Retail in Vietnam - Research and Markets

Retail in Vietnam struggled in 2023, facing pressures from inflation and a weakening export market, among other things. Local consumers cut back on spending which negatively impacted several retail categories, including appliances and electronics specialists and direct selling. By contrast, hypermarkets and convenience stores saw strong growth in line with persistent urbanisation, with leading players focused on expansion throughout tier two and tier three cities.

The Retail in Vietnam report offers insight into key trends and developments driving the industry. The report examines all retail channels to provide sector insight. Channels include hypermarkets, supermarkets, discounters, convenience stores, mixed retailers, health and beauty retailers, clothing and footwear retailers, furniture and furnishing stores, DIY and hardware stores, durable goods retailers, leisure and personal goods retailers. There are profiles of leading retailers, with analysis of their performance and the challenges they face. There is also analysis of non-store retailing: vending; homeshopping; internet retailing; direct selling, as available.

Product coverage: Retail E-Commerce, Retail Offline.

Data coverage: Market sizes (historic and forecasts), company shares, brand shares and distribution data.

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RETAIL IN VIETNAM

EXECUTIVE SUMMARY

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?

OPERATING ENVIRONMENT

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

MARKET DATA

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

SOURCES

Summary 2 Research Sources

CONVENIENCE RETAILERS IN VIETNAMKEY DATA FINDINGS

2023 DEVELOPMENTS

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

PROSPECTS AND OPPORTUNITIES

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

CHANNEL DATA

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

DISCOUNTERS IN VIETNAM

2023 DEVELOPMENTS

The presence of discounters in Vietnam remains negligible

PROSPECTS AND OPPORTUNITIES

Discounters will not develop in Vietnam during the forecast period

HYPERMARKETS IN VIETNAMKEY DATA FINDINGS

2023 DEVELOPMENTS

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

PROSPECTS AND OPPORTUNITIES

Hypermarkets to record robust rises
Players will continue to invest in omnichannel approach
Sustainability focus to drive development

CHANNEL DATA

Table 142 Hypermarkets: Value Sales, Outlets and Selling Space 2018-2023
Table 143 Hypermarkets: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 144 Hypermarkets GBO Company Shares: % Value 2019-2023
Table 145 Hypermarkets GBN Brand Shares: % Value 2020-2023
Table 146 Hypermarkets LBN Brand Shares: Outlets 2020-2023
Table 147 Hypermarkets Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 148 Hypermarkets Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028

SUPERMARKETS IN VIETNAMKEY DATA FINDINGS

2023 DEVELOPMENTS

Supermarkets sees healthy growth
Bach Hoa Xanh sees strong rebound in 2023
AEON Group strengthens presence with AEON MaxValu

PROSPECTS AND OPPORTUNITIES

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

CHANNEL DATA

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

SMALL LOCAL GROCERS IN VIETNAMKEY DATA FINDINGS

2023 DEVELOPMENTS

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

PROSPECTS AND OPPORTUNITIES

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

CHANNEL DATA

Table 72 Small Local Grocers: Value Sales, Outlets and Selling Space 2018-2023
Table 73 Small Local Grocers: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 74 Small Local Grocers GBO Company Shares: % Value 2019-2023
Table 75 Small Local Grocers GBN Brand Shares: % Value 2020-2023
Table 76 Small Local Grocers LBN Brand Shares: Outlets 2020-2023
Table 77 Small Local Grocers Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 78 Small Local Grocers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028

APPAREL AND FOOTWEAR SPECIALISTS IN VIETNAMKEY DATA FINDINGS

2023 DEVELOPMENTS

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

PROSPECTS AND OPPORTUNITIES

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

CHANNEL DATA

Table 79 Apparel and Footwear Specialists: Value Sales, Outlets and Selling Space 2018-2023
Table 80 Apparel and Footwear Specialists: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 81 Apparel and Footwear Specialists GBO Company Shares: % Value 2019-2023
Table 82 Apparel and Footwear Specialists GBN Brand Shares: % Value 2020-2023
Table 83 Apparel and Footwear Specialists LBN Brand Shares: Outlets 2020-2023
Table 84 Apparel and Footwear Specialists Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 85 Apparel and Footwear Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028

APPLIANCES AND ELECTRONICS SPECIALISTS IN VIETNAMKEY DATA FINDINGS

2023 DEVELOPMENTS

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

PROSPECTS AND OPPORTUNITIES

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

CHANNEL DATA

Table 86 Appliances and Electronics Specialists: Value Sales, Outlets and Selling Space 2018-2023
Table 87 Appliances and Electronics Specialists: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 88 Appliances and Electronics Specialists GBO Company Shares: % Value 2019-2023
Table 89 Appliances and Electronics Specialists GBN Brand Shares: % Value 2020-2023
Table 90 Appliances and Electronics Specialists LBN Brand Shares: Outlets 2020-2023
Table 91 Appliances and Electronics Specialists Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 92 Appliances and Electronics Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028

