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.

Foreign corporations and investment funds are rushing to inject money into large Vietnamese businesses, especially those in consumer goods, retail, pharmacy and finance.

Many foreign retail distributors, promoting strategies to diversify their supply chains and ensure a sustainable and resilient supply, have chosen Vietnam as a strategic location in the global supply chain.

The retail sector is expected to maintain growth in the remaining months of 2023, because most retail businesses have appropriate solutions to increase purchasing power.

The Vietnam International Sourcing 2023, which will be hosted by the Ministry of Industry and Trade (MoIT) from September 13 – 15 in Ho Chi Minh City, is expecting to attract about 150 business delegations from 30 countries and territories worldwide.

Japanese retail group AEON has informed purchasing firms from many countries of the upcoming “Vietnam International Sourcing 2023” to be hosted by the Ministry of Industry and Trade (MoIT).

Negative impact of macroeconomic conditions have been eroding the confidence of both consumers and businesses, yet the Vietnamese retail market is still thriving with new and expanding distribution chains, according to experts.

Big retailers have triggered a fierce struggle, trying to ease selling prices to improve revenue and obtain bigger market share amid weak demand.

Retail firms of the Republic of Korea (RoK) are stepping up efforts to tap into the Vietnamese market, which has huge growth potential thanks to its rapid economic growth and a high proportion of the working age population.

Many domestic enterprises are renewing their business methods to catch up with the green consumption trend.

The presence of foreign-invested enterprises in Vietnam's retail sector has increased competition among businesses, jointly regulating supply and demand in the domestic market.

The Department of International Trade Promotion (DITP) under the Ministry of Commerce of Thailand has recommended Thai businessmen to study the possibility of exploiting Vietnam's steadily growing retail market.

Vietnam remains an attractive market for retailers as Vietnamese consumers remain optimistic about the economic challenges and are driving premium purchases.