Vietnam Retail Companies (2024 - 2029)

Vietnam Retail Market Companies Summary

The retail market in Vietnam has shown resilience and growth potential, despite the global impact of the COVID-19 pandemic. Companies in the retail sector have seen a recovery in sales of consumer goods and services, due to effective pandemic control measures in the country. This has been a positive signal for the business community, as the global retail market experienced a revenue decline during the pandemic. The growth of the retail sector has been spurred by retail outlets and shopping malls offering sales promotion programs to stimulate domestic consumption. Furthermore, the retail industry in Vietnam is witnessing a transformation due to ongoing urbanization and changing consumer trends, particularly among young urban consumers. This has led to the strong growth of modern retailing channels such as departmental stores and e-commerce. Companies are adapting to these changes by introducing new formats such as mini supermarkets, which cater to the demand for convenient grocery shopping. In addition, modern retail outlets are offering private brands and a wide range of products to enhance the shopping experience for customers. The competitive landscape of the retail market in Vietnam is characterized by the presence of large domestic firms, which have gained preference over multinational corporations due to their strong market power. These top firms are employing strategies such as new product development, mergers, expansions, acquisitions, and partnerships to increase their brand presence among customers.