Retail in Vietnam

February 2024
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Overview:

Understand the latest market trends and future growth opportunities for the Retailing industry in Vietnam with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.

Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.

Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:

  • Convenience Stores
  • Discounters
  • Hypermarkets
  • Supermarkets
  • Traditional Grocery Retailers
  • Apparel and Footwear Specialist Retailers
  • Electronics and Appliance Specialist Retailers
  • Health and Beauty Specialist Retailers
  • Home and Garden Specialist Retailers
  • Department Stores
  • Variety Stores
  • Warehouse Clubs
  • Direct Selling
  • Homeshopping
  • Vending

If you're in the Retailing industry in Vietnam, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.

The Retailing in Vietnam report includes:

  • Analysis of key supply-side and demand trends
  • Detailed segmentation of international and local products
  • Historic volume and value sizes, company and brand market shares
  • Five year forecasts of market trends and market growth
  • Robust and transparent research methodology, conducted in-country

This report answers:

  • What is the market size of Retailing in Vietnam?
  • Which are the leading retailers in Retailing in Vietnam?
  • How are products distributed in Retailing in Vietnam?
  • How is the rise of e-commerce and the expansion of modern grocery retail impacting traditional retail?
  • How significant are discounters and private label in Vietnam?
  • How has the impact of COVID-19 and national lockdown impacted consumer demand?
  • Which formats have benefited the most from stockpiling and enforced home seclusion?
  • How will the wider economic impact of COVID-19 shape the retail landscape in the future?
  • Where is future growth expected to be most dynamic?
Download Table of Contents

Retail in Vietnam

Retail in 2023: The big picture
Retail e-commerce reshapes Vietnam market
Convenience remains central to strategy while chained pharmacies strengthens presence 2023
What next for retail?
Informal retail
Opening hours for physical retail
Summary 1 Standard Opening Hours by Channel Type 2023
Seasonality
Vietnamese Lunar New Year (Tet)
Black Friday
Double Digit Sales Days
Table 1 Sales in Retail by Retail Offline vs Retail E-Commerce: Value 2018-2023
Table 2 Sales in Retail by Retail Offline vs Retail E-Commerce: % Value Growth 2018-2023
Table 3 Sales in Retail Offline by Channel: Value 2018-2023
Table 4 Sales in Retail Offline by Channel: % Value Growth 2018-2023
Table 5 Retail Offline Outlets by Channel: Units 2018-2023
Table 6 Retail Offline Outlets by Channel: % Unit Growth 2018-2023
Table 7 Sales in Retail E-Commerce by Product: Value 2018-2023
Table 8 Sales in Retail E-Commerce by Product: % Value Growth 2018-2023
Table 9 Grocery Retailers: Value Sales, Outlets and Selling Space 2018-2023
Table 10 Grocery Retailers: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 11 Sales in Grocery Retailers by Channel: Value 2018-2023
Table 12 Sales in Grocery Retailers by Channel: % Value Growth 2018-2023
Table 13 Grocery Retailers Outlets by Channel: Units 2018-2023
Table 14 Grocery Retailers Outlets by Channel: % Unit Growth 2018-2023
Table 15 Non-Grocery Retailers: Value Sales, Outlets and Selling Space 2018-2023
Table 16 Non-Grocery Retailers: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 17 Sales in Non-Grocery Retailers by Channel: Value 2018-2023
Table 18 Sales in Non-Grocery Retailers by Channel: % Value Growth 2018-2023
Table 19 Non-Grocery Retailers Outlets by Channel: Units 2018-2023
Table 20 Non-Grocery Retailers Outlets by Channel: % Unit Growth 2018-2023
Table 21 Retail GBO Company Shares: % Value 2019-2023
Table 22 Retail GBN Brand Shares: % Value 2020-2023
Table 23 Retail Offline GBO Company Shares: % Value 2019-2023
Table 24 Retail Offline GBN Brand Shares: % Value 2020-2023
Table 25 Retail Offline LBN Brand Shares: Outlets 2020-2023
Table 26 Retail E-Commerce GBO Company Shares: % Value 2019-2023
Table 27 Retail E-Commerce GBN Brand Shares: % Value 2020-2023
Table 28 Grocery Retailers GBO Company Shares: % Value 2019-2023
Table 29 Grocery Retailers GBN Brand Shares: % Value 2020-2023
Table 30 Grocery Retailers LBN Brand Shares: Outlets 2020-2023
Table 31 Non-Grocery Retailers GBO Company Shares: % Value 2019-2023
Table 32 Non-Grocery Retailers GBN Brand Shares: % Value 2020-2023
Table 33 Non-Grocery Retailers LBN Brand Shares: Outlets 2020-2023
Table 34 Forecast Sales in Retail by Retail Offline vs Retail E-Commerce: Value 2023-2028
Table 35 Forecast Sales in Retail by Retail Offline vs Retail E-Commerce: % Value Growth 2023-2028
Table 36 Forecast Sales in Retail Offline by Channel: Value 2023-2028
Table 37 Forecast Sales in Retail Offline by Channel: % Value Growth 2023-2028
Table 38 Forecast Retail Offline Outlets by Channel: Units 2023-2028
Table 39 Forecast Retail Offline Outlets by Channel: % Unit Growth 2023-2028
Table 40 Forecast Sales in Retail E-Commerce by Product: Value 2023-2028
Table 41 Forecast Sales in Retail E-Commerce by Product: % Value Growth 2023-2028
Table 42 Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 43 Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
Table 44 Forecast Sales in Grocery Retailers by Channel: Value 2023-2028
Table 45 Forecast Sales in Grocery Retailers by Channel: % Value Growth 2023-2028
Table 46 Forecast Grocery Retailers Outlets by Channel: Units 2023-2028
Table 47 Forecast Grocery Retailers Outlets by Channel: % Unit Growth 2023-2028
Table 48 Non-Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 49 Non-Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
Table 50 Forecast Sales in Non-Grocery Retailers by Channel: Value 2023-2028
Table 51 Forecast Sales in Non-Grocery Retailers by Channel: % Value Growth 2023-2028
Table 52 Forecast Non-Grocery Retailers Outlets by Channel: Units 2023-2028
Table 53 Forecast Non-Grocery Retailers Outlets by Channel: % Unit Growth 2023-2028

