Vietnam’s retail sales forecast to reach 350 billion USD by 2025
The scale of the domestic retail market is expected to increase from 142 billion USD at present to 350 billion USD by 2025, contributing 59% of the national GDP, according to the Ministry of Industry and Trade (MoIT).
Hanoi (VNA) - The scale of the domesticretail market is expected to increase from 142 billion USD at present to 350billion USD by 2025, contributing 59% of the national GDP, according to theMinistry of Industry and Trade (MoIT).
Last year, the total revenue from retail sales ofgoods and services rose 21%, exceeding the target of 8%.
A survey by Vietnam Report showed that over 53.8% oftotal retail firms enjoyed similar and higher business results compared to thepre-pandemic level.
Experts held that growth of retail sales is beingsupported by rise in income and the strong recovery of the tourism sector aswell as relevant sectors such as transport and accommodations, as well as theeffectiveness of inflation control measures.
There are signs of vibrant retail activities as manyforeign investors have announced their plans to return after COVID-19.
Recently, Thailand’s Central Retail said that itwill pump an additional 20 trillion VND (852.87 million USD) into the Vietnamesemarket in the next five years, pushing its investments in Vietnam in the2022-2026 period to 65 trillion VND. With this plan, Central Retail will raisetheir coverage from 40 localities currently to 55.
Meanwhile, Japanese giant retailer Aeon Group plansto build another megamall in Hanoi, raising its total trade centres in Vietnamto 20.
In 2023, four trade centres are scheduled to belaunched - Central Premium Plaza, Vincom Megamall Grand Park, Sunrise CityCentral and Emart 2 with a total area of over 116,000 sq.m.
Many experts predicted that this year, retailerswill expand their selling channels, bringing their products to differenttrading platforms to optimise online retail channels.
Vietnam’s total retail sales of goods and servicesin January was estimated at 544.8 trillion VND, up 5.2% from the previous monthand 20% as compared with the same period last year, according to the GeneralStatistics Office (GSO).
The office explained that the hike was attributed tothe growing consumption demand as Tet (Lunar New Year), the biggest and longestfestival in the Southeast Asian nation, fell in the month.
Of the total, the retail sales of goods were 435.4trillion VND, a year-on-year rise of 18.1%, with the biggest increase seen ingarments (27%)./.
Although 2023 is forecast to see many difficulties, experts expect this is a recovery year of the retail sector after COVID-19 pandemic as there are many signs showing the return of investors and higher demands.
The Vietnamese retail sector has recovered to the pre-COVID-19 level, with 53.8% of total retailers reporting similar or better business outcomes, according to Vietnam Report JSC.
Vietnam’s total retail sales of goods and services in January was estimated at 544.8 trillion VND (23.22 billion USD), up 5.2% from the previous month and 20% as compared with the same period last year, according to the General Statistics Office (GSO).
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Illustrative image (Source: VNA) 
