Central Retail to invest US$1.1 billion for business expansion in Vietnam
Vietnam is forecast to become one of the fastest and most attractive markets in the world.
Thailand’s Central Retail announced its five-year plan to invest US$1.1 billion for its business expansion in 55 provinces and cities in Vietnam.
|Big C Thang Long supermarket in Hanoi. Photo: Thanh Hai|
The retailer said that Vietnam’s service industry will continue to grow strongly in 2021,
making Vietnam one of the fastest and most attractive markets in the world. It is the reason for the new investment of Central Retail.
The plan focuses on developing multi-sectoral platform to improve customer experience, branding for non-food categories as well as enhancing its presence in urban and rural areas to strengthen its dominance in Vietnam, Philippe Broianigo, CEO of Central Retail in Vietnam, said.
To improve customer experience, the retailer will develop the omni-channel including nguyenkim.com and supersports.com.vn, build e-commerce stores on Lazada, Shopee and Tiki and cooperate with food apps such as Grab, Now, Beamin and Chopp. By the end of 2020, sales revenue from the omni-channel contributed 5% to the retailer’s total revenue.
After nine years of operating in Vietnam, the food industry is an important category for the retailer which contributed nearly 70% to the total revenue of Central Retail.
“We plan to promote the food category along with the potential of Vietnam's retail industry. We will continue a suitable and flexible way of doing business towards sustainable development,” emphasized CEO of Central Retail Corporation Yol Phokasub.
With 37 commercial centers and 230 stores with a total area of 1 million m2 in 39 provinces, Central Retail in Vietnam serves an average of 175,000 customers per day.
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