Market Size of Vietnam Retail Industry
| 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
*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.