DISCLAIMER

Summary 2 Research Sources

Convenience Retailers in Vietnam

KEY DATA FINDINGS

Convenience retailers strengthen urban presence in 2023, benefitting from social trends among the young
GS25 sees rapid expansion in 2023, while players invest in RTE foods
Players invest in home deliveries and loyalty programmes
Channel to see further growth during forecast period
Collaborations with food and beverages players will boost brands and attract consumers, while forecourt retail remains negligible
Expansion will extend beyond Ho Chi Minh and Hanoi
Table 54 Convenience Retailers: Value Sales, Outlets and Selling Space 2018-2023
Table 55 Convenience Retailers: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 56 Sales in Convenience Retailers by Channel: Value 2018-2023
Table 57 Sales in Convenience Retailers by Channel: % Value Growth 2018-2023
Table 58 Convenience Retailers GBO Company Shares: % Value 2019-2023
Table 59 Convenience Retailers GBN Brand Shares: % Value 2020-2023
Table 60 Convenience Retailers LBN Brand Shares: Outlets 2020-2023
Table 61 Convenience Retailers Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 62 Convenience Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
Table 63 Forecast Sales in Convenience Retailers by Channel: Value 2023-2028
Table 64 Forecast Sales in Convenience Retailers by Channel: % Value Growth 2023-2028

Supermarkets in Vietnam

KEY DATA FINDINGS

Supermarkets sees healthy growth
Bach Hoa Xanh sees strong rebound in 2023
AEON Group strengthens presence with AEON MaxValu
Supermarkets to see stable performance amid greater competition
Players will invest more in private label lines
Home deliveries for online orders to give substantial push to overall channel sales
Table 65 Supermarkets: Value Sales, Outlets and Selling Space 2018-2023
Table 66 Supermarkets: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 67 Supermarkets GBO Company Shares: % Value 2019-2023
Table 68 Supermarkets GBN Brand Shares: % Value 2020-2023
Table 69 Supermarkets LBN Brand Shares: Outlets 2020-2023
Table 70 Supermarkets Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 71 Supermarkets Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028

