Central Retail, the Thai retail group, announced this information in its Q3 financial report this year. Revenue in Vietnam during this period reached 35.3 billion baht (approximately 29,000 billion dong), a decrease of about 6% compared to the same period in 2024. This decline was primarily due to exchange rate fluctuations. However, when calculated in dong, the company's sales increased by about 7%.

Central Retail's performance was lower than similar chains like Bach Hoa Xanh, which recorded 34,400 billion dong. However, it surpassed Masan's WinCommerce, which had 28,400 billion dong in revenue.

The food segment continued to be Central Retail's largest revenue driver, generating 31.6 billion baht, equivalent to 25,175 billion dong. Additionally, the home appliances and technology segment contributed 3.9 billion baht (approximately 3,200 billion dong), with the remaining revenue coming from the fashion industry.

Image of GO! shopping mall in Nha Trang. *Photo: Central Retail*

Central Retail entered Vietnam in 2012. The company owns several retail brands in Vietnam, including GO!, Tops Market, Lan Chi Mart, Nguyen Kim, and Supersports. It currently operates 42 GO! shopping malls and 13 Mini GO! stores nationwide.

In its business plan announced in June, the group plans to build an additional four to six shopping malls and 12 to 15 department stores. Each GO! mall has a floor area of about 4,500 m², with 70% of products being food items. Mini GO! stores are typically located in smaller cities, averaging about 1,700 m² in size and primarily selling non-food items.

Suthisarn Chirathivat, chief executive officer of Central Retail, stated, "Vietnam is a dynamic country with a large population, a market we need to monitor closely." However, he noted that Vietnam's per capita income is still low, making it an unsuitable time to develop high-end department stores. Central Retail's leadership also indicated that Thailand and Vietnam are two key markets for the next three years.

Trong Hieu