Select Country Report
Retail in 2024: the big picture
In 2024, retail in Vietnam saw positive growth across most channels, driven by improved economic performance and a significant rise in both inbound and local tourism. The country welcomed substantially more visitors than the previous years, supporting sales in modern retail outlets such as convenience stores, hypermarkets, supermarkets, general merchandise stores, and apparel and footwear specialists in popular tourist destinations and major cities including Hanoi, Da Nang, and Ho Chi Minh City.
New regulations for retail ecommerce
Although Vietnam is projected achieved a higher GDP by the end of 2024 compared to 2023, people are becoming more cautious in their spending, particularly on non-essential items. Shoppers increasingly look for substantial discounts or wait for special deals during company livestreams rather than buying through traditional retail channels.
Retailers increase focus on Gen Z and younger generations
Retailers in Vietnam continue to target young consumers by introducing new products and enhancing the overall shopping experience, with a view to attracting Generation Z. Saigon Union of Trading Cooperatives, for example, has developed the 2,500 m² Co.
What next for retail?
Retail in Vietnam is expected to see strong and steady growth during the forecast period, underpinned by an improved economic outlook and an increasingly modern lifestyle among younger generations such as Gen Z. The country’s GDP is projected to grow substantially in 2025 and in 2026, which will lead to higher incomes and a greater preference for shopping at department and variety stores rather than waiting for discounts offered by ecommerce and manufacturers.
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Overview:
Understand the latest market trends and future growth opportunities for the Retail 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 Retail 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 Retail in Vietnam report includes:
- Analysis of key retail trends
- Detailed segmentation of offline and online retail sales
- Historic channel sizes (retail value sales, outlet counts, and selling space)
- Company and brand market shares (retail value sales and outlet counts)
- 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 Retail in Vietnam?
- Which are the leading retailers in Retail in Vietnam?
- How are products distributed in Retail 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?
- To what extent are sales shifting towards digital channels?
- What is the long-term outlook for bricks-and-mortar?
- How is macroeconomic and political uncertainty affecting the retail industry?
- What types of retailers are seeing the fastest growth in digital sales?
- What is the future of retail?
Retail in Vietnam
Retail in 2024: the big picture
New regulations for retail ecommerce
Retailers increase focus on Gen Z and younger generations
What next for retail?
Informal retail
Opening hours for physical retail
Summary 1 Standard Opening Hours by Channel Type 2024
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 2019-2024
Table 2 Sales in Retail by Retail Offline vs Retail E-Commerce: % Value Growth 2019-2024
Table 3 Sales in Retail Offline by Channel: Value 2019-2024
Table 4 Sales in Retail Offline by Channel: % Value Growth 2019-2024
Table 5 Retail Offline Outlets by Channel: Units 2019-2024
Table 6 Retail Offline Outlets by Channel: % Unit Growth 2019-2024
Table 7 Sales in Retail E-Commerce by Product: Value 2019-2024
Table 8 Sales in Retail E-Commerce by Product: % Value Growth 2019-2024
Table 9 Grocery Retailers: Value Sales, Outlets and Selling Space 2019-2024
Table 10 Grocery Retailers: Value Sales, Outlets and Selling Space: % Growth 2019-2024
Table 11 Sales in Grocery Retailers by Channel: Value 2019-2024
Table 12 Sales in Grocery Retailers by Channel: % Value Growth 2019-2024
Table 13 Grocery Retailers Outlets by Channel: Units 2019-2024
Table 14 Grocery Retailers Outlets by Channel: % Unit Growth 2019-2024
Table 15 Non-Grocery Retailers: Value Sales, Outlets and Selling Space 2019-2024
Table 16 Non-Grocery Retailers: Value Sales, Outlets and Selling Space: % Growth 2019-2024
