Vietnam Retail Market

Vietnam Retail Market Overview:

The Vietnam retail market size reached USD 298.2 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 1032.6 Billion by 2033, exhibiting a growth rate (CAGR) of 13.6% during 2025-2033. The market is expanding due to population growth, global retailer expansion, and modern retail formats. A rising population increases demand, while global retailers enhance competition, infrastructure, and product variety. Modern retail formats including supermarkets, malls, and e-commerce, improve convenience and shopping experiences, which further drives the market share.

Vietnam Retail Market Trends:

Expanding Participation of Global Retailers

International retailers are growing in Vietnam, bringing in new shopping formats and improving the shopping experience. Foreign brands invest in department stores, supermarkets, and online shopping, deepening competition and efficiency in the market. Their presence speeds up infrastructure construction, such as supply chains, warehouses, and logistics, for efficient operations. In March 2024, the Tata Group subsidiary Titan Company launched in the Vietnamese market with a new watch kiosk at Vincom Mega Mall in Ho Chi Minh City. The kiosk has a wide range of men's and women's watches like the 'Edge' ceramic collection and stylish watches for special occasions. Moreover, cutting-edge retail technologies, including AI-based recommendations and self-checkouts, are making shopping more convenient for customers. Foreign investments influence employment levels, with jobs in retail management, sales, and logistics being created in urban and rural locations. Such retailers bring international quality standards to the country, which in turn propels local players to adopt superior practices and product lines. Expansion also leads to alliances with local suppliers, boosting the supply of premium, organic, and foreign products. Competitive pricing strategies from international retailers force local brands to innovate and improve affordability.

Growing Population

Vietnam's expanding population is driving demand for consumer products, fueling retail market growth across the country. According to statistics released by United States Census Bureau, Vietnam's overall population will hit 106.7 million in July 2025. Increasing birth rates and life expectancy are propelling household consumption in food, clothing, electronics, and personal care. Urban migration is driving Vietnam retail market growth, with the growing cities demanding supermarkets, malls, and convenience stores. A younger, digitally savvy population is adopting e-commerce, digital payments, and omnichannel shopping experiences. More middle-class households are spending more on premium, organic, and international offerings. Population growth is prompting retailers to increase store networks, enhancing accessibility in urban and rural areas. Increased demand is forcing retailers to improve supply chains, logistics, and inventory management for efficiency. Rising working-age populations are fueling employment-led spending, influencing fast-moving consumer goods and fashion industries. Retailers are making investments in localized marketing techniques, accommodating heterogeneous customer preferences region-wise. Policies by governments induce economic growth and infrastructure improvement are enhancing the performance of retail sectors. Escalating tourism, attributed to increasing population, is also influencing retail consumption at prime shopping venues.

Increasing Number of Modern Retail Formats

New retail formats are offering customers convenience, variety, and improved services, changing the Vietnam retail market outlook. Supermarkets and hypermarkets are increasing in number, providing fresh fruits, packaged foods, and household items under one stop. Convenience stores are increasing rapidly, serving urban residents with ready-to-eat (RTE) foods and daily essentials. Shopping malls are emerging as lifestyle centers, incorporating entertainment, restaurants, and international brands to attract customers. E-commerce websites are transforming retail, enabling customers to buy online with quick delivery and safe payment. To meet this need, in December 2024, Vietnam Post launched nongsan.buudien.vn, Vietnam's first dedicated e-commerce site for high-quality farm produce. This move is a significant step for local enterprises, making them more competitive and integrated into Vietnam's rapidly growing digital economy. Apart from this, omnichannel retailing is connecting online and offline buying, improving customer interaction through seamless shopping experiences. International retailers are launching contemporary store formats, improving visual merchandising and building interactive shopping spaces. Automated checkout, self-service kiosks, and AI-based recommendations are enhancing shopping efficiency and customer satisfaction. Retailers are embracing loyalty programs, customized promotions, and digital payment facilities to enhance customer retention.

Vietnam Retail Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the regional level for 2025-2033. Our report has categorized the market based on product and distribution channel.

Product Insights:

• Food and Beverages
• Personal and Household Care
• Apparel, Footwear and Accessories
• Furniture, Toys and Hobby
• Electronic and Household Appliances
• Others

The report has provided a detailed breakup and analysis of the market based on the products. This includes food and beverages, personal and household care, apparel, footwear and accessories, furniture, toys and hobby, electronic and household appliances, others.

Distribution Channel Insights:

• Supermarkets and Hypermarkets
• Convenience Stores
• Specialty Stores
• Online Stores
• Others

A detailed breakup and analysis of the market based on the distribution channel have also been provided in the report. This includes supermarkets and hypermarkets, convenience stores, specialty stores, online stores, others.

Regional Insights:

• Northern Vietnam
• Central Vietnam
• Southern Vietnam

The report has also provided a comprehensive analysis of all the major regional markets, which include northern Vietnam, central Vietnam, and southern Vietnam.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Vietnam Retail Market News:

• In December 2024, South Korean retailer E-land announced its expansion in the Vietnam with its plan to open 10 WhoAU stores in prime locations across Hanoi and Ho Chi Minh City in 2025.
• In October 2024, Samsung Vietnam opened Samsung West Lake, a new retail store at Lotte Mall West Lake in Hanoi. Spanning 367 square meters, the store is divided into four 'experience zones', highlighting how Samsung products seamlessly fit into daily life. Visitors can explore the latest AI-powered devices, including smartphones and home appliances. Drawing inspiration from Hanoi’s cultural heritage, the store offers immersive experiences that reflect the city's seasonal changes.

Vietnam Retail Market Report Coverage:

Key Questions Answered in This Report:

• How has the Vietnam retail market performed so far and how will it perform in the coming years?
• What is the breakup of the Vietnam retail market on the basis of product?
• What is the breakup of the Vietnam retail market on the basis of distribution channel?
• What are the various stages in the value chain of the Vietnam retail market? 
• What are the key driving factors and challenges in the Vietnam retail market?
• What is the structure of the Vietnam retail market and who are the key players?
• What is the degree of competition in the Vietnam retail market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Vietnam retail market from 2019-2033.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Vietnam retail market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Vietnam retail industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.