Central Retail, a leading Thai retailer, has kicked off the construction of a GO! Mall in Hung Yen. This is the first of three stores the company intends to open this year. The firm also plans to complete the renovation of its flagship stores in Hanoi and Ho Chi Minh City by the end of 2025.

In 2016, Central Retail acquired Big C, a large Vietnamese hypermarket chain, from France’s Casino Group. To move beyond the traditional hypermarket model, it rebranded Big C to the GO! brand in 2018 and introduced the GO! Mall concept. This shift aimed to create a more comprehensive shopping experience, offering not just groceries and household items, but also entertainment, and health and well services.

Of note, Central Retail’s new mall aligns with the expansion plans of other major players in Vietnam’s retail industry, such as Japan’s Aeon, and South Korea’s Lotte Retail, as well as homegrown Masan, and Vincom Retail, which owns and leases-out a range of commercial spaces around Vietnam. It intends to open six new shopping malls in 2024.

This is partly due to a positive outlook for Vietnam’s retail space rentals and the significant development potential of the retail market. According to a Mordor Intelligence report, Vietnam’s retail market size in 2024 is estimated at US$276.37 billion and is forecasted to reach US$488.08 billion by 2030.

Furthermore, Vietnam, with fewer international brands compared to regional neighbours like Singapore and Thailand, offers a prime growth opportunity. International brands such as Rene Caovilla, Cartier, The Hour Glass Opera have opened their first stores in Vietnam this year.

See also: How to Open a Retail Store in Vietnam: Ultimate Guide 2024