Foreign retail giants continue to expand share of Vietnamese market
VOV.VN - Foreign retail giants such as Central Retail, AEON, and MM Mega Market have set their sights on capturing a larger share of the Vietnamese market, according to industry insiders.
In late February, Yol Phokasub, CEO of Thailand’s Central Retail Corporation, unveiled plan to increase their total investment in the Vietnamese market to US$1.45 billion in the 2023 to 2027 period.
In line with this, the group is set to double its store number to 600 and make a presence in 57 out of 63 provinces and cities nationwide.
The group has also set an ambitious plan to become the leading omni-channel retailer in the food industry and aims to rank second in the field of real estate and shopping malls in the country by 2027.
Olivier Langlet, CEO of Central Retail Vietnam, revealed that the company has developed three industries in the country including food brands such as GO!, Tops Market, Mini go!, and Lanchi Mart chain; real estate brands namely 39 GO Malls!; and non-food sector with such brands as Nguyen Kim, Supersports, Kubo, and ROBINS.
Aside from investment in growing its business nationwide, the company has developed a loyalty platform in a bid to provide customers with suitable products and services.
Meanwhile, the Japanese retail AEON Group aims to expand its network as a way of increasing customer touch points and promoting e-commerce to serve the growing trend of online shopping.
Furusawa Yasuyuki, general director of AEON Vietnam, said that an appropriate budget has been spent in order to achieve the company's revenue growth target this year that is equal to or higher than that of 2022.
This can be achieved by focusing on large shopping centres with a wide range of services under the model of serving multi-utility at only one destination, he added.
The company will also pilot the medium-sized supermarket model by putting between two and three supermarkets with a size of about 5,000 square metres into operation, while considering the launch of some points of sale in locations such as the inner city of Ho Chi Minh City, Thu Duc city, and other districts around the southern metropolis, he noted.
Furthermore, another retail chain from Thailand, MM Mega Market Vietnam, has been also actively working alongside provincial authorities to consider opening new points of sale, not only in major cities like Hanoi and Ho Chi Minh City, but also in other smaller ones around the country.
Insiders attributed the huge investment by foreign retailers in the Vietnamese market to its projection of GDP growth at 6.7% this year, thereby making the country the fastest growing market throughout Southeast Asia.
Furthermore, population growth and the development of modern sales distribution channels, along with the increase in the number of international tourists, represent positive signals for foreign enterprises as they continue to increasing investment in the country.
Amid the national economy facing numerous difficulties, foreign retailers have launched an array of price stabilization programmes aimed at attracting customers moving forward.
