Central Retail will make additional investments in Vietnam in the next five years to expand its operations in the country.

In its five-year plan for 2022-2026, the Thai retailer plans to invest more than THB30 billion ($825.6 million) towards reaching four goals: becoming a multi-channel platform and the leading food and shopping center business in Vietnam; increasing business results to THB100 billion ($2.7 billion); posting revenue growth from omnichannel platforms of 15 per cent; and expanding to 55 of Vietnam’s 63 cities and provinces.

It also targets three key strategies consistent with the CRC Retailligence strategy to achieve growth goals: expanding and strengthening core business activities; becoming a retail pioneer in the digital era; and promoting new growth drivers and seizing new opportunities.

According to Mr. Olivier Langlet, CEO of Central Retail Vietnam, it recognizes the potential and strong business development opportunities the country holds and also views Vietnam as a key strategic market, growing year-on-year to post revenue of nearly THB38.6 billion ($1.06 billion) within a decade, or 22 per cent of total revenue.

Inheriting the success of the multi-channel retail model it successfully applied in Thailand, Central Retail has effectively built an omni-channel sales platform for its food business, which brings in more than 8 per cent of its total sales in Vietnam. Central Retail has also introduced its famous retail brand, Tops Market, in the country, offering a new service experience to consumers in Hanoi and Ho Chi Minh City.