Table 17 Sales in Non-Grocery Retailers by Channel: Value 2019-2024
Table 18 Sales in Non-Grocery Retailers by Channel: % Value Growth 2019-2024
Table 19 Non-Grocery Retailers Outlets by Channel: Units 2019-2024
Table 20 Non-Grocery Retailers Outlets by Channel: % Unit Growth 2019-2024
Table 21 Retail GBO Company Shares: % Value 2020-2024
Table 22 Retail GBN Brand Shares: % Value 2021-2024
Table 23 Retail Offline GBO Company Shares: % Value 2020-2024
Table 24 Retail Offline GBN Brand Shares: % Value 2021-2024
Table 25 Retail Offline LBN Brand Shares: Outlets 2021-2024
Table 26 Retail E-Commerce GBO Company Shares: % Value 2020-2024
Table 27 Retail E-Commerce GBN Brand Shares: % Value 2021-2024
Table 28 Grocery Retailers GBO Company Shares: % Value 2020-2024
Table 29 Grocery Retailers GBN Brand Shares: % Value 2021-2024
Table 30 Grocery Retailers LBN Brand Shares: Outlets 2021-2024
Table 31 Non-Grocery Retailers GBO Company Shares: % Value 2020-2024
Table 32 Non-Grocery Retailers GBN Brand Shares: % Value 2021-2024
Table 33 Non-Grocery Retailers LBN Brand Shares: Outlets 2021-2024
Table 34 Forecast Sales in Retail by Retail Offline vs Retail E-Commerce: Value 2024-2029
Table 35 Forecast Sales in Retail by Retail Offline vs Retail E-Commerce: % Value Growth 2024-2029
Table 36 Forecast Sales in Retail Offline by Channel: Value 2024-2029
Table 37 Forecast Sales in Retail Offline by Channel: % Value Growth 2024-2029
Table 38 Forecast Retail Offline Outlets by Channel: Units 2024-2029
Table 39 Forecast Retail Offline Outlets by Channel: % Unit Growth 2024-2029
Table 40 Forecast Sales in Retail E-Commerce by Product: Value 2024-2029
Table 41 Forecast Sales in Retail E-Commerce by Product: % Value Growth 2024-2029
Table 42 Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space 2024-2029
Table 43 Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2024-2029
Table 44 Forecast Sales in Grocery Retailers by Channel: Value 2024-2029
Table 45 Forecast Sales in Grocery Retailers by Channel: % Value Growth 2024-2029
Table 46 Forecast Grocery Retailers Outlets by Channel: Units 2024-2029
Table 47 Forecast Grocery Retailers Outlets by Channel: % Unit Growth 2024-2029
Table 48 Non-Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space 2024-2029
Table 49 Non-Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2024-2029
Table 50 Forecast Sales in Non-Grocery Retailers by Channel: Value 2024-2029
Table 51 Forecast Sales in Non-Grocery Retailers by Channel: % Value Growth 2024-2029
Table 52 Forecast Non-Grocery Retailers Outlets by Channel: Units 2024-2029
Table 53 Forecast Non-Grocery Retailers Outlets by Channel: % Unit Growth 2024-2029
DISCLAIMER
Summary 2 Research Sources
Convenience Retailers in Vietnam
KEY DATA FINDINGS
Convenience stores sees continued growth in 2024
Investment in expansion and RTE offerings
Collaborations and mobile apps aim to attract more customers
Convenience stores will continue to rise
Competition set to intensify
Players will continue to target young consumers
Table 54 Convenience Retailers: Value Sales, Outlets and Selling Space 2019-2024
Table 55 Convenience Retailers: Value Sales, Outlets and Selling Space: % Growth 2019-2024
Table 56 Sales in Convenience Retailers by Channel: Value 2019-2024
Table 57 Sales in Convenience Retailers by Channel: % Value Growth 2019-2024
Table 58 Convenience Retailers GBO Company Shares: % Value 2020-2024
Table 59 Convenience Retailers GBN Brand Shares: % Value 2021-2024
Table 60 Convenience Retailers LBN Brand Shares: Outlets 2021-2024
Table 61 Convenience Retailers Forecasts: Value Sales, Outlets and Selling Space 2024-2029
Table 62 Convenience Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2024-2029
Table 63 Forecast Sales in Convenience Retailers by Channel: Value 2024-2029
Table 64 Forecast Sales in Convenience Retailers by Channel: % Value Growth 2024-2029
Supermarkets in Vietnam
KEY DATA FINDINGS
Robust growth for supermarkets continues in 2024
Masan Consumer and AEON pursue diversified expansion
Central Retail expands Mini go! concept
Supermarkets to see sustained growth
Further expansion into suburban and rural areas
Rising prevalence of supermarkets in mixed-use developments
Table 65 Supermarkets: Value Sales, Outlets and Selling Space 2019-2024
