The MoU was signed in Bangkok on May 28 during the official visit of Party General Secretary and State President To Lam to Thailand. Central Pattana is a member of Central Group and Thailand's largest retail-led mixed-use developer

Central Pattana is one of Central Group's principal growth engines, leading the group's retail real estate and urban development platform across Thailand. The company owns and operates 45 shopping centres, 53 residential projects, 11 office buildings, 13 hotels, and 16 community malls across the region. Its flagship asset, CentralWorld Bangkok, is one of Asia's leading shopping destinations and a world-class lifestyle landmark, serving as a benchmark for how retail destinations can evolve into cultural, entertainment, and tourism hubs that extend visitor dwell time and drive per-capita spending.

The collaboration comes against the backdrop of the 50^th anniversary of diplomatic relations between Vietnam and Thailand. Both countries are seeking to raise bilateral trade to $25 billion.

Under the agreement, Sun Group and Central Pattana will foster a long-term collaboration to develop premium shopping centres and mixed-use complexes in Vietnam's key urban centres and strategic destinations, including Danang, Ho Chi Minh City, and Phu Quoc. The two sides will jointly build large-scale, landmark ventures that raise the bar for urban, commerce, and lifestyle.

In Danang, both sides will explore the possibility of developing large-scale commercial and entertainment complexes along the Han River, with the aim of creating new lifestyle and experience hubs for the city.

In Ho Chi Minh City, the partnership will focus on large-scale commercial and entertainment complexes in the East and the new financial district, which are expected to become new growth poles for the city in the future.

In Phu Quoc, the two sides aim to develop premium retail and entertainment complexes, contributing to transforming the island into a resort destination and a new shopping paradise in the region.

Beyond developing modern retail infrastructure, the tie-up is expected to boost shopping tourism – a sector that is becoming a key growth driver for many Asian economies.

Shopping tourism is gaining traction globally. The global shopping tourism market is valued at approximately $321 billion in 2026 and is forecast to surpass $613 billion by 2033.

In Vietnam, modern shopping tourism boasts untapped potential. Last year, the country welcomed over 21 million international tourist arrivals and posted VND1 quadrillion ($37.9 billion) in tourism revenue. In the first four months of 2026 alone, the country recorded nearly 8.8 million international tourist arrivals.