HEALTH AND BEAUTY SPECIALISTS IN VIETNAMKEY DATA FINDINGS

2023 DEVELOPMENTS

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

PROSPECTS AND OPPORTUNITIES

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

CHANNEL DATA

Table 93 Health and Beauty Specialists: Value Sales, Outlets and Selling Space 2018-2023
Table 94 Health and Beauty Specialists: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 95 Sales in Health and Beauty Specialists by Channel: Value 2018-2023
Table 96 Sales in Health and Beauty Specialists by Channel: % Value Growth 2018-2023
Table 97 Health and Beauty Specialists GBO Company Shares: % Value 2019-2023
Table 98 Health and Beauty Specialists GBN Brand Shares: % Value 2020-2023
Table 99 Health and Beauty Specialists LBN Brand Shares: Outlets 2020-2023
Table 100 Health and Beauty Specialists Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 101 Health and Beauty Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
Table 102 Forecast Sales in Health and Beauty Specialists by Channel: Value 2023-2028
Table 103 Forecast Sales in Health and Beauty Specialists by Channel: % Value Growth 2023-2028

HOME PRODUCTS SPECIALISTS IN VIETNAMKEY DATA FINDINGS

2023 DEVELOPMENTS

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

PROSPECTS AND OPPORTUNITIES

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

CHANNEL DATA

Table 104 Home Products Specialists: Value Sales, Outlets and Selling Space 2018-2023
Table 105 Home Products Specialists: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 106 Sales in Home Products Specialists by Channel: Value 2018-2023
Table 107 Sales in Home Products Specialists by Channel: % Value Growth 2018-2023
Table 108 Home Products Specialists GBO Company Shares: % Value 2019-2023
Table 109 Home Products Specialists GBN Brand Shares: % Value 2020-2023
Table 110 Home Products Specialists LBN Brand Shares: Outlets 2020-2023
Table 111 Home Products Specialists Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 112 Home Products Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
Table 113 Forecast Sales in Home Products Specialists by Channel: Value 2023-2028
Table 114 Forecast Sales in Home Products Specialists by Channel: % Value Growth 2023-2028

GENERAL MERCHANDISE STORES IN VIETNAMKEY DATA FINDINGS

2023 DEVELOPMENTS

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

PROSPECTS AND OPPORTUNITIES

Department stores and variety stores face further growth
Chained variety stores to continue expansion
E-commerce threat will only intensify

CHANNEL DATA

Table 115 General Merchandise Stores: Value Sales, Outlets and Selling Space 2018-2023
Table 116 General Merchandise Stores: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 117 Sales in General Merchandise Stores by Channel: Value 2018-2023
Table 118 Sales in General Merchandise Stores by Channel: % Value Growth 2018-2023
Table 119 General Merchandise Stores GBO Company Shares: % Value 2019-2023
Table 120 General Merchandise Stores GBN Brand Shares: % Value 2020-2023
Table 121 General Merchandise Stores LBN Brand Shares: Outlets 2020-2023
Table 122 General Merchandise Stores Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 123 General Merchandise Stores Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
Table 124 Forecast Sales in General Merchandise Stores by Channel: Value 2023-2028
Table 125 Forecast Sales in General Merchandise Stores by Channel: % Value Growth 2023-2028

DIRECT SELLING IN VIETNAMKEY DATA FINDINGS

2023 DEVELOPMENTS

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

PROSPECTS AND OPPORTUNITIES

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

CHANNEL DATA

Table 126 Direct Selling by Product: Value 2018-2023
Table 127 Direct Selling by Product: % Value Growth 2018-2023
Table 128 Direct Selling GBO Company Shares: % Value 2019-2023
Table 129 Direct Selling GBN Brand Shares: % Value 2020-2023
Table 130 Direct Selling Forecasts by Product: Value 2023-2028
Table 131 Direct Selling Forecasts by Product: % Value Growth 2023-2028

VENDING IN VIETNAM

2023 DEVELOPMENTS

Vending remains negligible in Vietnam
Rising popularity of vending machines in public places

PROSPECTS AND OPPORTUNITIES

Vending will start to grow though will remain negligible for the forecast period

RETAIL E-COMMERCE IN VIETNAMKEY DATA FINDINGS

2023 DEVELOPMENTS

Retail e-commerce goes from strength to strength in 2023
TikTok Shop establishes foothold in Vietnam
Shopee remains in the lead in 2023

PROSPECTS AND OPPORTUNITIES

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

CHANNEL DATA

Table 132 Retail E-Commerce by Channel: Value 2017-2022
Table 133 Retail E-Commerce by Channel: % Value Growth 2017-2022
Table 134 Retail E-Commerce by Product: Value 2017-2022
Table 135 Retail E-Commerce by Product: % Value Growth 2017-2022
Table 136 Retail E-Commerce GBO Company Shares: % Value 2018-2022
Table 137 Retail E-Commerce GBN Brand Shares: % Value 2019-2022
Table 138 Forecast Retail E-Commerce by Channel: Value 2022-2027
Table 139 Forecast Retail E-Commerce by Channel: % Value Growth 2022-2027
Table 140 Forecast Retail E-Commerce by Product: Value 2022-2027
Table 141 Forecast Retail E-Commerce by Product: % Value Growth 2022-2027

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