Hypermarkets in Vietnam

KEY DATA FINDINGS

Hypermarkets continues to reach into tier 1 and tier 2 cities
Central Retail Corp maintains leadership in 2023
Hypermarkets become more prevalent within large complexes
Hypermarkets to record robust rises
Players will continue to invest in omnichannel approach
Sustainability focus to drive development
Table 72 Hypermarkets: Value Sales, Outlets and Selling Space 2018-2023
Table 73 Hypermarkets: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 74 Hypermarkets GBO Company Shares: % Value 2019-2023
Table 75 Hypermarkets GBN Brand Shares: % Value 2020-2023
Table 76 Hypermarkets LBN Brand Shares: Outlets 2020-2023
Table 77 Hypermarkets Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 78 Hypermarkets Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028

Small Local Grocers in Vietnam

KEY DATA FINDINGS

Competition heats up for small local grocers as convenience channel poses challenges
Players focus on strategies to attract more customers
Mobile payment options start to gain ground in small local grocers as operators focus on improved store environments
Growth to slow but remain stable during the forecast period
Small local grocers will remain highly fragmented thanks to continued prevalence of independent ownership
Online delivery options to expand throughout channel
Table 79 Small Local Grocers: Value Sales, Outlets and Selling Space 2018-2023
Table 80 Small Local Grocers: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 81 Small Local Grocers GBO Company Shares: % Value 2019-2023
Table 82 Small Local Grocers GBN Brand Shares: % Value 2020-2023
Table 83 Small Local Grocers LBN Brand Shares: Outlets 2020-2023
Table 84 Small Local Grocers Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 85 Small Local Grocers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028

General Merchandise Stores in Vietnam

KEY DATA FINDINGS

Channel benefits from rising numbers of inbound tourists in 2023, with variety stores appealing to the young through Korean and Japanese trends
Japanese and Korean retailers continue to strengthen their presence while AEON maintains overall leadership
Parkson withdraws from local market
Department stores and variety stores face further growth
Chained variety stores to continue expansion
E-commerce threat will only intensify
Table 86 General Merchandise Stores: Value Sales, Outlets and Selling Space 2018-2023
Table 87 General Merchandise Stores: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 88 Sales in General Merchandise Stores by Channel: Value 2018-2023
Table 89 Sales in General Merchandise Stores by Channel: % Value Growth 2018-2023
Table 90 General Merchandise Stores GBO Company Shares: % Value 2019-2023
Table 91 General Merchandise Stores GBN Brand Shares: % Value 2020-2023
Table 92 General Merchandise Stores LBN Brand Shares: Outlets 2020-2023
Table 93 General Merchandise Stores Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 94 General Merchandise Stores Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
Table 95 Forecast Sales in General Merchandise Stores by Channel: Value 2023-2028
Table 96 Forecast Sales in General Merchandise Stores by Channel: % Value Growth 2023-2028

Apparel and Footwear Specialists in Vietnam

KEY DATA FINDINGS

Slowed growth in current value sales for apparel and footwear specialists in 2023 as players close down stores
Players continue to shop online post-pandemic
Uniqlo continues to open more stores in Vietnam as local consumers continue to favour international brands
Category to see positive growth in the forecast period
Online shopping trend presents obstacle to greater growth
Apparel and footwear retailers will continue to focus on sustainability
Table 97 Apparel and Footwear Specialists: Value Sales, Outlets and Selling Space 2018-2023
Table 98 Apparel and Footwear Specialists: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 99 Apparel and Footwear Specialists GBO Company Shares: % Value 2019-2023
Table 100 Apparel and Footwear Specialists GBN Brand Shares: % Value 2020-2023
Table 101 Apparel and Footwear Specialists LBN Brand Shares: Outlets 2020-2023
Table 102 Apparel and Footwear Specialists Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 103 Apparel and Footwear Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028

Appliances and Electronics Specialists in Vietnam

KEY DATA FINDINGS

A challenging year for players as consumer demand slows
Mobile World announces plans to reduce store-based network
Nguyenkim focuses on store innovation to improve customers’ experience
Appliances and electronics specialists will bounce back in forecast period
Growth in terms of outlet numbers to slow as rising e-commerce gives players pause for thought
Greater investment in e-commerce will hamper store-based retail’s development
Table 104 Appliances and Electronics Specialists: Value Sales, Outlets and Selling Space 2018-2023
Table 105 Appliances and Electronics Specialists: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 106 Appliances and Electronics Specialists GBO Company Shares: % Value 2019-2023
Table 107 Appliances and Electronics Specialists GBN Brand Shares: % Value 2020-2023
Table 108 Appliances and Electronics Specialists LBN Brand Shares: Outlets 2020-2023
Table 109 Appliances and Electronics Specialists Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 110 Appliances and Electronics Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028

