's IPO raised US$2.42 billion, the largest ever in Thailand’s stock market. The prospectus suggested the proceeds will be used to expand and renovate its domestic and international store networks.
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.
Shares of Central Retail ended at US$1.33 at its debut on the Stock Exchange of Thailand on February 20, equivalent to a market capitalization of US$8.1 billion, making it the 13th-largest company on the exchange.
Other News
- US-based Rosen Partner to invest in world-class entertainment complex projects in Vietnam
- Foreign capital set to dominate Vietnam’s M&A landscape
- Samsung to invest US$1 billion annually in Vietnam
- Thai bank acquires Vietnamese finance company
- Vietnam appreciates support from int’l friends in nation-building: PM
- Vietnam, Hungary call for stronger economic ties
- Vietnam - Indonesia expand cooperation to include green growth, EV ecosystem
- Vietnam ready to absorb investment capital in semiconductor industry
- India’s largest energy group eyes investment in Vietnam
- Nvidia explores opportunities to set up manufacturing hub in Vietnam
Trending
-
Culture is national asset: Vietnam PM
-
Vietnam news in brief- April 19
-
Cultural similarities provide basis for Vietnam-Italy cooperation in various fields
-
[Video]Hanoi beauty spots featured in saxophone legend Kenny G's music video
-
Colorful stage shows in Hoan Kiem Lake pedestrian area
-
It happened as it had to happen
-
Hanoi street where dead appliances come back to life
-
Vietnam’s economy urged to rely on internal strengths to weather global uncertainties: ADB
-
Vietnam, Thailand advance realization of “Three Connections” strategy