Snapshot img

Vietnam Retail Market Size 2025-2029

The Vietnam retail market size is forecast to increase by USD 278.7 billion, at a CAGR of 14.7% between 2024 and 2029. The Vietnam Retail Market is segmented by distribution channel (Offline, Online), type (Grocery, Electronics and Appliances, Home and Garden, Health and Beauty, Others), channel (Cash, Digital Payment, Buy Now Pay Later (BNPL)), store type (Supermarkets, Convenience Stores, Online, Specialty Stores), consumer segment (Urban Middle Class, Rural Consumers, Young Shoppers), and geography (APAC: Vietnam). This segmentation reflects the market's diversity, driven by strong demand for Grocery and Health and Beauty products among Urban Middle Class and Young Shoppers, growing Online channels with Digital Payment and BNPL options, and the dominance of Supermarkets and Convenience Stores for Offline purchases catering to both Rural Consumers and urban preferences across Vietnam in the APAC region.

Major Market Trends & Insights

Based on the Distribution Channel, the offline segment led the market and was valued at USD 212.20 billion of the global revenue in 2023.
Based on the Type, the Grocery segment accounted for the largest market revenue share in 2023.

Market Size & Forecast

Market Opportunities: USD 299.79 Billion
Future Opportunities: USD 278.7 Billion
CAGR (2024-2029): 14.7%

The market is experiencing significant growth, driven primarily by the increasing demand for convenience food products. This trend is closely linked to the emergence of urban lifestyles, as more consumers in Vietnam's cities seek out quick and easy meal solutions. However, this growth comes with challenges. Logistical and supply chain issues persist, posing significant obstacles for retailers looking to meet the surging demand for convenience foods. Efficiently managing the distribution and delivery of these products is essential for companies aiming to capitalize on this market opportunity and maintain a competitive edge. Navigating these challenges requires strategic planning and innovative solutions to ensure the timely and cost-effective delivery of convenience food products to consumers in Vietnam's urban areas. Companies that can effectively address these logistical hurdles will be well-positioned to thrive in this dynamic and expanding market.

What will be the size of the Vietnam Retail Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
Request Free Sample

In Vietnam's dynamic retail market, pricing optimization plays a crucial role in staying competitive. Consumer spending habits continue to shape the industry, with franchise models adapting to local preferences. Sustainability initiatives and compliance standards are increasingly important, driving retailers to prioritize environmental impact and social responsibility. Merchandising strategies and sales forecasting help businesses optimize profit margins and performance metrics, while product recall procedures and food safety regulations ensure customer satisfaction and protect against product liability. E-commerce fraud and intellectual property rights pose challenges, necessitating robust risk management and business intelligence. Sales data analysis and employee training are essential for addressing inventory shrinkage and supply chain disruptions. The grocery segment is the second largest segment of the type and was valued at USD 101.20 billion in 2023.
Competitor mapping and store security systems are crucial for market penetration and maintaining regulatory compliance. Consumer confidence is influenced by economic indicators, with private label brands gaining popularity. Retailers must navigate complex import/export regulations and adhere to consumer protection laws. Adopting a proactive approach to corporate governance and regulations compliance is vital for long-term success. Market trends include a focus on food safety, sustainability, and digital transformation. Retailers must balance these priorities with managing their workforce, implementing merchandising strategies, and addressing product liability concerns. Effective risk management and supply chain resilience are essential for mitigating the impact of potential crises.

How is this market segmented?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Distribution Channel

  Offline
  Online


Type

  Grocery
  Electronics and appliances
  Home and garden
  Health and beauty
  Others


Channel

  Cash
  Digital payment
  Buy now pay later (BNPL)


Store Type

  Supermarkets
  Convenience Stores
  Online
  Specialty Stores


Consumer Segment

  Urban Middle Class
  Rural Consumers

The Vietnam Retail Market Report is Segmented by Product Type (Food, Beverage, and Tobacco Products, Personal Care and Household Care, and More), Retail Channel (Traditional Mom and Pop Retail, Modern Trade Retail, E-Commerce, and Others), and Format (Hypermarkets, Supermarkets, Convenience Stores, Department Stores, Specialty Stores, and Others). The Market Forecasts are Provided in Terms of Value (USD).