Home Products Specialists in Vietnam

KEY DATA FINDINGS

Home products specialists enjoys positive performance in 2023
Retail e-commerce gains a stronger foothold in home products sales
Pet shops and superstores expand across the country
Positive outlook for home products specialists, though players will have to grapple with fluctuations in the property market
Competitive landscape will remain highly fragmented
Omnichannel trends expected to ramp up over the forecast period, with players increasing their livestreaming activities to boost sales
Table 111 Home Products Specialists: Value Sales, Outlets and Selling Space 2018-2023
Table 112 Home Products Specialists: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 113 Sales in Home Products Specialists by Channel: Value 2018-2023
Table 114 Sales in Home Products Specialists by Channel: % Value Growth 2018-2023
Table 115 Home Products Specialists GBO Company Shares: % Value 2019-2023
Table 116 Home Products Specialists GBN Brand Shares: % Value 2020-2023
Table 117 Home Products Specialists LBN Brand Shares: Outlets 2020-2023
Table 118 Home Products Specialists Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 119 Home Products Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
Table 120 Forecast Sales in Home Products Specialists by Channel: Value 2023-2028
Table 121 Forecast Sales in Home Products Specialists by Channel: % Value Growth 2023-2028

Health and Beauty Specialists in Vietnam

KEY DATA FINDINGS

Health and beauty specialists sees growth in outlet numbers slow in 2023
The competitive threat from e-commerce gets stronger
Long Chau continues to rise in 2023
Channel will see positive growth during the forecast period as players invest in omnichannel strategies and marketing
Chained pharmacies will continue to expand throughout forecast period
Retailers will focus on millennial and Generation Z consumers
Table 122 Health and Beauty Specialists: Value Sales, Outlets and Selling Space 2018-2023
Table 123 Health and Beauty Specialists: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 124 Sales in Health and Beauty Specialists by Channel: Value 2018-2023
Table 125 Sales in Health and Beauty Specialists by Channel: % Value Growth 2018-2023
Table 126 Health and Beauty Specialists GBO Company Shares: % Value 2019-2023
Table 127 Health and Beauty Specialists GBN Brand Shares: % Value 2020-2023
Table 128 Health and Beauty Specialists LBN Brand Shares: Outlets 2020-2023
Table 129 Health and Beauty Specialists Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 130 Health and Beauty Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
Table 131 Forecast Sales in Health and Beauty Specialists by Channel: Value 2023-2028
Table 132 Forecast Sales in Health and Beauty Specialists by Channel: % Value Growth 2023-2028

Direct Selling in Vietnam

KEY DATA FINDINGS

Direct selling declines in 2023, while Herbalife maintains leadership despite challenges
Direct Selling activities fall under new regulations in 2023
Siberian Health and Homeway see licences cancelled
Direct selling to see stable performance within a more transparent operating environment
Expected shake-up in competitive landscape in response to tighter regulations
Expansion beyond channel will boost brand awareness for direct sellers
Table 133 Direct Selling by Product: Value 2018-2023
Table 134 Direct Selling by Product: % Value Growth 2018-2023
Table 135 Direct Selling GBO Company Shares: % Value 2019-2023
Table 136 Direct Selling GBN Brand Shares: % Value 2020-2023
Table 137 Direct Selling Forecasts by Product: Value 2023-2028
Table 138 Direct Selling Forecasts by Product: % Value Growth 2023-2028

