Thai retail giant Central Group is reportedly eyeing a stake in the shopping mall arm of Vietnamese company Vingroup, according to a sources.
The sources told Reuters on Thursday that Central Group and other companies are in negotiations to buy a stake in Vincom Retail, Vietnam’s biggest shopping mall operator, which is 60-percent owned by Vingroup and is said to be worth approximately USD 2.8 billion.
Vingroup is reportedly looking to selling a majority stake, but no final decision has been taken and discussions with potential buyers are ongoing, said the sources.
Both Central Group and Vingroup decline to comment.
Vincom Retail owns 83 shopping malls in Vietnam. In 2017, it was spun off from Vingroup and listed on the local stock exchange.
In 2022, the total sales of consumer goods and services in Vietnam increased by 19.8 percent over the previous year, estimated at VND 5,679.9 trillion (USD 240.5 billion), according to the country’s General Statistics Office.
Total retail sales of goods in Vietnam for the year were estimated at VND 4,475.9 trillion, up 14.4 percent over the previous year.