Thai conglomerate Central Group is investing Thb17bn (US$511m) into its Vietnamese operations over the coming five years, according to the Bangkok Post.
The Central Group Vietnam CEO Philippe Broianigo told the news site that it would be expanding its retail and food businesses, as well as its hotel management and stationary stores.
The announcement was made during the Vietnamese Goods Week in Thailand, with Central Group CEO Tos Chirathivat adding that Thb1-2bn (US$3m) would be spent on expanding its Vietnamese operations this year, with 20 new Big C hypermarkets to open next year.
"We will continue to expand our business in Vietnam because of the country's strong potential as an emerging market with high GDP growth," Tos said. "The signs have been good. Sales of Big C in Vietnam in July by 11 per cent.”
Central is aiming for 20-30 per cent annual growth in Vietnam, and expects this year’s sales to reach Thb35bn (US$1.05bn).