Retail E-Commerce in Vietnam

KEY DATA FINDINGS

Retail e-commerce goes from strength to strength in 2023
TikTok Shop establishes foothold in Vietnam
Shopee remains in the lead in 2023
Retail e-commerce will see growth slow in an overall positive forecast
Key players to target millennials and Gen Z consumers through marketing activities as competition intensifies
Generative AI features to become more prevalent in terms of service improvements, while more small businesses will sign up to marketplaces
Table 139 Retail E-Commerce by Channel: Value 2017-2022
Table 140 Retail E-Commerce by Channel: % Value Growth 2017-2022
Table 141 Retail E-Commerce by Product: Value 2017-2022
Table 142 Retail E-Commerce by Product: % Value Growth 2017-2022
Table 143 Retail E-Commerce GBO Company Shares: % Value 2018-2022
Table 144 Retail E-Commerce GBN Brand Shares: % Value 2019-2022
Table 145 Forecast Retail E-Commerce by Channel: Value 2022-2027
Table 146 Forecast Retail E-Commerce by Channel: % Value Growth 2022-2027
Table 147 Forecast Retail E-Commerce by Product: Value 2022-2027
Table 148 Forecast Retail E-Commerce by Product: % Value Growth 2022-2027
The following categories and subcategories are included:

Retailing

      • Fashion Vending
      • Health and Beauty Vending
      • Appliances and Electronics Vending
        • Alcoholic Drinks Vending
        • Hot Drinks Vending
        • Soft Drinks Vending
        • Tobacco Products Vending
      • Foods Vending
      • Home Products Vending
      • Other Products Vending
        • Apparel and Footwear Direct Selling
        • Personal Accessories Direct Selling
        • Eyewear Direct Selling
        • Beauty and Personal Care Direct Selling
        • Consumer Health Direct Selling
        • Tissue and Hygiene Direct Selling
      • Appliances and Electronics Direct Selling
      • Drinks and Tobacco Direct Selling
      • Foods Direct Selling
      • Home Products Direct Selling
      • Other Products Direct Selling
        • Apparel and Footwear E-Commerce
        • Personal Accessories E-Commerce
        • Eyewear E-Commerce
        • Beauty and Personal Care E-Commerce
        • Consumer Health E-Commerce
        • Tissue and Hygiene E-Commerce
        • Consumer Appliances E-Commerce
        • Consumer Electronics E-Commerce
        • Toys and Games E-Commerce
      • Drinks and Tobacco E-Commerce
      • Foods E-Commerce
        • Home Care E-Commerce
        • Home and Garden E-Commerce
        • Pet Care E-Commerce
      • Other Products E-Commerce
        • First-Party (1P) Marketplace E-Commerce
        • Third-Party (3P) Marketplace E-Commerce
      • Grocery E-Commerce
      • General Merchandiser E-Commerce
      • Apparel and Footwear Specialist E-Commerce
      • Appliances and Electronics Specialist E-Commerce
      • Home Products Specialist E-Commerce
      • Health and Beauty Specialist E-Commerce
      • Leisure and Personal Goods Specialist E-Commerce
      • Other E-Commerce Retailers

Retailing

Retail is the sale of new and used goods to consumers from a business for personal or household consumption from retail outlets, kiosks, market stalls, vending, direct selling and e-commerce. Retail is the aggregation of Retail Offline and Retail E-Commerce. Excludes specialist retailers of motor vehicles, motorcycles, vehicle parts. Also excludes fuel sales, foodservice sales, rental transactions, and wholesale sales (e.g. Cash and Carry). Sales value excluding or including VAT/Sales Tax. Retail also excludes the informal retail sector. Informal retailing is retail trade which is not declared to the tax authorities. Informal retailing encompasses (a) sales generated by unregistered and unlicensed retailers, i.e. retailers operating illegally, and (b) any proportion of sales generated by a registered and licensed retailer that is not declared to the tax authorities. Unregistered and unlicensed retailers operate predominantly (although not exclusively) as street hawkers or operate open market stalls, as these channels are harder for the authorities to monitor than permanent outlets. Activities in the illegal market, which is usually understood to refer to trade in illegal, counterfeit or stolen merchandise, are included within our definition of informal retailing. Activities in the “grey market”, which is usually understood to refer to trade in legal merchandise that is sold through unauthorized channels – for example cigarettes bought legally in another country, legally imported, but sold at lower prices than in authorized channels – will be included as informal retailing if no tax is paid on sale by the retailer. However if the retailer pays tax – for example on cigarettes bought legally in another country but sold at a lower price than standard – the sale is included within formal retail.

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