Thai retailer CRC exits Nguyen Kim as Vietnam’s electronics market heats up

On Tuesday, CRC confirmed plans to divest its entire stake in Nguyen Kim Trading JSC, the operator of the chain, through NKT New Solution and Technology Development JSC, Nguyen Kim’s parent company.

In a report to the Stock Exchange of Thailand the same day, CRC said it has signed a share purchase agreement with Pico Holdings JSC, another Vietnamese electronics retailer, transferring full control of the chain to Pico.

The deal is valued at around US$36 million, roughly one-sixth of CRC’s total investment of more than $200 million in Nguyen Kim over the past decade, according to Nguoi Lao Dong (Laborer) newspaper.

CRC expects the transaction to trigger a one-time non-cash impairment loss of nearly $190 million in its fourth-quarter 2025 financial results, reflecting what analysts see as a strategic move to cut losses.

Divestment follows revenue slump

CRC’s decision comes after its electronics revenues in Vietnam fell to 3.88 billion baht (about $125 million) in the first nine months of 2025, down more than 18 percent year on year.

The company described the transfer of Nguyen Kim to Pico as part of its strategy to optimize its portfolio and reallocate resources for greater efficiency in Vietnam.

CRC said it will now concentrate on its two core businesses, food retail and real estate.

In a statement, the group reaffirmed its confidence in Vietnam’s long-term growth potential, describing the country as a key strategic market.

CRC also plans to continue expanding its GO! shopping mall network while accelerating the rollout of GO!, Tops Market, and Mini GO! supermarkets nationwide to strengthen its food retail footprint.

Fierce competition

CRC’s exit highlights the major shifts reshaping Vietnam’s consumer electronics and home appliances market.

Over the past decade, competition has intensified, with once-prominent chains like Nguyen Kim losing ground, while others, such as Tran Anh, have disappeared following acquisitions.

From a peak of around 70 stores nationwide, Nguyen Kim has scaled back to 59 outlets and did not appear on the 2025 list of the most reputable electronics, home appliance, and digital device retailers compiled by Vietnam Report, a firm specializing in business and product rankings.

The market remains dominated by Mobile World Investment Corporation, or The Gioi Di Dong, owner of Dien May Xanh, followed by FPT Retail and Viettel Store.

Established in 2007, Pico ranked among the top 10 electronics retailers in 2024 but fell off the list this year amid fierce competition.

The acquisition of Nguyen Kim could help Pico expand its physical presence, which currently includes around 10 stores concentrated mainly in northern Vietnam -- a scale still modest compared with Dien May Xanh’s roughly 2,000 stores or FPT Shop’s more than 600 outlets.

At the same time, the rapid growth of e-commerce is reshaping the sector, intensifying competition and prompting major retailers to close underperforming brick-and-mortar stores.

According to the YouNet Vietnam E-commerce Intelligence 2025 Report, sales of electronics, home appliances, and technology products on Shopee, Lazada, Tiki, and TikTok Shop accounted for 15 percent of the total industry revenue in 2024, with e-commerce revenue in the segment surging 41 percent from 2023.