The company’s Q2 financial statements showed that Vietnam contributed 20% of its global earnings of THB121.6 billion during the six-month period.

The firm said the decline was largely driven by the Thai baht’s 8% appreciation against the Vietnamese dong in H1. Measured in dong, revenue in Vietnam actually grew 2% year-on-year.

The total Vietnam revenues included THB22 billion ($677 million) from food products, THB4 million ($123,050) from fashion products, and THB2.6 billion ($80 million) from hardline products such as home appliances and electronic items.

Vietnam remains Central Retail’s second-largest market, behind only Thailand, where it earned THB87 billion ($2.68 billion) in the six-month period.

With this performance, Central Retail ranks among the top retail players in Vietnam by Q1 revenue, alongside MWG’s Bach Hoa Xanh chain, which posted revenue of VND22.6 trillion ($858.8 million) and Masan’s WinCommerce chain with VND17.9 trillion ($68 million).

The firm launched a mall in the northern province of Hung Yen in July and will inaugurate another outlet in Yen Bai province, now part of the new Lao Cai province, later this year.

It is also expected to complete upgrades of the Big C Thang Long (Hanoi) and Big C Dong Nai stores in 2024, as part of a broader plan to rebrand and upgrade 14 Big C locations into GO! supermarkets.

In a release in June, Central Retail announced that it will invest over THB45 billion ($1.38 billion) through 2027 to expand mainstream markets and accelerate growth in both Thailand and Vietnam. The retailer currently operates 330 stores across 26 provinces and cities in Vietnam.