The signing ceremony took place in Bangkok in the presence of General Secretary and President Tô Lâm and senior leaders from both countries.

Developing large-scale commercial and entertainment complexes

Central Pattana is one of Central Group’s principal growth engines, leading the Group’s retail-led real estate and urban development platform across Thailand. The company owns and operates a portfolio of retail and lifestyle destinations across the region, including 45 shopping centres, 53 residential projects, 11 office buildings, 13 hotels, and 16 community malls.

Its flagship asset, CentralWorld Bangkok – one of Asia’s leading shopping destinations and a world-class lifestyle landmark in the heart of Bangkok – stands as a benchmark for how retail destinations can evolve into cultural, entertainment, and tourism landmarks, significantly extending visitor dwell time and increasing per-capita spending.

In the context of the 50th anniversary of Việt Nam–Thailand diplomatic relations, and both nations’ shared ambition to raise bilateral trade to US$25 billion through the “Three Connectivity” Strategy, the Sun Group–Central Pattana partnership is expected to serve as a powerful catalyst for commercial growth, foreign direct investment, and a new chapter in urban, retail, and service-sector development between the two countries.

Under the MoU, Sun Group and Central Pattana will establish a long-term partnership to develop premium shopping centres and mixed-use complexes in Việt Nam’s key urban centres and strategic destinations, including Đà Nẵng, Hồ Chí Minh City, and Phú Quốc.

The two parties are committed to delivering large-scale landmark projects that will set new international benchmarks for urban living, retail experiences, and lifestyle offerings, contributing to broader socio-economic development and redefining the modern character of Việt Nam’s major city centres.

Specifically, in Đà Nẵng, the two parties will explore large-scale commercial and retail complexes along the Han River, envisioned as transformative new lifestyle and experiential hubs for the city.

In Hồ Chí Minh City, collaboration will focus on large-scale retail and integrated developments in the eastern part of the city and the emerging financial centre – areas poised to become the city’s key growth corridors.

In Phú Quốc, the partnership will target the development of premium, experience-integrated retail centres, positioning the island not only as a leisure destination but also as a world-class shopping paradise.

Unlocking Việt Nam’s shopping tourism potential

Beyond modern retail infrastructure, the Sun Group–Central Pattana partnership is expected to become a significant driver of shopping tourism – a sector rapidly emerging as one of Asia’s most important economic engines – as Việt Nam represents a highly promising market for next-generation destination retail and lifestyle complex models.

Shopping tourism is experiencing explosive global growth, emerging as a vital pillar of tourism revenues worldwide. The sector is valued at approximately US$321 billion in 2026 and is projected to exceed US$613 billion by 2033. In leading tourism economies, shopping expenditure typically accounts for 30 to 50 per cent of total international visitor spending per trip.

In Việt Nam, modern shopping tourism remains a largely untapped opportunity. In 2025, Việt Nam recorded exceptional growth, welcoming more than 21 million international arrivals and generating tourism revenues exceeding VND1 quadrillion. In the first four months of 2026 alone, the country welcomed nearly 8.8 million international visitors.

Việt Nam has set an ambitious long-term target of attracting 25 million or more international arrivals annually, alongside a clear strategic imperative to shift from volume-driven to value-driven tourism growth.

Addressing the longstanding challenge of high visitor volumes but low per-capita spending, the development of world-class shopping tourism infrastructure has been identified as a critical solution.

The Sun Group–Central Pattana partnership is expected to accelerate decisively the growth of Việt Nam’s shopping tourism segment, attracting high-spending international and domestic visitors while maximising service revenues across key tourism destinations.

This collaboration will also elevate shopping tourism to an entirely new level, transforming retail centres in major destinations into cultural, entertainment, and tourism landmarks offering experiences far beyond shopping. Visitors to these next-generation complexes will come not only to purchase premium brands, but also to enjoy world-class entertainment performances, immerse themselves in distinctive architectural spaces, discover a fusion of local and international cuisine, and participate in large-scale festivals and cultural events.