Central Pattana joins Sun Group to shake up ASEAN retail with Vietnam push

The latest move by Thai property giant Central Pattana Public Company Limited, or CPN, through the signing of a memorandum of understanding with Sun Group, Vietnam’s major real estate and tourism conglomerate, marks a significant step in the ASEAN retail landscape.

The partnership will study opportunities to develop world-class retail and mixed-use projects in Vietnam, while opening the door to wider collaboration with Vietnamese partners to drive regional growth.

The move represents a major step for Central Pattana and Central Group under their “Regional Strategic Move” strategy. It is not merely an expansion of a large shopping-centre empire, but an effort to bring Thailand’s successful model to create a new ecosystem in one of ASEAN’s highest-potential markets.

Central Group, the Thai conglomerate owned by the Chirathivat family, has a long-standing relationship with Vietnam through a range of businesses and continuous investment since 2012, with Central Retail Vietnam acting as the main spearhead.

Its flagship brands are already well known in Vietnam, including GO! Hypermarket, GO! shopping centres, Mini go!, Tops Market and others. The group has committed more than 50 billion baht in investment to generate 150 billion baht in sales and double its store network to 600 branches, covering 57 of Vietnam’s 63 provinces.

The target is to become Vietnam’s No.1 omnichannel player in food and No.2 in property by 2027.

Why Vietnam? More than just a large population base

Vietnam is a key target in Central Pattana’s “Global Lens” strategy and one of the main growth engines for Central Group.

The country is supported by a population of more than 102 million, rapid economic expansion and a 2026 GDP growth target of around 10%.

The partnership also comes as Thailand and Vietnam mark the 50th anniversary of diplomatic relations, under the “Three Connectivity” strategy, which aims to raise bilateral trade to US$25 billion.

Central Pattana is planning long-term investment over 15-20 years, with a budget of more than US$2 billion, or around 66 billion baht. This reflects confidence in Vietnam’s long-term potential as an economic and tourism hub of the future.

Two regional leaders combine retail-led mixed-use strength with local ecosystem

A key strength of this market push is Central Pattana’s choice of partner.

Sun Group is a pioneer in developing a complete ecosystem in Vietnam, spanning tourism, theme parks under Sun World, infrastructure and aviation through Sun PhuQuoc Airways.

The partnership therefore combines highly complementary strengths.

Central Pattana brings its expertise as Thailand’s No.1 retail-led mixed-use developer, with centralwOrld as a proven model for connecting retail, lifestyle and tourism.

Sun Group, meanwhile, brings local expertise and extensive infrastructure, helping create new landmarks that can attract both local residents and international tourists.

The partnership between Central Pattana and Sun Group is not only a combination of two real estate leaders. It also reflects the roles of Thailand and Vietnam as future centres of economic growth, investment and tourism in Southeast Asia.

Three strategic economic and tourism destinations

The selection of target locations in major economic and tourism cities reflects a clear focus on areas aligned with modern consumer behaviour.

The two partners will jointly develop premium shopping-centre and mixed-use projects in Vietnam’s key economic cities and destinations, namely Da Nang, Ho Chi Minh City and Phu Quoc.

The aim is to create large-scale landmark projects that set new standards for urban living, retail experience and international lifestyle, while supporting Vietnam’s long-term economic and social development.

In Da Nang, the focus will be on developing large-scale commercial and lifestyle projects along the Han River, a key area for tourism and lifestyle activity in the city.

In Ho Chi Minh City, the partnership will develop retail and mixed-use projects in the new central business district, supporting the growth of a future economic hub.

In Phu Quoc, the partners aim to create a luxury retail and lifestyle destination, elevating the island into a world-class “shopping paradise”. Phu Quoc has also been selected to host APEC 2027.

Central Pattana’s strengths and readiness

With more than four decades of experience, Central Pattana is a developer and operator of a wide range of retail and lifestyle destinations, covering 45 shopping centres, 53 residential projects, 11 office buildings, 13 hotels and 16 community malls across Thailand. It also has extensive experience in developing and managing mixed-use projects nationwide.

Its global landmark, centralwOrld in the heart of Bangkok, serves as an important model for creating a destination that fully connects retail, lifestyle, entertainment and tourism. It attracts visitors from around the world and creates long-term economic impact for the city.

Central Pattana’s mixed-use projects in high-potential cities across Thailand, including Phuket, Chiang Mai, Korat, Khon Kaen and Chon Buri, have also played an important role in distributing income, driving the economy and supporting national tourism.

The company is also ready to use AI technology and its The 1 membership system to build an ecosystem connecting people and businesses.

Its recognition in the Dow Jones Sustainability Indices for eight consecutive years also underscores the international business standards that can be carried forward into projects in Vietnam.

Central Pattana’s expansion into Vietnam is not simply about building shopping centres or commercial spaces. It is about creating a future economic and lifestyle platform that connects people, cities, tourism and business opportunities.

The goal is to improve quality of life and sustainably drive the modern service economy in both countries.

Sun Group strengthens Vietnam’s global potential

Sun Group was founded in 2007 and is one of Vietnam’s leading private business groups.

It pioneered a fully integrated ecosystem covering tourism, entertainment, hotels, real estate, infrastructure and aviation under the mission “Enhancing Beauty to the Lands”.

Sun Group aims to elevate and create iconic destinations across Vietnam. Its portfolio includes internationally recognised tourism and hospitality projects, as well as theme parks and attractions under the Sun World brand.

In aviation, Sun Group is expanding through strategic investment in airport infrastructure and Sun PhuQuoc Airways, developed under a hub-and-spoke model with Phu Quoc as the main hub.

Sun Group also plays an important role in developing infrastructure to support APEC 2027 on Phu Quoc.

Through its connected ecosystem development approach, Sun Group continues to support Vietnam’s long-term economic and social growth while enhancing the country’s global potential.

MoU signed at Thailand-Vietnam Business Forum 2026

The MoU signing ceremony between Chanavat Uahwatanasakul, president and chief executive officer of Central Pattana Public Company Limited, and Dang Minh Truong, chairman of Sun Group, was held at the Thailand-Vietnam Business Forum 2026 in Bangkok in late May.

The ceremony was witnessed by Thai Prime Minister Anutin Charnvirakul, To Lam, General Secretary of the Communist Party of Vietnam and President of the Socialist Republic of Vietnam, senior Vietnamese delegates and high-level leaders from both countries.

The event took place as Thailand and Vietnam marked the 50th anniversary of diplomatic relations and pursued a shared goal of increasing bilateral trade to US$25 billion under the Three Connectivity strategy.

The partnership between Central Pattana and Sun Group therefore marks an important step in driving investment, urban development and the modern service economy in both countries.