A Big C supermarket in Vietnam. Photo: Diep Duc Minh/Thanh Nien
Thai retailer Central Group, which acquired Casino Group’s Vietnam assets in April, has committed to pay 2.03 trillion dong ($91 million) worth of transfer tax the firm declared for the transaction by the end of this month, local media reported.
The Thai firm has made two payments totaling 500 billion dong ($22.4 million) as of August 2 and the rest will be paid up by August 31, the Tuoi Tre (Youth) newspaper cited a source from the Ministry of Finance as saying.
France’s Casino Group announced on April 29 that it would unload its Big C Vietnam business to Central Group for one billion euros ($1.1 billion) including debt, in a move to raise four billion euros this year by selling off its businesses in Thailand and Vietnam.
Central Group beat TCC Group of Thai tycoon Charoen Sirivadhanabhakdi to acquire hypermarket operator Big C Vietnam.
With the deal, Central Group will take over Big C's 43 stores in Vietnam and 30 malls that generated sales of 586 million euros in 2015.
Under the Vietnamese legislation, the transaction of the Big C chain is subjected to a corporate income tax rate of 20%.