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Central Retail books $208m loss after Nguyen Kim sale
Thailand-based retail conglomerate Central Retail has completed the divestment of its stake in Vietnamese electronics chain Nguyen Kim to PICO Holdings, valuing the business at approximately $36 million. The group has recognised an asset impairment loss of over $208 million.
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| Central Retail has sold its stake in Nguyen Kim |
According to Central Retail’s 2025 financial statements released on March 4, following the agreement to transfer the business, all assets and liabilities related to the Nguyen Kim chain were reclassified as “assets and liabilities held for sale.”
The total assets of the Nguyen Kim system were recorded at around 2.373 billion baht, or nearly $80 million, while total liabilities stood at approximately $65.6 million.
Inventories accounted for the largest portion of the remaining assets, at roughly $35.4 million. The company also held $8.5 million in cash and cash equivalents, alongside other assets.
When first announcing the transaction, Central Retail said it would book a one-off, non-cash impairment charge of nearly $169 million. However, the updated financial report shows the actual loss increased to roughly $208 million.
The group said the withdrawal from the Nguyen Kim electronics chain forms part of its strategy to optimise its investment portfolio in Vietnam, with a sharper focus on two core segments: food retail and commercial property.
Financial data also indicate that Nguyen Kim’s operational scale has contracted in recent years. From 2024 to the end of 2025, the number of stores fell from 47 to 37.
In 2025, Nguyen Kim generated revenue of approximately $172 million, a 15 per cent decline compared to 2024. This revenue scale is equivalent to around 6.2 per cent of that of Dien May Xanh in the domestic market.
Last December, Central Retail signed a share purchase agreement with PICO Holdings to transfer its entire direct and indirect shareholding in NKT New Technology and Solution Development Investment JSC, the company that owns and operates the Nguyen Kim electronics retail chain in Vietnam.
The enterprise value of the deal was set at approximately $36 million, equivalent to around VND942 billion.
As of the end of 2025, Central Retail operates 43 GO! hypermarkets and 47 supermarkets under the Tops Markets, GO!, and LanChi brands in Vietnam. Following a phase of network expansion in 2025, the group has not yet announced plans to open additional locations in Vietnam in 2026.
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