Central Retail Vietnam Revenue Dips 2.4% in H1 2026
Thailand’s Central Retail Corporation sees Vietnam sales drop slightly as it completes the exit from its electronics segment.
Central Retail Corporation (CRC) reported a 2.44% decline in revenue from its Vietnam operations for the first half of 2026. The drop to THB24.03 billion is directly attributable to the company’s strategic exit from the local electronics market, a move that reshaped its asset base and segment performance.
Despite the revenue contraction, Vietnam remains CRC’s largest international market, contributing 20.4% to the group’s total consolidated external revenue of THB117.811 billion. The financial results, disclosed in interim statements, highlight a significant internal shift where fashion growth offset the loss of hardline sales.
Electronics exit drives asset reduction
The primary cause of the revenue slip was the divestment of NKT New Solution and Technology Development Investment JSC, the holding company for the Nguyen Kim electronics chain. CRC sold its entire stake to PICO Holdings JSC at an enterprise value of $36 million, with the transaction closing on April 23, 2026.
This disposal resulted in a THB49 million write-down and a THB79 million loss on disposal, largely due to the reclassification of foreign currency translation differences. Consequently, total segment assets in Vietnam fell 13.22% to THB30.808 billion as of June 30, down from THB35.503 billion at the end of 2025.
Fashion growth offsets hardline decline
Segment performance varied sharply during the period. Fashion emerged as the strongest unit, with earnings rising 25.85% to THB1.63 billion, driven by sustained growth in apparel and lifestyle retail. This positive trend contrasted with the hardline segment, which includes electronics and appliances.
Hardline revenue plummeted 34.91% year-on-year to THB1.72 billion, a direct reflection of the restructuring and eventual sale of the appliance business. Meanwhile, the Food Products segment, the largest part of the Vietnam portfolio, remained stable with revenue of THB20.68 billion, showing a negligible 0.06% decline.
Operational footprint remains extensive
According to data presented to Vietnam's Ministry of Industry and Trade in May 2026, CRC maintains a substantial physical presence across the country. The group operates 44 shopping centers and 330 stores spread across 26 provinces and cities, demonstrating continued reliance on its real estate and retail infrastructure.
The company noted that approximately 95% of merchandise sold through this network consists of Vietnamese-made products. This local sourcing strategy remains central to CRC’s operational model in the region, distinct from the exited electronics division which relied on different supply chain dynamics.
