Central Retail to expand business in Vietnam hinh anh 1Central Retail Corporation's Big C supermarket has its name changed into Go! (Photo: VNA)

Hanoi (VNA) - The Thailand-based Central Retail Corporation Public Company Limited (CRC) plans to spend as much as 35 billion THB (1.1 billion USD) on expanding its network in Vietnam over the next five years.

The retail conglomerate aims to expand its reach to 55 cities and provinces across the country.

It said Vietnam’s service sector grew 2.34 percent in the last quarter of 2020 and contributed 33.5 percent to the national economy, with wholesale and retail taking the lead, up 7 percent.

The sector is expected to grow robustly this year, making Vietnam one of the fastest-growing and most attractive markets in the world.

Philippe Broianigo, CEO of the Central Retail Vietnam, said the five-year plan will focus on multi-sector and multi-platform development to increase its presence in Vietnam’s rural and urban areas.

The group opened four shopping centres last year in the Mekong Delta provinces of Tra Vinh and Ben Tre, central Quang Ngai province, and the Central Highlands province of Dak Lak, while renaming five Big C supermarkets in Vietnam as “GO!”.

It plans expansions worth about 6.6 billion THB (211 million USD) this year and will open shopping centres in the provinces of Thai Nguyen, Thai Binh, and Lao Cai in the north and Ba Ria-Vung Tau and Tay Ninh in the southern region.

After nine years in Vietnam, foodstuffs have proven to be a key sector for Central Retail, contributing 70 percent to total revenues.

The group has set a target of promoting its development in Vietnam’s retail sector and rolling out suitable and flexible business methods towards sustainable development.

With 37 shopping centres and 230 stores in 37 cities and provinces, it serves an average of 175,000 customers each day in Vietnam./.