Vietnam’s economy continues to grow strong, earning the full attention of Central Group.
Central Group, a Thai company, recently acquired Big C Vietnam for THB 36.5 million. They are now shifting focus from Europe to Vietnam as its new strategic market as there are no plans for retail mergers or acquisitions in Europe. Central Group already possesses a mature retail market in Europe, and expects to double revenue by 2020 to THB 80 million.
Vietnam’s impressive growth has earned itself at the centre of Central Group’s attention. Increasing from merely 10 percent of the Thai economy to 50 percent of Thailand’s GDP over the last 20 years, with forecasts to match their economy over the next decade.
Central Group currently employs 14,000 workers in Vietnam across their eight business categories, which in 2015 generated sales of THB 40 million – numbers that match sales revenue in Europe. The company is in the process of changing the name of Big C stores in Vietnam and plan to fill the Big C department store space with their other retail businesses, such as Robins and Nguyen Kim.
Although known for their premium brands in Thailand, Central Group is placing emphasis on the discount store sector in Vietnam which continues to rise in demand.
