Vietnam Retail Market Size (2024 - 2029)

The Vietnam retail market is poised for significant growth, driven by factors such as effective pandemic management, urbanization, and changing consumer demands. The market's expansion is characterized by the rise of modern retail channels, including departmental stores and e-commerce, which cater to the evolving preferences of young urban consumers. The introduction of mini supermarkets and the diversification of product offerings in supermarkets enhance the shopping experience, making it more convenient for consumers. These developments reflect a robust increase in the market's scale and scope, highlighting the dynamic nature of Vietnam's retail sector.

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Market Size of Vietnam Retail Industry

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Vietnam Retail Market Size
Study Period 2020 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 276.37 Billion
Market Size (2029) USD 488.08 Billion
CAGR (2024 - 2029) 12.05 %
Market Concentration Medium

Major Players

Vietnam Retail Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Vietnam Retail Market Analysis

The Vietnam Retail Market size is estimated at USD 276.37 billion in 2024, and is expected to reach USD 488.08 billion by 2029, growing at a CAGR of 12.05% during the forecast period (2024-2029).

While the COVID-19 crisis impact was felt globally, Vietnam's effective control of the pandemic led to the recovery of retail sales of consumer goods and services in 2020's final months. The growth rate, while remaining lower compared to the 12.7% recorded the previous year, was an encouraging sign for the business community amid the global retail market suffering a plunge in revenue during the pandemic. Retail sales growth rate by year-end was due to retailers and shopping malls offering sales promotion programs to stimulate domestic consumption.

Vietnam is seeing ongoing urbanization and evolving demand trends among young urban consumers to drive strong growth in modern retailing channels such as departmental stores and the rapid expansion of e-commerce. Indeed, the growing influence of such factors can be seen in the emergence of formats such as mini supermarkets, which target the demand for grocery shopping that fits into the flow of busy urban lifestyles.

Modern retail outlets offer private brands/products that can be exclusively purchased in their stores. Supermarkets offer products that are better suited for the daily needs of the average consumer. Food products, non-food products, and home appliances are also offered in supermarkets, which makes shopping easier, as they offer everything needed for the customers under one roof. To further improve the shopping experience, some stores have in-house bakeries and cafés where consumers can hang out and enjoy themselves with family or friends.

Vietnam Retail Industry Segmentation

Retail is the process of selling consumer goods or services to customers through multiple channels of distribution to earn a profit. A complete background analysis of the Vietnam Retail Market includes an assessment of the emerging trends by segments, significant changes in market dynamics, and a market overview. The Vietnam Retail Market is segmented by Product Category (Food, Beverage and Tobacco Products, Personal Care and Household, Apparel, Footwear, and Accessories, Furniture, Toys, and Hobby, Industrial and Automotive, Electronics and Household Appliances, Other Products) and by Distribution Channel (Hypermarkets/Supermarkets, Specialty Stores, Department Stores, E-Commerce, and Other Distribution Channels). The report offers market size and forecast values for the Vietnam Retail Market in USD million for the above segments.

By Product Type
Food, Beverage, and Tobacco Products
Personal Care and Household Care
Apparel, Footwear, and Accessories
Furniture, Toys, and Hobby
Industrial and Automotive
Electronic and Household Appliances
Other Products
By Distribution Channel
Hypermarkets, Supermarkets
Specialty Stores
Department Stores
E-commerce
Other Distribution Channels
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Vietnam Retail Market Size Summary

The retail industry in Vietnam is poised for significant growth, driven by urbanization and changing consumer preferences, particularly among young urbanites. The market is experiencing a shift towards modern retailing channels, such as departmental stores and e-commerce, which are expanding rapidly to meet the demands of a bustling urban lifestyle. The emergence of mini supermarkets is a testament to this trend, catering to the need for convenient grocery shopping. Retail outlets are enhancing the shopping experience by offering exclusive private brands and in-store amenities like bakeries and cafés, making them more than just shopping destinations. The increase in disposable income and real household spending further fuels this growth, with a high private consumption rate contributing to the robust market dynamics.

Vietnam's retail sector is characterized by a competitive landscape, dominated by large domestic players who have leveraged their market power to outpace multinationals. Companies like Saigon Co. Op, Central Group, AEON group, Vin Group, and Lotte Mart are at the forefront, employing strategies such as product development, mergers, and partnerships to strengthen their market presence. The market's adaptability was evident during the COVID-19 pandemic, where businesses swiftly modified their distribution systems to navigate supply chain disruptions. Initiatives like Central Group's Next-Gen Omnichannel platform highlight the industry's commitment to integrating offline and online experiences across multiple regions. As urbanization continues to rise, the retail market in Vietnam is expected to expand significantly, offering substantial opportunities for growth and innovation.

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Vietnam Retail Market Size - Table of Contents

  1. 1. MARKET INSIGHTS AND DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Insights on impact of technology in the Market

    5. 1.5 Porter's Five Forces Analysis

      1. 1.5.1 Threat of New Entrants

      2. 1.5.2 Bargaining Power of Buyers/Consumers

      3. 1.5.3 Bargaining Power of Suppliers

      4. 1.5.4 Threat of Substitute Products

      5. 1.5.5 Intensity of Competitive Rivalry

    6. 1.6 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Product Type

      1. 2.1.1 Food, Beverage, and Tobacco Products

      2. 2.1.2 Personal Care and Household Care

      3. 2.1.3 Apparel, Footwear, and Accessories

      4. 2.1.4 Furniture, Toys, and Hobby

      5. 2.1.5 Industrial and Automotive

      6. 2.1.6 Electronic and Household Appliances

      7. 2.1.7 Other Products

    2. 2.2 By Distribution Channel

      1. 2.2.1 Hypermarkets, Supermarkets

      2. 2.2.2 Specialty Stores

      3. 2.2.3 Department Stores

      4. 2.2.4 E-commerce

      5. 2.2.5 Other Distribution Channels

Vietnam Retail Market Size FAQs

The Vietnam Retail Market size is expected to reach USD 276.37 billion in 2024 and grow at a CAGR of 12.05% to reach USD 488.08 billion by 2029.

In 2024, the Vietnam Retail Market size is expected to reach USD 276.37 billion.

Vietnam Retail Market Report Snapshots

Retail Industry in Vietnam Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)