Thai retail capital doubles down on Vietnam: Central Retail to add up to 37 stores by 2028
Central Retail has invested more than THB49 billion in Vietnam and plans 10-12 more GO! hypermarkets plus 23-25 mini go! supermarkets by 2028, on a base of more than 300 malls and stores across 26 provinces.
What happened
Kaohoon International reported on 11 September 2026 that Central Retail is accelerating its Vietnam build-out. The Thai group has invested more than THB49 billion in the market since entry and now operates more than 300 shopping malls and stores across 26 provinces, covering 1.3 million square metres of retail space and serving roughly 500,000 customers a day.
By 2028 it plans to add 10 to 12 more GO! hypermarkets and 23 to 25 mini go! supermarkets. Recent openings include mini go! Cu Chi in January 2026 and the GO! hypermarket in Dan Phuong in August 2026. The group employs around 13,000 people in Vietnam, of whom 99.5% are Vietnamese, and sources more than 90% of products locally from over 2,000 Vietnamese suppliers. Its The 1 Vietnam loyalty programme reached 7.4 million members in under a year.
Chief executive Suthisarn Chirathivat pointed to Vietnam GDP growth of 8.18% in the first half of 2026 and retail sales growth of 12.9% as evidence of domestic consumption strength.
Why it matters for franchising
This is not a franchise deal, and that is exactly the point. Central Retail is expanding with its own balance sheet rather than selling development rights, which tells you how attractive the underlying economics look to an operator that has the capital to keep the upside.
For franchise brands, the read-across is about the shelf and the site. Every new GO! and mini go! is anchor space and a supply-chain node. A brand seeking distribution in Vietnam now has a bigger landlord and a bigger buyer to negotiate with, and the negotiating power sits increasingly with modern trade rather than with individual brands.
The two-format approach is also instructive. Large hypermarkets grow slowly, at roughly three a year, while the small format grows at about eight a year. Small footprints scale faster because sites are easier to find and capital per unit is lower — the same arithmetic that governs franchise networks.
Figures to keep
- Invested to date: more than THB49 billion in Vietnam
- Current footprint: 300+ malls and stores, 26 provinces, 1.3 million sqm, ~500,000 customers a day
- Pipeline to 2028: 10-12 GO! hypermarkets, 23-25 mini go! supermarkets
- Local sourcing: more than 90% of products from 2,000+ Vietnamese suppliers
Compiled from public sources for information only, not investment advice.