Table 66 Supermarkets: Value Sales, Outlets and Selling Space: % Growth 2019-2024
Table 67 Supermarkets GBO Company Shares: % Value 2020-2024
Table 68 Supermarkets GBN Brand Shares: % Value 2021-2024
Table 69 Supermarkets LBN Brand Shares: Outlets 2021-2024
Table 70 Supermarkets Forecasts: Value Sales, Outlets and Selling Space 2024-2029
Table 71 Supermarkets Forecasts: Value Sales, Outlets and Selling Space: % Growth 2024-2029
Hypermarkets in Vietnam
KEY DATA FINDINGS
Hypermarkets shows robust gains in 2024
AEON expands amid strong competition
Integrated retail complexes drive channel appeal
Economic indicators support further growth for hypermarkets
Innovation shapes strategies for hypermarket players
Expansion into new areas underpins resilience
Table 72 Hypermarkets: Value Sales, Outlets and Selling Space 2019-2024
Table 73 Hypermarkets: Value Sales, Outlets and Selling Space: % Growth 2019-2024
Table 74 Hypermarkets GBO Company Shares: % Value 2020-2024
Table 75 Hypermarkets GBN Brand Shares: % Value 2021-2024
Table 76 Hypermarkets LBN Brand Shares: Outlets 2021-2024
Table 77 Hypermarkets Forecasts: Value Sales, Outlets and Selling Space 2024-2029
Table 78 Hypermarkets Forecasts: Value Sales, Outlets and Selling Space: % Growth 2024-2029
Small Local Grocers in Vietnam
KEY DATA FINDINGS
Modern retailers limit growth for small local grocers
Players pursue strategies to attract more customers
Online channels boost small local grocers’ sales
Steady performance faces slowing momentum
Innovation remains crucial for reaching broader audiences
Fragmentation persists amid independent ownership
Table 79 Small Local Grocers: Value Sales, Outlets and Selling Space 2019-2024
Table 80 Small Local Grocers: Value Sales, Outlets and Selling Space: % Growth 2019-2024
Table 81 Small Local Grocers GBO Company Shares: % Value 2020-2024
Table 82 Small Local Grocers GBN Brand Shares: % Value 2021-2024
Table 83 Small Local Grocers LBN Brand Shares: Outlets 2021-2024
Table 84 Small Local Grocers Forecasts: Value Sales, Outlets and Selling Space 2024-2029
Table 85 Small Local Grocers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2024-2029
General Merchandise Stores in Vietnam
KEY DATA FINDINGS
General merchandise stores sees sustained growth
AEON remains overall leader in 2024
Chained variety stores record strong performance
General merchandise stores anticipate a robust future
Increased investment in innovation
Retail e-commerce continues to challenge general merchandise stores
Table 86 General Merchandise Stores: Value Sales, Outlets and Selling Space 2019-2024
Table 87 General Merchandise Stores: Value Sales, Outlets and Selling Space: % Growth 2019-2024
Table 88 Sales in General Merchandise Stores by Channel: Value 2019-2024
Table 89 Sales in General Merchandise Stores by Channel: % Value Growth 2019-2024
Table 90 General Merchandise Stores GBO Company Shares: % Value 2020-2024
Table 91 General Merchandise Stores GBN Brand Shares: % Value 2021-2024
Table 92 General Merchandise Stores LBN Brand Shares: Outlets 2021-2024
Table 93 General Merchandise Stores Forecasts: Value Sales, Outlets and Selling Space 2024-2029
Table 94 General Merchandise Stores Forecasts: Value Sales, Outlets and Selling Space: % Growth 2024-2029
Table 95 Forecast Sales in General Merchandise Stores by Channel: Value 2024-2029
Table 96 Forecast Sales in General Merchandise Stores by Channel: % Value Growth 2024-2029
Apparel and Footwear Specialists in Vietnam
KEY DATA FINDINGS
Apparel and footwear specialists suffers slowed growth
International labels gain strength as local brands battle competition
Financial pressures force store closures and online pivots
Online sales and sustainability drive strategic approaches
Encouraging signs for recovery
Strengthening customer bonds in a digital era
Table 97 Apparel and Footwear Specialists: Value Sales, Outlets and Selling Space 2019-2024
Table 98 Apparel and Footwear Specialists: Value Sales, Outlets and Selling Space: % Growth 2019-2024
Table 99 Apparel and Footwear Specialists GBO Company Shares: % Value 2020-2024
Table 100 Apparel and Footwear Specialists GBN Brand Shares: % Value 2021-2024
Table 101 Apparel and Footwear Specialists LBN Brand Shares: Outlets 2021-2024
