Thailand's Central Pattana sets up Vietnamese subsidiary

Specifically, CPN Global Vietnam will engage in real estate management in Vietnam to develop future projects on behalf of Central Pattana. The Vietnamese subsidiary has registered capital of VND20 billion ($815,245) and is a limited liability company with one member, whereby issuing common shares is not required.

CPN Global Co., Ltd. holds 100 per cent of CPN Global Vietnam's shares, and Chanavat Uahwatanasakul has been appointed director of the Vietnamese operation.

Over the past 40 years, Central Pattana has evolved into Thailand's largest and most sophisticated developer of retail property. The company currently owns and manages 38 premium shopping centres, 10 office buildings, five hotels, and 28 residential buildings. With a total leasable area exceeding 2.3 million square metres, Central Pattana is undoubtedly the industry leader in Thailand, holding more than double the area of its closest competitor.

Central Pattana's long-term strategy includes the development of its trademark shopping centres in well-identified locations, offering potentially high returns in Bangkok and other major cities throughout Thailand. Its next challenge is to move overseas, exporting its retail property expertise to neighbouring countries through the development of innovative world-class shopping centres in strategic markets.

Central Pattana is owned by the billionaire Chirathivat family. Its parent company Central Group started operations in Vietnam in 2012, and the group has secured a strong foothold in the local market through its subsidiary Central Retail.

Central Retail plans to invest $1.45 billion in Vietnam within the next five years from 2023 to 2027. The group said it is seeking to reach a sales target of $4.33 billion by 2027 and nearly double the number of its stores here to 600.

In the next five years, Vietnam's contribution could grow to 25 per cent of the revenue of Central Retail, a Central Group subsidiary which has just conducted a successful $8.1 billion IPO.

In its latest financial statement, Thailand's Central Group has announced spending VND2.66 trillion ($115.65 million) to complete the acquisition of Nguyen Kim, after five years of holding a 49 per cent stake in the electronics retailer.

Thailand's Central Group announced plans to rename Big C Vietnam to GO! and Tops Market.