Is this a blow that will make Bangkok, Singapore and even Seoul wary when Vietnam officially enters the race to become Asia's new shopping paradise?
Vietnam's retail market has just had a deal that could change the entire landscape of the commercial, tourism and high-end real estate industries for many years to come. Sun Group has signed a strategic cooperation agreement with Central Pattana of Central Group Thailand to develop a new generation of commercial centers, entertainment complexes and urban complexes in Vietnam.
What is noteworthy lies in the name Central Pattana. This is not simply a retail business but the unit behind a series of commercial symbols of Thailand, the most prominent of which is CentralWorld in Bangkok.
CENTRAL PATTANA SCALE TABLE IN THAILAND
Category Scale
Shopping center 45
Housing project 53
Office building 11
Hotel 13
Community shopping center 16
CentralWorld Bangkok prominent logo
This means that Vietnam is not just welcoming a new commercial center.
What is being prepared is a “city within a city” model where shopping, entertainment, hotels, festivals, restaurants, offices and tourism experiences are bundled into one giant ecosystem.
THE REAL WAR IS NOT RETAIL
Many people think this is the story of opening a mall.
ButIn fact, this is a battle to keep tourism cash flow.
Currently, millions of Vietnamese people fly to Bangkok every year to shop at CentralWorld, Siam Paragon, ICONSIAM or EmSphere.
Competitors that Vietnam is competing with directly include:
• CentralWorld Bangkok
• Siam Paragon Bangkok
• ICONSIAM Bangkok
• Marina Bay Sands Singapore
• ION Orchard Singapore
• COEX Mall Seoul
• Lotte World Mall Seoul
If Vietnam has large enough complexes and enough international appeal, billions of dollars in tourism spending can be completely retained in the country.
COMPARISON TABLE OF ASIA'S TOP SHOPPING DESTINATIONS
City Shopping icon
Bangkok CentralWorld, Siam Paragon, ICONSIAM
Singapore Marina Bay Sands, ION Orchard
Seoul Lotte World Mall, COEX Mall
Future Vietnam Sun Group - Central Pattana complexes
DA NANG, HCMC AND PHU QUOC WERE SELECTED
According to the agreement, the two groups will research and develop the project at
✅ Da Nang
✅ Ho Chi Minh City
✅ Phu Quoc
In Da Nang, we will focus on large-scale commercial and entertainment complexes on the Han River.
Ho Chi Minh City focuses on the East and the new financial district.
Phu Quoc is positioned as a new high-end shopping paradise in the region.
“GOLD MINE” SHOPPING TOURISM
One of the numbers that attracts the most attention from investors is the scale of the global shopping tourism industry.
SHOPPING TOURISM MARKET TABLE
Year Scale
2026 is about 321 billion USD
2033 more than 613 billion USD
Shopping spending currently accounts for 30% to 50% of the total budget of many international tourists.
That's why countries like Thailand and Singapore hay Korea always views trade centers as "economic weapons".
It is no coincidence that CentralWorld became a national symbol of Thailand.
WHAT MAKES THIS DEAL SPECIAL
Sun Group is very strong in resort real estate, tourism infrastructure and mega projects.
Central Pattana possesses the leading retail DNA and commercial operations in Southeast Asia.
When these two ecosystems combine, Vietnam for the first time has the opportunity to build complexes that both attract tourists, prolong their stay, and increase spending right at the destination.
In other words
From the "come to relax" model
Vietnam is wanting to switch to the model
“come to relax + shop + entertain + spend money”.
ESTIMATE CASH FLOW VALUE
If a center of similar scale to CentralWorld appears in Vietnam and attracts tens of millions of visitors each year, the impact will not only lie in retail.
Benefiting industries include:
• Hotel
• Aviation
• Restaurants
• Real estate
• Logistics
• Entertainment
• International events
This is the reason why many experts consider the Sun Group and Central Pattana deal to be one of the most notable strategic moves of the Vietnamese retail market in 2026.
If the Vietnamese version of CentralWorld really appears in Da Nang or Phu Quoc, which place do you think is capable of surpassing Bangkok to become the new shopping capital of Southeast Asia?
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