Table 102 Apparel and Footwear Specialists Forecasts: Value Sales, Outlets and Selling Space 2024-2029
Table 103 Apparel and Footwear Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2024-2029
Appliances and Electronics Specialists in Vietnam
KEY DATA FINDINGS
A modest rebound for appliances and electronics specialists
Mobile World JSC continues its consolidation
FPT moves into consumer appliances and Nguyenkim focuses on store innovation
A path to recovery in a dynamic climate
Online sales to keep on gaining ground
Rising competition in an evolving market
Table 104 Appliances and Electronics Specialists: Value Sales, Outlets and Selling Space 2019-2024
Table 105 Appliances and Electronics Specialists: Value Sales, Outlets and Selling Space: % Growth 2019-2024
Table 106 Appliances and Electronics Specialists GBO Company Shares: % Value 2020-2024
Table 107 Appliances and Electronics Specialists GBN Brand Shares: % Value 2021-2024
Table 108 Appliances and Electronics Specialists LBN Brand Shares: Outlets 2021-2024
Table 109 Appliances and Electronics Specialists Forecasts: Value Sales, Outlets and Selling Space 2024-2029
Table 110 Appliances and Electronics Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2024-2029
Home Products Specialists in Vietnam
KEY DATA FINDINGS
Steady demand seen under challenging conditions
Pet shops and superstores edge towards maturity
Growing appeal of second-hand goods
Positive outlook for home products specialists
A fragmented competitive landscape
E-commerce and omnichannel strategies gain traction
Table 111 Home Products Specialists: Value Sales, Outlets and Selling Space 2019-2024
Table 112 Home Products Specialists: Value Sales, Outlets and Selling Space: % Growth 2019-2024
Table 113 Sales in Home Products Specialists by Channel: Value 2019-2024
Table 114 Sales in Home Products Specialists by Channel: % Value Growth 2019-2024
Table 115 Home Products Specialists GBO Company Shares: % Value 2020-2024
Table 116 Home Products Specialists GBN Brand Shares: % Value 2021-2024
Table 117 Home Products Specialists LBN Brand Shares: Outlets 2021-2024
Table 118 Home Products Specialists Forecasts: Value Sales, Outlets and Selling Space 2024-2029
Table 119 Home Products Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2024-2029
Table 120 Forecast Sales in Home Products Specialists by Channel: Value 2024-2029
Table 121 Forecast Sales in Home Products Specialists by Channel: % Value Growth 2024-2029
Health and Beauty Specialists in Vietnam
KEY DATA FINDINGS
Positive performance from health and beauty specialists in 2024
FPT Corps broadens Long Chau’s presence nationwide
Gradual recovery in beauty specialists’ store numbers
Economic growth and tourism to boost future performance
E-commerce set to outpace store-based retail
Retailers emphasise innovation to woo consumers
Table 122 Health and Beauty Specialists: Value Sales, Outlets and Selling Space 2019-2024
Table 123 Health and Beauty Specialists: Value Sales, Outlets and Selling Space: % Growth 2019-2024
Table 124 Sales in Health and Beauty Specialists by Channel: Value 2019-2024
Table 125 Sales in Health and Beauty Specialists by Channel: % Value Growth 2019-2024
Table 126 Health and Beauty Specialists GBO Company Shares: % Value 2020-2024
Table 127 Health and Beauty Specialists GBN Brand Shares: % Value 2021-2024
Table 128 Health and Beauty Specialists LBN Brand Shares: Outlets 2021-2024
Table 129 Health and Beauty Specialists Forecasts: Value Sales, Outlets and Selling Space 2024-2029
Table 130 Health and Beauty Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2024-2029
Table 131 Forecast Sales in Health and Beauty Specialists by Channel: Value 2024-2029
Table 132 Forecast Sales in Health and Beauty Specialists by Channel: % Value Growth 2024-2029
Vending in Vietnam
Vending remains negligible in Vietnam
Rising popularity of vending machines in public places
Vending will start to grow though will remain negligible for the forecast period
Table 133 Vending by Product: Value 2019-2024
Table 134 Vending by Product: % Value Growth 2019-2024
Table 135 Vending GBO Company Shares: % Value 2020-2024
Table 136 Vending GBN Brand Shares: % Value 2021-2024
