Vietnam Retail Market to Hit USD 1,032.6 Billion by 2033 with a Robust CAGR of 13.6%

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:

Vietnam’s retail industry is in the middle of a bold digital transformation, one that’s fundamentally changing how consumers interact with brands and how businesses operate. At the heart of this shift is the country’s deepening internet penetration and widespread use of smartphones—more than 73% of the population now owns one. With better access to 4G and the rollout of 5G, online shopping is no longer just a trend; it’s becoming the new normal. E-commerce platforms like Shopee, Lazada, and Tiki are thriving, but what’s truly remarkable is the rise of social commerce. Facebook, Instagram, TikTok Shop, and Zalo are emerging as powerful selling channels, especially in lifestyle categories such as fashion, beauty, and fast-moving consumer goods (FMCG). Vietnamese consumers are embracing these platforms not only for convenience but also for their personal touch—shopping recommendations from friends or influencers they trust.

This new generation of consumers expects more than just an online checkout. They want seamless digital experiences—from user-friendly apps and flexible e-wallet payments like MoMo and VNPay to same-day or next-day delivery in cities like Ho Chi Minh and Hanoi. As a result, retailers are stepping up their game. They’re investing heavily in omnichannel strategies, advanced analytics for personalized marketing, and efficient delivery networks. Livestream selling is gaining serious momentum as a highly engaging way to discover products and build trust in real time. Going forward, the retailers who succeed will be those who harness AI for personalization, strengthen digital security, and adapt their logistics for speed and scale. At the same time, Vietnam’s modern retail formats are expanding quickly beyond the major cities. Tier 2 and Tier 3 cities, and even rural areas, are seeing the growth of convenience stores like GS25 and WinMart+, supermarkets like Aeon and Lotte, and shopping malls that host international brands like Uniqlo and H&M. While traditional markets still hold cultural value—especially for fresh produce—the younger, urban population is turning more towards modern retail for its hygiene, reliability, and convenience.

Retailers are adapting accordingly. Major players like Masan and Vingroup are experimenting with new formats—smaller, more agile hypermarkets, or modern grocery stores with enhanced fresh food sections. These stores aren’t just places to shop—they’re becoming destinations, combining retail with entertainment and dining. However, expanding into new regions comes with challenges. Businesses must carefully localize their product offerings, improve supply chains to ensure freshness, and explore hybrid models like click-and-collect or dark stores. Physical retail is no longer just about location—it’s about experience, service, and integration with the digital ecosystem.

Another powerful force shaping the retail landscape is Vietnam’s growing middle and affluent class, which could reach 48 million people by 2025. This group isn’t just spending more—they’re spending differently. Today’s Vietnamese shoppers prioritize quality, health, safety, and sustainability. They’re looking for value, not just low prices. That means growing demand for organic groceries, clean-label health supplements, imported skincare, and stylish home gadgets.Retailers need to appeal to this new mindset by creating immersive, personalized, and meaningful shopping experiences. That includes everything from VR fitting rooms and well-designed stores to brand storytelling and ethical sourcing. The most successful brands will be those that combine convenience with purpose—offering products that are not only easy to buy but also align with the values of a more conscious consumer..

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.

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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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