High-tech product retailers have been trying every possible solution to attract buyers.

Cellphone S, FPT Shop, Shop Dunk and Di Dong Viet are rushing to open new stores in the year-end sale season.

Vietnam's economy has recovered impressively and it is the only country in Asia with a growth forecast that has been raised by the International Monetary Fund (IMF). This has led to leading foreign and domestic retailers expanding their networks.

From shopping malls to store chains in residential quarters, Japanese retailers are ambitious about entering the Vietnamese market.

The boom of e-commerce in the rental market space in commercial centres has forced developers to assert their distinct identities.

If the growth rate is maintained at a high level, Vietnam's retail market may reach US$200 billion in the next two years, experts have said.

The expected dominance of foreign retailers in the Vietnamese market has not occurred. Many foreign giants have left and Vietnamese retailers are controlling the market.

Foreign retail businesses are adopting a multi-channel sales strategy as well as improved operations and delivery services to expand Vietnam operations despite pandemic impacts.

Large retail firms are to gain even more market share this year as smaller competitors have been forced to exit the game after prolonged lockdowns and mobility restrictions during recent years, said industry experts. 

The retail market in Vietnam has been evolving fast in recent years with strong growth in modern distribution channels such as supermarkets. 

Thanh Ngoc, the owner of a grocery store, was seen comparing the prices of thousands of products with a smartphone.

Many forwarding companies have found it difficult to deliver goods as there are not enough deliverymen.

Such growth rate, while remaining lower compared to the 12.7% recorded the previous year, was an encouraging sign for the business community amid global retail market suffering plunge in revenue during the pandemic.

Vietnam’s total revenue from retail trade and services reached over VND5 quadrillion (US$219.5 billion) in 2020, representing a modest yearly rise of 2.6 per cent, according to the General Statistics Office (GSO).

The race for domestic retail market share was heating up as local and foreign firms looked to expand their networks, experts said.

Many retailers have had to close shops and give back retail premises to landlords because of poor patronage and a dramatic drop in sales.

The retail sector still saw strong growth in 2019, especially in second-class cities, but it cooled down in large cities.

Masan Group intends to close up to 10 VinMart supermarkets and 150-300 VinMart+ convenience stores that have performed poorly and will open 20-30 new VinMart supermarkets and 300-500 VinMart+ stores this year.

A lot of events happened in 2019, including merger and acquisitions (M&As). Meanwhile, some e-commerce websites stopped their operation.