Thai Retail Real Estate Giant Sets up Subsidiary in Vietnam
- 200
- Business
- 00:20 22/02/2024
DNHN - The move to establish a subsidiary in Vietnam comes after Central Pattana revealed plans for heavy investment over the next decade, with Vietnam being one of the target locations.
After signalling its intention to invest in Vietnam almost a year ago, Central Pattana has now taken its first step in the S-shaped country.
Specifically, Central Pattana - a member of the Central Group - has just established a subsidiary in Vietnam operating in the field of real estate consulting and management.
In early February, Central Pattana - a member of the Central Group - notified the Stock Exchange of Thailand (SET) of establishing a subsidiary. Accordingly, the group has established CPN Global Company Limited in Vietnam, with CPN Global holding 100% of the shares.
CPN Global Company Limited Vietnam is headquartered in Phu Nhuan District, Ho Chi Minh City, with Pandit Mongkolkul as the legal representative and General Director, and has been operating since 15 December 2023. Its main business activities are real estate consulting, brokerage, auction, and auction of land use rights.
Central Pattana is Thailand’s largest retail real estate developer. The company was first listed on the Stock Exchange of Thailand in 1995.
Central Retail operates more than 340 retail stores in 40 provinces and cities in Vietnam, including 77 grocery retail stores, of which 38 are GO! hypermarkets and 39 are supermarkets. In addition, this giant is also involved in the food, fashion, home electronics, and real estate sectors in Vietnam.
Central Pattana’s long-term strategy is to develop its own branded shopping malls in high-potential locations. The longer-term goal is to expand overseas, initially to neighbouring countries, by developing innovative shopping malls.
The move to establish a subsidiary in Vietnam comes after Central Pattana revealed plans for heavy investment over the next decade, with Vietnam being one of the target locations.
In March 2023, Central Pattana CEO Wallaya Chirathivat said that the company would invest in mega projects over 5 to 10 years, with each project covering more than 350,000 m2 and an investment of more than 20 billion Baht (approximately 14,000 billion VND) per project.
Vietnam and Malaysia are among the destinations targeted by Central Pattana due to their cultural similarities, consumer behaviour, and the existing foundation of the Central Group’s retail system.
“Vietnam is an important market that we want to tap into, although there are many regulations that we have to overcome. Hopefully, we will have something to announce about Vietnam by the middle of this year,” said Wallaya Chirathivat.
Phuong Anh
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