Vietnam Retail Market Report 2025 Edition: Industry Market Size, Share, Growth and Competitor Analysis

Market Overview 2025-2033

The Vietnam retail market size reached USD 298.2 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 1,032.6 Billion by 2033, exhibiting a growth rate (CAGR) of 13.6% during 2025-2033. The market is expanding rapidly, fueled by rising disposable incomes, urbanization, and evolving consumer preferences. Key trends include the growth of e-commerce, omnichannel retailing, and demand for convenience stores. Major players are focusing on digital transformation, enhancing supply chain efficiency, and offering personalized shopping experiences to stay competitive.

Key Market Highlights:

✔️ Strong expansion driven by rising incomes and urbanization
✔️ Growing preference for e-commerce and omnichannel shopping
✔️ Increasing demand for convenience stores and modern retail formats
✔️ Greater focus on digital transformation and personalized shopping experiences
✔️ Adoption of sustainable practices and eco-friendly packaging solutions

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Vietnam Retail Market Trends and Drivers:

The Vietnam retail market is undergoing a significant transformation, largely fueled by the rapid expansion of e-commerce. With a young, tech-savvy population and increasing internet connectivity, online shopping has become the preferred choice for many consumers. The COVID-19 pandemic further accelerated this trend, prompting traditional retailers to embrace digital platforms to retain their customer base. Major players like Shopee and Tiki have broadened their market presence by offering a diverse range of products and services tailored to shifting consumer preferences. Moreover, social media platforms have emerged as crucial channels for retail marketing, allowing brands to engage directly with their audiences. Consequently, the e-commerce sector is poised for continued growth, significantly impacting overall retail sales in Vietnam and reshaping the competitive landscape.

Another key dynamic influencing the Vietnam retail market is the rising consumer emphasis on health and wellness. As Vietnamese consumers become increasingly health-conscious, there is a growing demand for organic and natural products, including food, beverages, and personal care items. Retailers are responding by expanding their product offerings to include healthier options and promoting these products through targeted marketing strategies. This shift is also evident in the rise of specialty stores and health-focused brands that cater specifically to this demographic. Furthermore, the wellness trend is affecting various sectors, including fitness and nutrition, leading to the emergence of new retail formats that emphasize holistic health. This evolution is expected to drive innovation and competition within the retail market as businesses strive to meet the changing needs of health-conscious consumers.

Urbanization is another critical factor shaping the Vietnam retail market. As more people move to urban areas, disposable incomes are rising, and consumer behavior is shifting towards convenience and modern retail formats. This urban migration is increasing the demand for shopping malls, supermarkets, and convenience stores that provide a wide array of products in one location. Additionally, urban consumers are increasingly seeking experiences beyond mere products, prompting retailers to create engaging shopping environments that incorporate entertainment and dining options. This trend is particularly noticeable in major cities like Ho Chi Minh City and Hanoi, where modern retail formats are gaining popularity. As urbanization continues, retailers must adapt their strategies to meet the evolving preferences of urban consumers, ensuring their competitiveness in this dynamic market.

The Vietnam retail market is evolving, marked by several key trends that are reshaping its landscape. One prominent trend is the growing integration of technology in retail operations. Retailers are utilizing advanced technologies such as artificial intelligence (AI) and data analytics to enhance customer experiences and optimize inventory management. This technological adoption is not only boosting operational efficiency but also facilitating personalized marketing strategies that resonate with consumers. Additionally, the rise of omnichannel retailing is becoming a focal point for businesses, as consumers expect a seamless shopping experience across both online and offline platforms.

By 2025, the integration of physical stores with e-commerce channels is likely to become more pronounced, allowing retailers to offer convenience and flexibility to their customers. Furthermore, sustainability is emerging as a crucial consideration for both consumers and retailers. As awareness of environmental issues grows, more Vietnamese consumers are seeking eco-friendly products and practices, prompting retailers to adopt sustainable sourcing and packaging solutions. This trend is expected to drive innovation in product offerings and supply chain management, positioning sustainability as a competitive advantage in the retail market. Overall, the Vietnam retail market is on a growth trajectory, influenced by technology, evolving consumer preferences, and a commitment to sustainability.

Vietnam Retail Market Segmentation:

The report segments the market based on product type, distribution channel, and region:

Study Period:

Base Year: 2024

Historical Year: 2019-2024

Forecast Year: 2025-2033

Breakup by Product:

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

Breakup by Distribution Channel:

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

Breakup by Region:

• Northern Vietnam
• Central Vietnam
• Southern Vietnam

Competitive Landscape:

The market research report offers an in-depth analysis of the competitive landscape, covering market structure, key player positioning, top winning strategies, a competitive dashboard, and a company evaluation quadrant. Additionally, detailed profiles of all major companies are included.

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