Details remain sketchy but Thai giant seems on the verge of picking up yet another Vietnamese retailer of electronics and electrical goods.
Thailand’s richest man, Tos Chirathivat, who owns the Central Group, is negotiating to purchase the electronics and electrical goods retailer Pico in Vietnam, according to local media.
Pico were unable to comment when contacted by VET.
The details of the purchase remain confidential but some believe it will resemble the contract the Central Group signed with electronics and electrical goods retailer Nguyen Kim earlier this year, when it purchased 49 per cent.
With the backing of the Central Group, Nguyen Kim has set a target of increasing its outlet numbers from the existing 20 to 50 by 2019.
The move to acquire Pico expresses the ambitions of the Central Group to enhance its presence in Vietnam. Thai products are readily found in its two Robins shopping malls in Hanoi and Ho Chi Minh City.
This year appears to be the beginning of a trend for foreign retailers arriving in Vietnam, as per the country’s WTO commitments. The creation of the ASEAN Economic Community and the signing of the Trans-Pacific Partnership will also provide more opportunities for products and services, investment, and capital to move freely between regional countries.