The Vietnam Retail market size was valued at USD 220.22 Billion in 2022 and is likely to reach USD 610.69 Billion by 2031, expanding at a CAGR of 12% during 2023 – 2031. The growth of the market is attributed to the rising tourism activities, increasing disposable income, changing consumer taste and preferences, changing demographic profile, healthy economic growth, and rapid urbanization.
Retail market is the market for the sale of goods and services to various consumers rather than intermediaries and producers through various channels of distribution to earn the profits. Retail shops are available in various ranges from strip shopping centers in the residential markets to large and indoor shopping malls and complexes. Wholesalers are the independent organizations in the distribution channel, which buy the goods in bulk and then sell it to the resellers rather than consumers.
The retail market includes sale of goods to the ultimate users which gives the services of making goods available in different locations and large quantities. It involves the buying of goods from wholesalers and then displaying the goods for selling it to the customers physically or online. Wholesalers and retailers take the ownership of the goods to bear the risk of carrying inventory.
Vietnam Retail Market Trends, Drivers, Restraints, and Opportunities
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Rapid growth in the retail data is major factor propelling the market growth during the forecast period.
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Increasing digitization to enhance customer experience and retail operations is projected to push the market expansion in the coming years.
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Lack of technology adoption by various unorganized retail sector acts as key challenges that can impede the market growth.
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Data deficit faced in the retail market is anticipated to hinder the market expansion during the forecast period.
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R&D investment and technological advancement in the retail sector is expected to offer significant opportunities for the market players.
Scope of Vietnam Retail Market Report
The report on the Vietnam Retail market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Vietnam Retail Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Product Types (Food, Beverage, & Tobacco; Personal Care & Households; Industrial & Automotive; Furniture, Toys, & Hobby; Electrical & Electronics; Apparel, Footwear, & Accessories; and Others), Distribution Channels (Hypermarkets/Supermarkets, Department Store, Specialty Stores, E-commerce, and Others)
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Country
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Vietnam
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Central Group; Vin Group; Saigon Co. Op; AEON Group; and Lotte Mart
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Vietnam Retail Market Segment Insights
Personal care & households segment is projected to account for a large market share
Based on product types, the Vietnam Retail market is divided into food, beverage, & tobacco; personal care & households; industrial & automotive; furniture, toys, & hobby; electrical & electronics; apparel, footwear, & accessories; and others. The personal care & households segment is expected to constitute a key share of the market during the forecast period owing to increasing demand for natural personal care products, increasing income, and growing demand for household goods in the country. However, the food, beverage, & tobacco segment is anticipated to expand at a rapid pace during the forecast period due to rising population is growing demand for the foods and beverages.
E-commerce segment is projected to hold a key market share
On the basis of distribution channels, the market is segmented into hypermarkets/supermarkets, department store, specialty stores, e-commerce, and others. The e-commerce segment is expected to represent a key share of the market in the coming years due to increasing Smartphone penetration and rising usage of internet across the countries. The number of suppliers for online selling is increasing and changing purchasing power of the consumers is expected to drive the market. The rising new trend such as online fresh groceries and rising adoption of internet of things is anticipated to boost the market. On the other hand, the supermarkets/hypermarkets segment is anticipated to expand at a rapid pace during the forecast period owing to access to variety of consumer goods under one roof with flexible timings and various discount offers available.
Segments
The Vietnam Retail market has been segmented on the basis of
Product Types
- Food, Beverage, & Tobacco
- Personal Care & Households
- Industrial & Automotive
- Furniture, Toys, & Hobby
- Electrical & Electronics
- Apparel, Footwear, & Accessories
- Others
Distribution Channels
- Hypermarkets/Supermarkets
- Department Store
- Specialty Stores
- E-commerce
- Others
Country
Key Players
- Central Group
- Vin Group
- Saigon Co. Op
- AEON Group
- Lotte Mart
Competitive Landscape
Key players competing in the Vietnam Retail market include Central Group; Vin Group; Saigon Co. Op; AEON Group; and Lotte Mart. Some of these players are engaged in several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares. For instance,
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In 2020, Vinamik and GTNFoods became Moc Chau Milk’s strategic stakeholder after they acquired more than 39 million shares of the company.
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In July 2020, Muji the leading Japanese retailer opened a store in HCM city.
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