Central Retail Vietnam's Continued Expansion Amidst Booming Economy
Thailand's CRC remains top-ranked in Vietnam's retail sector with ambitious growth plans
Central Retail Vietnam has been ranked as the leading company in the food, beverage, retail, and packaging industry in Vietnam for the fourth consecutive year in 2024.
As Vietnam continues to be one of the fastest-growing economies in Southeast Asia, fueled by favorable demographics, investment-friendly policies, and a recovering tourism sector, CRC sees significant growth potential in the country's retail market.
According to the World Bank, Vietnam's GDP is poised to grow by 6.1% in 2024 and 6.5% in 2025, driven by manufacturing exports, tourism, consumption, and business investment.
CRC, listed on the SET and Thailand's leading retail firm, has identified Vietnam as a crucial market.
The country offers a variety of appealing factors for investors: a population nearing 100 million with a median age of 32, a competitive daily minimum wage of approximately $11, and policies that facilitate business for foreigners.
These advantages have attracted multinational companies to move their production to Vietnam, enhancing the nation's status as a favorable trade hub.
The Vietnamese government has actively worked to revitalize its tourism industry, propelling a strong recovery; foreign tourist numbers reached 8.8 million in the first half of 2024, a 58% increase year-on-year.
Starting as a fashion merchandiser in 2012, CRC expanded its operations in Vietnam through strategic acquisitions and rebranding.
The integration with Big C in 2016 marked its entry into the food industry, and by 2018, GO! Malls became the second-largest lifestyle mall chain with 40 locations in 30 provinces.
The introduction of the GO! and Tops market brands further solidified its presence.
For 2024, CRC aims to operate 42 malls with over 300 stores across 42 provinces, emphasizing an omni-channel approach combining physical and online services.
With current plans to expand operations to 55 provinces within five years, CRC is positioned as Vietnam's largest multinational retailer, boasting a customer base of 12 million and leading both the hypermarket and lifestyle mall segments.
Driven by Vietnam's economic dynamism and favorable investment climate, CRC is resolute in its commitment to developing its food, non-food, and property operations to accommodate the evolving needs and preferences of Vietnamese consumers, maintaining its competitive edge in the dynamic business landscape.
As Vietnam continues to be one of the fastest-growing economies in Southeast Asia, fueled by favorable demographics, investment-friendly policies, and a recovering tourism sector, CRC sees significant growth potential in the country's retail market.
According to the World Bank, Vietnam's GDP is poised to grow by 6.1% in 2024 and 6.5% in 2025, driven by manufacturing exports, tourism, consumption, and business investment.
CRC, listed on the SET and Thailand's leading retail firm, has identified Vietnam as a crucial market.
The country offers a variety of appealing factors for investors: a population nearing 100 million with a median age of 32, a competitive daily minimum wage of approximately $11, and policies that facilitate business for foreigners.
These advantages have attracted multinational companies to move their production to Vietnam, enhancing the nation's status as a favorable trade hub.
The Vietnamese government has actively worked to revitalize its tourism industry, propelling a strong recovery; foreign tourist numbers reached 8.8 million in the first half of 2024, a 58% increase year-on-year.
Starting as a fashion merchandiser in 2012, CRC expanded its operations in Vietnam through strategic acquisitions and rebranding.
The integration with Big C in 2016 marked its entry into the food industry, and by 2018, GO! Malls became the second-largest lifestyle mall chain with 40 locations in 30 provinces.
The introduction of the GO! and Tops market brands further solidified its presence.
For 2024, CRC aims to operate 42 malls with over 300 stores across 42 provinces, emphasizing an omni-channel approach combining physical and online services.
With current plans to expand operations to 55 provinces within five years, CRC is positioned as Vietnam's largest multinational retailer, boasting a customer base of 12 million and leading both the hypermarket and lifestyle mall segments.
Driven by Vietnam's economic dynamism and favorable investment climate, CRC is resolute in its commitment to developing its food, non-food, and property operations to accommodate the evolving needs and preferences of Vietnamese consumers, maintaining its competitive edge in the dynamic business landscape.
