Thailand’s Central Retail said it has agreed to sell Vietnam-based electronics retailer Nguyen Kim to local competitor Pico at an enterprise value of $36 million.
“The company will record an approximate one-time, non-cash 5,900-million-baht ($190 million) impairment charge in the fourth quarter of 2025,” Central said in a stock exchange filing. However, the company added that this impairment will not have any material adverse effect on its business operation, assets, financial conditions, and dividend payment.
The disposal is part of Central’s overhaul strategy in Vietnam to reallocate resources and prioritise two core businesses in the country, which are food and property.
Central first acquired a 49% stake of Nguyen Kim in 2015, before taking over the remaining 51% in 2019. To date, the Thai retailer runs over 340 malls and stores across Vietnam. Earlier in 2016, Central also acquired mall operator Big C Vietnam for more than $1 billion.
Nguyen Kim operates almost 60 stores nationwide. The acquisition of Nguyen Kim will help Pico significantly expand its presence from only 10 stores, according to its website.
Consolidation in this market is inevitable when it has already presented a clear winner—Mobile World Group’s Dien May Xanh. With over 2,000 locations across the country, Dien May Xanh is planning an IPO in 2026.
Local behemoth VinGroup had also ventured into electronics retail but later exited the space.