Table 137 Vending Forecasts by Product: Value 2024-2029
Table 138 Vending Forecasts by Product: % Value Growth 2024-2029
Direct Selling in Vietnam
KEY DATA FINDINGS
Rebound for direct selling in 2024
Herbalife retains overall leadership
Wider distribution channels and cancelled licences
Gradual recovery amid economic change
Government regulations bolster consumer trust
Heightened competition to test direct sellers
Table 139 Direct Selling by Product: Value 2019-2024
Table 140 Direct Selling by Product: % Value Growth 2019-2024
Table 141 Direct Selling GBO Company Shares: % Value 2020-2024
Table 142 Direct Selling GBN Brand Shares: % Value 2021-2024
Table 143 Direct Selling Forecasts by Product: Value 2024-2029
Table 144 Direct Selling Forecasts by Product: % Value Growth 2024-2029
Retail E-Commerce in Vietnam
KEY DATA FINDINGS
Retail e-commerce extends strong growth in 2024
TikTok secures foothold in Vietnam
New regulations shape 2024 retail ecommerce
Forecasts point to ongoing expansion
Stricter taxation and cross-border measures
Competitive strategies and AI adoption
Table 145 Retail E-Commerce by Channel: Value 2019-2024
Table 146 Retail E-Commerce by Channel: % Value Growth 2019-2024
Table 147 Retail E-Commerce by Product: Value 2019-2024
Table 148 Retail E-Commerce by Product: % Value Growth 2019-2024
Table 149 Retail E-Commerce GBO Company Shares: % Value 2020-2024
Table 150 Retail E-Commerce GBN Brand Shares: % Value 2021-2024
Table 151 Forecast Retail E-Commerce by Channel: Value 2024-2029
Table 152 Forecast Retail E-Commerce by Channel: % Value Growth 2024-2029
Table 153 Forecast Retail E-Commerce by Product: Value 2024-2029
Table 154 Forecast Retail E-Commerce by Product: % Value Growth 2024-2029
The following categories and subcategories are included:
Retail
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- Convenience Stores
- Forecourt Retailers
- Supermarkets
- Hypermarkets
- Discounters
- Warehouse Clubs
- Food/Drink/Tobacco Specialists
- Small Local Grocers
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- Department Stores
- Variety Stores
- Apparel and Footwear Specialists
- Appliances and Electronics Specialists
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- Home Improvement and Gardening Stores
- Homewares and Home Furnishing Stores
- Pet Shops and Superstores
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- Beauty Specialists
- Pharmacies
- Optical Goods Stores
- Health and Personal Care Stores
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- Bags and Luggage Specialists
- Jewellery and Watch Specialists
- Sports Goods Stores
- Traditional Toys and Games Stores
- Other Non-Grocery Retailers
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- Fashion Vending
- Health and Beauty Vending
- Appliances and Electronics Vending
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- Alcoholic Drinks Vending
- Hot Drinks Vending
- Soft Drinks Vending
- Tobacco Products Vending
- Foods Vending
- Home Products Vending
- Other Products Vending
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- Apparel and Footwear Direct Selling
- Personal Accessories Direct Selling
- Eyewear Direct Selling
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- 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
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- Apparel and Footwear E-Commerce
- Personal Accessories E-Commerce
- Eyewear E-Commerce
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- Beauty and Personal Care E-Commerce
- Consumer Health E-Commerce
- Tissue and Hygiene E-Commerce
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- Consumer Appliances E-Commerce
- Consumer Electronics E-Commerce
- Toys and Games E-Commerce
- Drinks and Tobacco E-Commerce
- Foods E-Commerce
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- Home Care E-Commerce
- Home and Garden E-Commerce
- Pet Care E-Commerce
- Other Products E-Commerce
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- 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
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Retail
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.
See all of our definitions
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