The memorandum of understanding was signed in Bangkok on May 28 during the official visit to Thailand by General Secretary and President To Lam and a high-level Vietnamese delegation.
The signing ceremony was attended by senior officials and business representatives from both countries.
The event took place in Thailand in the presence of General Secretary and President To Lam. Photo courtesy of organizers |
Under the agreement, the two companies will collaborate on a long-term strategy to develop premium shopping centers and integrated lifestyle complexes in major urban and tourism markets across Vietnam.
According to the companies, the partnership aims to introduce a new generation of retail-led developments combining shopping, entertainment, hospitality and cultural experiences.
Central Pattana is one of Central Group’s principal growth engines, leading the Group’s retailled real estate and urban development platform across Thailand, owning and operating a portfolio of retail and lifestyle destinations across the region, encompassing 45 shopping centers, 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 world-class lifestyle landmarks 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 driving per-capita spending.
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Representatives of Sun Group and Central Pattana at the signing ceremony. Photo courtesy of Sun Group |
The partnership comes as Vietnam and Thailand seek to deepen economic cooperation and expand bilateral trade under the “Three Connectivity” strategy, which targets US$25 billion in bilateral trade.
According to the agreement, the two companies will establish a long-term partnership to develop premium shopping centers and mixed-use complexes in Vietnam’s key urban centers and strategic destinations, including Da Nang, Ho Chi Minh City, and Phu Quoc .
In Da Nang, the partnership will focus on commercial and lifestyle developments along the Han River, which are envisioned as new tourism and entertainment destinations for the central coastal city.
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Artist’s impression of commercial and lifestyle developments along the Han River in the future. Photo courtesy of Sun Group |
In Ho Chi Minh City, the collaboration will target integrated retail developments in eastern districts and areas associated with the city’s emerging financial center.
In Phu Quoc, the companies plan to develop premium retail and entertainment complexes aimed at strengthening the island’s position as a leisure and world-class shopping destination.
The companies said the projects are expected to support urban development while attracting both domestic and international visitors.
The partnership also reflects growing regional interest in shopping tourism, which has become an increasingly significant segment of Asia’s tourism industry.
According to industry estimates cited by the companies, the global shopping tourism market was valued at approximately US$321 billion in 2026 and could exceed US$613 billion by 2033.
In Vietnam, shopping tourism remains relatively underdeveloped despite continued growth in international arrivals.
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Sunset Town, Phu Quoc. Photo courtesy of Sun Group |
The country welcomed more than 21 million foreign visitors in 2025, generating tourism revenue of over VND1 quadrillion ($37.95 billion).
In the first four months of 2026, Vietnam recorded nearly 8.8 million international arrivals.
Industry stakeholders increasingly view integrated retail and entertainment projects as a way to increase visitor spending and diversify tourism offerings beyond sightseeing and accommodation.
According to Sun Group and Central Pattana, the planned projects are intended to function not only as shopping destinations but also as venues for cultural events, entertainment performances, dining experiences and large-scale festivals. Visitors in the future can shop for premium brands, enjoy world-class entertainment performances, immerse themselves in distinctive architectural environments, discover a fusion of local and international cuisine, and participate in large-scale festivals and cultural events.
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