| Study Period | 2020 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Market Size (2025) | USD 309.67 Billion |
| Market Size (2030) | USD 546.97 Billion |
| CAGR (2025 - 2030) | 12.05 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Vietnam Retail Market Analysis
The Vietnam Retail Market size is estimated at USD 309.67 billion in 2025, and is expected to reach USD 546.97 billion by 2030, at a CAGR of 12.05% during the forecast period (2025-2030).
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 Market Trends
Rapid Growth in Consumer Spending is a Driving Factor
Vietnam's disposable income per capita is expected to grow quickly and reach USD 3,062 in 2023. Vietnam's real household spending increased 8.3% to USD 121.3 billion in 2021, compared to USD 112.1 billion in 2019 . The private consumption rate is also high, more than 67% of the GDP. This is the second highest in the region, behind the Philippines (73.8%) and ahead of Malaysia and Indonesia (57.0% and 57.3%, respectively).
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Low Urbanization with High Potential for Growth
Vietnam's urbanization rate is still low when compared across the region, at 37% of the population, compared with rates between 47% and 76% in other Southeast Asian countries. This represented an area of high potential and expected growth. In fact, the Vietnamese urban population is expected to register a CAGR of about 3% in the forcasted period, while this growth rate is between 1% and 2 % for Indonesia, Malaysia, the Philippines, and Thailand. Analysis of urbanization rates in comparable Southeast Asian countries indicates that the early stage of urbanization is likely to be rapid. Vietnam's growth follows a similar trajectory, as urbanization is likely to reach 55% in 2030.
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Vietnam Retail Industry Overview
The Vietnam market for Retail is competitive, owing to the presence of large domestic players, where domestic companies have gained preference over multinationals due to their strong market power. The top companies use new product development, merger, expansion, acquisition, and partnership as strategic tactics to increase their brand presence among customers. It has major players Saigon Co. Op, Central Group, AEON group, Vin Group, and Lotte Mart.
Vietnam Retail Market Leaders
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Saigon Co. Op
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Central Group
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AEON group
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Vin Group
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Lotte Mart
- *Disclaimer: Major Players sorted in no particular order
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Vietnam Retail Market News
- In October 2022, in order to connect all user interactions, whether they take place offline, online, in augmented reality, or even in the metaverse, the Central group launched the Next-Gen Omnichannel platform, which will encompass the Central Retail network in Thailand, Vietnam, and Italy.
- In February 2022, the fourth wave of the COVID-19 pandemic in HCM City caused several fluctuations in the supply chain of commodities, and modern retail businesses had to adapt by changing their distribution systems rather than continuing to play the traditional function of delivering items to customers on-site.
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 Research FAQs
How big is the Vietnam Retail Market?
The Vietnam Retail Market size is expected to reach USD 309.67 billion in 2025 and grow at a CAGR of 12.05% to reach USD 546.97 billion by 2030.
What is the current Vietnam Retail Market size?
In 2025, the Vietnam Retail Market size is expected to reach USD 309.67 billion.
Who are the key players in Vietnam Retail Market?
Saigon Co. Op, Central Group, AEON group, Vin Group and Lotte Mart are the major companies operating in the Vietnam Retail Market.
What years does this Vietnam Retail Market cover, and what was the market size in 2024?
In 2024, the Vietnam Retail Market size was estimated at USD 272.35 billion. The report covers the Vietnam Retail Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Vietnam Retail Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Vietnam Retail Industry Report
The retail industry in Vietnam is experiencing significant growth, driven by increased consumer spending, urbanization, and technological advancements. The expanding Vietnam retail market is segmented by product types such as food, beverage, & tobacco; personal care & households; and apparel, footwear, & accessories. Personal care & households are expected to hold a substantial market share due to rising demand for natural products. E-commerce is projected to capture a key share of the market, fueled by higher smartphone penetration and internet usage. Additionally, hypermarkets and supermarkets, key retail companies in Vietnam, continue to grow, offering a wide range of consumer goods with the convenience of flexible shopping hours and various discount offers. The competitive retail landscape in Vietnam features a mix of modern retail formats and traditional setups, catering to a sophisticated and brand-conscious consumer base. Government support and foreign direct investment are further enhancing the growth of retail companies, making it a dynamic component of the country's economic development. For detailed statistics on Vietnam's retail market size, share, and revenue growth rate, refer to industry reports by Mordor Intelligence™, which include market forecasts, outlooks, and historical overviews available as free report PDF downloads.
