Vietnam Retail Market Size, Share, Growth, Trends and Forecast 2025-2033

Vietnam Retail Market Overview

Base Year: 2024

Historical Years: 2019-2024

Forecast Years: 2025-2033

Market Size in 2024: USD 298.2 Billion

Market Forecast in 2033: USD 1,032.6 Billion

Market Growth Rate (2025-33): 13.6%

The Vietnam retail market size reached USD 298.2 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 1,032.6 Billion by 2033, exhibiting a growth rate (CAGR) of 13.6% during 2025-2033. The market is expanding due to population growth, global retailer expansion, and modern retail formats. A rising population increases demand, while global retailers enhance competition, infrastructure, and product variety. Modern retail formats including supermarkets, malls, and e-commerce, improve convenience and shopping experiences, which further drives the market share.

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Vietnam Retail Market Trends and Drivers:

The most transformative dynamic in the Vietnamese retail landscape is the accelerated erosion of boundaries between physical and digital commerce, evolving into a deeply integrated omnichannel ecosystem. Consumers no longer see online and offline as separate realms but as interchangeable components of a single, fluid shopping journey. This is not merely about e-commerce platforms offering faster delivery; it is about the strategic pivot of traditional brick-and-mortar retailers. We are witnessing a surge in stores functioning as experiential showrooms, click-and-collect hubs, and hyper-local fulfillment centers to facilitate near-instantaneous last-mile delivery. Leading domestic conglomerates are leveraging their vast networks of supermarkets and convenience stores to deploy "dark stores" within existing footprints, slashing delivery times for fresh produce and fast-moving consumer goods to under two hours in major metropolitan areas. Concurrently, social commerce and live-stream shopping are maturing beyond entertainment into significant revenue channels, with sellers leveraging platforms like Zalo and Facebook not just for discovery but for completing transactions through integrated digital wallets. This synergy creates a powerful feedback loop where online data informs inventory for physical locations, and in-store experiences build the brand trust that fuels online sales, compelling all market participants to operate a unified, customer-centric presence across all touchpoints to remain competitive.

A significant recalibration is underway as retailers respond to a more value-oriented and nationally conscious consumer base. Following global supply chain disruptions, there is a pronounced strategic shift towards deepening local sourcing partnerships and developing domestic supply chains to enhance resilience, reduce time-to-market, and cater to a growing preference for Vietnamese-made goods. This localization drive is twofold: it mitigates import dependency and its associated cost volatilities while simultaneously aligning with a potent wave of consumer patriotism and demand for product authenticity. Retailers are actively collaborating with local agricultural cooperatives and manufacturing hubs to secure exclusive product lines, ensuring freshness and unique provenance that international brands cannot easily replicate. This trend is particularly evident in the food and beverage sector and fast-moving consumer goods, where retailers are expanding their private-label offerings to include premium, locally-sourced specialties. This focus on value does not solely mean lower prices; it represents an enhanced price-to-quality ratio, where consumers perceive greater worth in products that support the local economy and reflect their cultural identity. Consequently, success is increasingly tied to a retailer's ability to embed themselves within the domestic economic fabric, offering a curated assortment that resonates with both the wallets and the national pride of the Vietnamese consumer.

The market is being dynamically shaped by the divergent yet equally powerful evolution of consumption in major urban centers versus emerging rural areas. In Tier-1 cities like Hanoi and Ho Chi Minh City, retail is characterized by a demand for sophistication, convenience, and premiumization. The modern trade channel is consolidating, with a focus on large-format, experiential malls and a rapid densification of convenience stores offering ready-to-eat meals, financial services, and parcel delivery points. Here, consumers are time-poor and experience-rich, seeking curated retail environments that blend shopping with leisure and dining. In stark contrast, the rural and Tier-2/3 markets represent the next formidable frontier for growth, fueled by rising disposable incomes and unprecedented digital penetration. While modern trade is expanding into these regions, the informal trade and traditional wet markets remain deeply entrenched, necessitating a tailored approach. The growth catalyst here is the e-commerce platform, which is effectively leapfrogging the physical infrastructure limitations by giving millions of new consumers access to a national inventory of goods. The key dynamic is the emergence of a hybrid consumer who may purchase a smartphone online but still prefers to buy fresh food from a trusted local vendor, demanding that retailers develop dual strategies to cater to the hyper-connected urbanite and the newly online rural consumer simultaneously.

Vietnam Retail Market Industry Segmentation:

Product Insights:

• Food and Beverages
• Personal and Household Care
• Apparel, Footwear and Accessories
• Furniture, Toys and Hobby
• Electronic and Household Appliances
• Others

Distribution Channel Insights:

• Supermarkets and Hypermarkets
• Convenience Stores
• Specialty Stores
• Online Stores
• Others

Regional Insights:

• Northern Vietnam
• Central Vietnam
• Southern Vietnam

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Key highlights of the Report:

• Market Performance (2019-2024)
• Market Outlook (2025-2033)
• COVID-19 Impact on the Market
• Porter’s Five Forces Analysis
• Strategic Recommendations
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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