Vietnam’s retail market is at a turning point, shifting from traditional models to modern ones, and from mass consumption to smart and sustainable consumption.

Prime Minister Pham Minh Chinh has approved a strategy for developing Vietnam’s retail market through 2030, with a vision to 2050, under Decision No. 2326/QD-TTg.

In the first seven months of this year, retail sales of goods were estimated at approximately 3.05 quadrillion VND, accounting for 76.4% of the total revenue and rising by 7.8% compared to the same period last year.

In the evolving global retail landscape, Vietnam stands out as a dynamic market with clear signs of recovery.

Japanese retailers Aeon and Sumitomo have planned to expand their networks in Vietnam, Nikkei Asia reported on May 5.

Foreign players have developed and expanded rapidly through new investments and mergers and acquisitions

Vietnam’s retail sector is rapidly advancing its digital transformation, with retailers embracing data-driven strategies and diversified sales channels to cut costs and streamline operations.

International specialty products are making significant inroads into Vietnam's domestic retail channels, offering consumers an expanding array of culinary and cultural experiences through strategic marketing and distribution networks.

In the face of fierce competition in the world market, Vietnamese retailers are racing to “green up” their trademarks towards sustainable brands, thus maintaining its home ground and reach out to foreign markets.

Large international retailers including Aeon, Uniqlo, Walmart, Amazon, Safeway, Carrefour, Decathlon, Central Group and Ikea have been visiting Vietnam seeking partnerships in industrial, agricultural and handicrafts products.

Reducing prices to attract customers has been seen as a key to success for many enterprises, but it also contains hidden risks causing damage to their businesses.

As responsible and ESG investing gain traction, the focus on sustainability has become a top priority for investors, developers, and property owners in Vietnam.

A number of global leading retailers such as Walmart, Amazon, AEON, and Central Retail are set to come to Vietnam in June to seek supply sources for quality commodities from local businesses, according to the Ministry of Industry and Trade.

According to a report by Q&Me, a market research company, updated in April 2024, the retail market in Việt Nam has experienced remarkable transformation.

The recoveries in industrial production, employment and wages will contribute to strengthening domestic demand.

The rapid development of e-commerce is causing a series of commercial townhouses to close down, while shopping centres still have a stable number of customers due to positive online sales channels and sharing turnover methods.

After successfully conquering international markets, many businesses have returned to conquer the domestic market as more and more customers choose to buy Vietnamese products.

Vietnam has become a promising destination for international retailers as the size of the market has surpassed US$180 billion.

Vietnam, with a population of nearly 100 million people, is considered a potential investment market for famous retailers around the world; therefore, many foreign retailers have enhanced their investments.