Vietnam Retail Market (2023-2029) Outlook | Revenue, Value, Growth, Trends, COVID-19 IMPACT, Companies, Share, Analysis, Size, Industry & Forecast

Topics Covered in the Vietnam Retail Market

Vietnam Retail Market report thoroughly covers the market by product and distribution channel, and by sector. The market outlook report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Vietnam Retail Market Synopsis

The retail market in Vietnam has been dynamic and robust, driven by the growing middle class, urbanization, and increasing consumer spending. Modern retail formats coexist with traditional markets, creating a diverse and competitive landscape. The consumers of Vietnam are becoming more sophisticated and discerning. There is an increasing demand for high-quality products, and brand consciousness is on the rise. E-commerce has witnessed significant growth, fueled by increased internet penetration and smartphone usage. Online shopping platforms and digital payment methods have become integral to the retail ecosystem. The government of Vietnam has implemented policies to support retail development and attract foreign investment. These initiatives aim to create a favorable business environment and promote sustainable growth.

According to 6Wresearch, the Vietnam Retail Market Size is projected to grow at a CAGR of 12.93% during the forecast period of 2023-2029.  The Vietnam retail industry is currently experiencing a surge in growth driven by the country's robust economic development and rising disposable incomes have led to an expanding middle class with an increased capacity for consumer spending. This demographic shift is propelling demand for a wide range of retail products and services, from necessities to luxury goods. Additionally, urbanization and population migration to major cities are creating concentrated pockets of consumers, providing an advantageous landscape for retailers to establish their presence. Moreover, the rapid advancement of technology is playing a pivotal role in transforming the retail landscape in Vietnam. E-commerce platforms and digital payment systems have gained significant traction, enabling consumers to access products and services with unprecedented convenience. Furthermore, the influx of foreign direct investment (FDI) into Vietnam is injecting vitality into the retail sector. International retailers are increasingly recognizing the potential of the market and are establishing their foothold, bringing with them a diverse range of products and services. 

Government policies and schemes introduced in the Vietnam Retail Market 

The government has implemented progressive policies and schemes aimed at fostering a conducive environment for Vietnam Retail Market Growth. One of the notable initiatives is the relaxation of regulations on foreign ownership in retail businesses, allowing greater participation of international players in the market. This move not only encourages healthy competition but also brings invaluable expertise and resources. Additionally, the government has been actively promoting the development of modern retail infrastructure. Investments in shopping malls, supermarkets, and hypermarkets are being incentivized, creating spaces that not only cater to consumer needs but also stimulate economic activity in surrounding areas.

Key Players in the Vietnam Retail Market

Some of the major players in the Vietnam Retail Market are VinCommerce (VinMart and VinMart+), Saigon Co.op (Co.op Mart), Central Group (Big C Vietnam), Aeon Vietnam, and Lotte Mart Vietnam.

Market Analysis by Product

According to Nikhil, Senior Research Analyst, at 6Wresearch, the demand for electronic gadgets and household appliances is consistently on the rise and anticipated to lead the Vietnam Retail Market Share in the forthcoming years, driven by technological advancements, lifestyle changes, and the desire for increased comfort and convenience in households. 

Market Analysis by Distribution Channel

Based on the Distribution Channel, the Online segment is the fastest-growing in the Vietnam retail market due to increasing internet penetration, digitalization, and changing consumer preferences. Also, this segment offers convenience and competitive prices which makes it the most dynamic and promising retail channel in Vietnam.

Key attractiveness of the report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022.
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• Vietnam Retail Market Outlook
• Market Size of Vietnam Retail Market, 2022
• Forecast of Vietnam Retail Market, 2029
• Historical Data and Forecast of Vietnam Retail Revenues & Volume for the Period 2019-2029
• Vietnam Retail Market Trend Evolution
• Vietnam Retail Market Drivers and Challenges
• Vietnam Retail Price Trends
• Vietnam Retail Porter's Five Forces
• Vietnam Retail Industry Life Cycle
• Historical Data and Forecast of Vietnam Retail Market Revenues & Volume By Product for the Period 2019-2029
• Historical Data and Forecast of Vietnam Retail Market Revenues & Volume By Food and Beverages for the Period 2019-2029
• Historical Data and Forecast of Vietnam Retail Market Revenues & Volume By Personal and Household Care for the Period 2019-2029
• Historical Data and Forecast of Vietnam Retail Market Revenues & Volume By Apparel for the Period 2019-2029
• Historical Data and Forecast of Vietnam Retail Market Revenues & Volume By Footwear and Accessories for the Period 2019-2029
• Historical Data and Forecast of Vietnam Retail Market Revenues & Volume By Furniture for the Period 2019-2029
• Historical Data and Forecast of Vietnam Retail Market Revenues & Volume By Toys for the Period 2019-2029
• Historical Data and Forecast of Vietnam Retail Market Revenues & Volume By Electronic and Household Appliances for the Period 2019-2029
• Historical Data and Forecast of Vietnam Food and Beverages Retail Market Revenues & Volume By Other Products for the Period 2019-2029
• Historical Data and Forecast of Vietnam Retail Market Revenues & Volume By Distribution Channel for the Period 2019-2029
• Historical Data and Forecast of Vietnam Retail Market Revenues & Volume By Supermarkets/Hypermarkets for the Period 2019-2029
• Historical Data and Forecast of Vietnam Retail Market Revenues & Volume By Convenience Stores for the Period 2019-2029
• Historical Data and Forecast of Vietnam Retail Market Revenues & Volume By Department Stores for the Period 2019-2029
• Historical Data and Forecast of Vietnam Retail Market Revenues & Volume By Specialty Stores for the Period 2019-2029
• Historical Data and Forecast of Vietnam Retail Market Revenues & Volume By Online for the Period 2019-2029
• Historical Data and Forecast of Vietnam Retail Market Revenues & Volume By Other Distribution Channels for the Period 2019-2029
• Vietnam Retail Import Export Trade Statistics
• Market Opportunity Assessment By Product
• Market Opportunity Assessment By Distribution Channel
• Vietnam Retail Top Companies Market Share
• Vietnam Retail Competitive Benchmarking By Technical and Operational Parameters
• Vietnam Retail Company Profiles
• Vietnam Retail Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Product

• Food And Beverages
• Personal And Household Care
• Apparel
• Footwear And Accessories
• Furniture
• Toys
• Electronic And Household Appliances
• Other Products

By Distribution Channel

• Supermarkets/Hypermarkets
• Convenience Stores
• Department Stores
• Specialty Stores
• Online
• Other Distribution Channels

Vietnam Retail Market (2023-2029): FAQs