Central Retail breaks ground on its 46th GO! mall in Thai Nguyen Province, targeting regional cities with a VND 410 billion investment

Central Retail Vietnam breaks ground on a GO! mall in Pho Yen, Thai Nguyen Province

The Vietnamese arm of major Thai retailer Central Retail Corporation held a groundbreaking ceremony on May 15, 2026, for a mall incorporating a GO! hypermarket in Van Xuan Ward, Pho Yen City, Thai Nguyen Province. This will be Central Retail's 46th mall across all of Vietnam.

Group CEO Olivier Langlet said the project was realized "at an unusual pace of nine months from initial discussions to groundbreaking," underscoring the acceleration of the company's expansion in Vietnam.

Project overview

Background: Central Retail's regional city expansion strategy

Central Retail operates 44 malls plus 330 stores in Vietnam, spread across 26 provinces and cities. Since 2024, it has accelerated store openings in regional cities with dense industrial parks, moving beyond the Tier 1 cities of Hanoi and Ho Chi Minh City.

Pho Yen in Thai Nguyen Province is an industrial park area where Samsung Electronics Vietnam's flagship plant is located. The entry of foreign-invested manufacturers led by Samsung has rapidly raised the region's income levels and spending power, driving up demand for modern commercial facilities.

Central Retail Vietnam's recent store openings

Central Retail has set a plan to open 10-12 new GO! malls and 23-25 new mini GO! stores between 2026 and 2028.

Local Reaction

Thai Nguyen provincial authorities have welcomed the construction of the GO! mall as "developing living infrastructure for the industrial park area." Tens of thousands of Samsung plant workers live in Pho Yen City, and demand for a modern shopping environment was clear.

Local farmers have expressed hope for "securing a nationwide sales channel through GO! for OCOP (One Commune One Product)-certified goods." As part of its "Better for Vietnam" strategy, Central Retail is promoting the procurement and sale of local agricultural products.

A Vietnamese retail industry analyst noted, "Nine months from initial discussions to groundbreaking is an unusually fast pace for commercial real estate development in Vietnam. It is the result of both Central Retail's investment decision-making and Thai Nguyen Province's administrative support moving quickly."

Implications for Japanese Companies

Central Retail's entry into Thai Nguyen carries three implications for Japanese retailers and consumer goods makers.

• Vietnam's regional cities are transforming into "regions with real spending power," backed by industrial park worker populations. This tracks with AEON Mall's move to break ground in Bac Ninh with about $150 million, a step in the same direction.
• Because the GO! hypermarket carries more than 40,000 items, it creates a sales-channel opportunity for Japanese food and daily-necessities makers
• Central Retail's "Better for Vietnam" strategy favors local products, but there is still room for "high-quality imported goods" to be accepted as a way to differentiate the product lineup

Ripple effects on the industry

Central Retail's push into regional cities symbolizes the "shift to the regions" underway in Vietnam's retail industry. Vietnam's convenience stores and mini supermarkets have surged to 9,671 outlets, with regional areas now overtaking urban areas. Hypermarkets are following the same trend.

The "battle for regional cities" with South Korea's Emart and Japan's AEON is expected to intensify from 2026 onward. Central Retail is currently ahead with a scale of 46 malls, but AEON Mall's large investments (Bac Ninh, Da Nang, Ha Long, Thanh Hoa) are catching up.

For Japanese consumer goods makers, especially in the food and daily-necessities categories, securing shelf space in modern trade outlets such as GO! and AEON holds the key to expanding sales in Vietnam.

Practical Information

Summary: time for Japanese companies to join the Thai major's regional push

Central Retail's groundbreaking for GO! Pho Yen shows that the center of gravity in Vietnam's retail market is shifting from "concentration in Tier 1 cities" to "regional cities adjacent to industrial parks." Thai Nguyen Province, where tens of thousands of Samsung plant workers are concentrated, is a prime example.

If Japanese companies want to capture Vietnam's regional city market, they should track the store-opening plans for Central Retail's GO! and AEON Mall, and begin building relationships as a tenant or supplier early. Modern trade in regional cities is right now at the stage of expanding across the map, and the window for entry is at its widest over the next two to three years.

Source:

• Central Retail Corporation – GO! Pho Yen Groundbreaking
• Inside Retail Asia – Central Retail bets big on Vietnam with 30 new stores
• Vietnam.vn – GO Pho Yen Commercial Center project 410 billion VND