BANGKOK — Thailand’s Central Group is preparing a major new expansion in Vietnam, committing an additional US$1.5 billion over the next 10–15 years as it seeks to deepen its retail and property presence in one of Southeast Asia’s fastest-growing consumer markets.
The new commitment would bring Central Group’s cumulative investment in Vietnam to roughly US$3 billion, according to the group and Vietnamese media reports. The expansion will cover retail, commercial property and hospitality, with the group looking beyond Vietnam’s biggest cities to emerging secondary markets.
The announcement comes as Thai companies continue to increase their presence in Vietnam, attracted by its expanding consumer market, manufacturing base and economic growth.
Central Group Bets Bigger on Vietnam
Central Group chairwoman Wallaya Chirathivat said the group plans to invest another US$1.5 billion in Vietnam, building on investments made since it entered the market in 2012.
The group’s strategy involves several businesses, including Central Retail, Central Pattana and Centara Hotels & Resorts.
The Nation reported that the broader investment programme could reach US$3.5 billion in fresh commitments when additional joint-venture funding involving property and hospitality projects is included, illustrating the different ways the group’s various businesses are structuring their expansion.
That makes the exact figure dependent on whether the announcement is referring specifically to Central Group’s cumulative Vietnam investment or the wider pipeline of new projects and joint ventures.
Retail Expansion Takes Center Stage
Central Retail is expected to remain a major driver of the group’s Vietnam strategy.
The company operates brands including GO! malls, GO! hypermarkets, mini go!, Tops Market and Lan Chi Mart, giving it an extensive retail network across the country.
Central Retail said in March that Vietnam was one of its two key strategic markets alongside Thailand. For 2026, the company planned to invest 16–18 billion baht across Thailand and Vietnam, including two new GO! malls, one GO! hypermarket and six mini go! stores in Vietnam.
The longer-term strategy goes beyond simply adding stores.
Central is targeting secondary cities and growing regional markets, where rising incomes and urbanization are creating new demand for modern retail.
Vietnam’s Secondary Cities Become the Next Target
Central’s expansion comes as international retailers increasingly look beyond Hanoi and Ho Chi Minh City.
The company has identified growing consumer demand outside Vietnam’s two largest urban centers, while its property arm has been examining opportunities for large mixed-use developments.
In June, Central Pattana signed a memorandum of understanding with Vietnam’s Sun Group to explore retail and mixed-use projects in Da Nang, Ho Chi Minh City and Phu Quoc. Central Pattana said the potential investment associated with its wider Vietnam strategy could exceed US$2 billion over 15–20 years.
The projects could combine shopping, entertainment, hospitality and other services rather than operate as standalone retail centers.
Central Retail Already Has a Major Footprint
Central’s presence in Vietnam has expanded considerably since 2012.
Central Retail said it has accumulated more than 49 billion baht in investment in Vietnam and employs more than 13,000 people there, with Vietnamese employees making up 99.5% of its workforce.
The company also reported that more than 90% of products sold through its Vietnamese retail network are sourced domestically, working with more than 2,000 local suppliers.
That makes the strategy not only about bringing Thai retail concepts into Vietnam, but also about connecting Vietnamese producers with modern retail distribution.
A Bigger Thai Investment Wave Is Building
Central Group’s announcement comes against a much larger wave of Thai corporate investment in Vietnam.
The Nation reported that registered investment by Thai companies in Vietnam had exceeded 500 billion baht by mid-2026, spread across nearly 800 active projects. Thailand is among Vietnam’s largest foreign investors and the second-largest ASEAN investor after Singapore, according to figures cited in the report.
Thai companies have invested across sectors including:
- Retail and consumer goods
- Manufacturing
- Petrochemicals
- Renewable energy
- Industrial estates
- Banking and finance
- Real estate
The attraction is partly Vietnam’s large domestic market and workforce, as well as its network of international trade agreements.
Vietnam’s Growth Is Driving the Interest
Central Group’s latest expansion comes as Vietnam records strong economic growth.
Central Group said Vietnam’s GDP could grow by as much as 7.2% in 2026, while the Nation cited Vietnamese government figures showing GDP growth of 8.18% in the first half of 2026.
The different figures reflect different measurement periods and forecasts, but both point to the strong economic momentum attracting foreign companies.
Vietnam’s expanding middle class and increasing consumer spending are particularly important for retailers such as Central.
Central Is Also Reshaping Its Vietnam Portfolio
The expansion comes even as Central Retail has been adjusting its existing business portfolio.
In April 2026, Central Retail completed the sale of its stake in Vietnamese electronics chain Nguyen Kim. The divestment contributed to a decline in Vietnam revenue during the first half of the year, with revenue falling 2.44% year on year to about 24.03 billion baht, according to company financial data reported by The Investor.
The company’s food and fashion operations remained important parts of its Vietnam business, while the electronics exit reflects a shift toward areas Central considers more strategically attractive.
That makes the new investment announcement significant: Central isn’t simply expanding everywhere—it is also reallocating capital toward retail formats, property and consumer businesses where it sees longer-term potential.
Thailand and Vietnam Mark 50 Years of Relations
The investment announcement also coincides with the 50th anniversary of diplomatic relations between Thailand and Vietnam.
Central Group is hosting Vietnamese Week in Thailand 2026 with Vietnam’s Ministry of Industry and Trade, bringing Vietnamese products, food and businesses to Thai consumers.
The initiative includes business-matching activities designed to connect Vietnamese entrepreneurs with Central Group’s retail and wholesale networks.
Central Retail, NAPAS and VietinBank have also signed an agreement concerning VietQR Global cross-border payments, aimed at supporting trade and tourism between the two markets.
The Bigger ASEAN Retail Race
Central Group’s Vietnam strategy highlights how competition for Southeast Asia’s growing consumer market is shifting beyond national borders.
Vietnam’s expanding cities, rising consumer purchasing power and growing demand for modern retail are attracting major regional businesses.
For Central, the next phase is not simply about opening more stores. It is about building an integrated ecosystem combining retail, shopping malls, property development and hospitality.
With billions of dollars in planned investment and a growing focus on secondary cities, Central’s Vietnam push could become one of the group’s most important long-term growth strategies outside Thailand.
WWC ONE MEDIA G,A