The size of the Retail Market in Vietnam market was valued at USD 276.37 Million in 2024 and is projected to reach USD 612.88 Million by 2033, with an expected CAGR of 12.05% during the forecast period. Recent developments include: In October 2022, in order to connect all user interactions, whether they take place offline, online, in augmented reality, or even in the metaverse, the Central group launched the Next-Gen Omnichannel platform, which will encompass the Central Retail network in Thailand, Vietnam, and Italy., In February 2022, the fourth wave of the COVID-19 pandemic in HCM City caused several fluctuations in the supply chain of commodities, and modern retail businesses had to adapt by changing their distribution systems rather than continuing to play the traditional function of delivering items to customers on-site.. Notable trends are: Rapid Growth in Consumer Spending is a Driving Factor.

The Vietnam warehousing market attained a value of USD 5.25 Billion in 2024. The market is expected to grow at a CAGR of 11.20% during the forecast period of 2025-2034. By 2034, the market is expected to reach USD 15.18 Billion.

A key driver of the Vietnam warehousing market is the deployment of fully automated robotic fleets in parcel sortation centres, which boosts throughput and operational precision in response to the surge in e-commerce. For example, in early 2025, the postal and courier firm Viettel Post deployed around 200 automated-guided vehicles (AGVs) across one of its Hanoi warehouses to sort packages for major online retailers. This innovation allows processing capacity to increase by roughly 3.5 times and cuts delivery times by 8-10 hours, aligning warehousing capabilities with Vietnam’s high-growth digital-commerce ecosystem.

The growth of the Vietnam warehouse market is further driven by strong economic growth. With rising manufacturing, retail and e-commerce, the demand for efficient storage and distribution is escalating. As per the General Statistics Office of Vietnam, Vietnam’s GDP was estimated to rise by 7.09% in 2024. Increasing foreign direct investment (FDI) and industrial production boost warehousing needs, particularly near manufacturing hubs and ports. This growth encourages developers and logistics firms to invest in modern warehouse infrastructure, supporting the country’s evolving supply chains.

The Vietnam warehousing industry is embracing technologies, such as warehouse management systems (WMS), automation, and robotics. These technologies improve inventory accuracy, reduce labour costs, and speed up operations. In August 2024, Nissin Logistics Vietnam partnered with MEKSMART to implement a custom NISSIN-WMS across their major warehouses in Binh Duong and Bac Ninh provinces. The push towards Industry 4.0 practices enables better supply chain visibility and efficiency. Although automation adoption is still in early stages compared to developed markets, rising labour costs and demand for high service quality encourage increased investment in tech-enabled warehouses.

The Vietnamese domestic coffee machine market skyrocketed to $25M in 2024, increasing by 47% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption showed a prominent expansion. Domestic coffee machine consumption peaked in 2024 and is expected to retain growth in years to come.

The Vietnam ICT Market Report is Segmented by Type (IT Hardware, IT Software, IT Services, IT Infrastructure, Communication Services), End-User Enterprise Size (Small and Medium Enterprises, Large Enterprises), End-User Industry Vertical (Government and Public Administration, BFSI, Energy and Utilities, Retail, E-Commerce and Logistics, and More). The Market Forecasts are Provided in Terms of Value (USD).

The Vietnam Coffee Market is Segmented Based On Product Type (Whole Bean, Ground Coffee, Instant Coffee, Coffee Pods and Capsules, and Ready-To-Drink), by Coffee Type (Arabica and Robusta), by Category (Conventional and Speciality), and by Distribution Channel (On-Trade and Off-Trade (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Retail, and More). The Market Forecasts are Provided in Terms of Value (USD).

The Vietnam ICT market exhibits robust growth, projected to reach $8.30 billion in 2025, expanding at a Compound Annual Growth Rate (CAGR) of 9.92% from 2025 to 2033. This significant expansion is fueled by several key drivers. Firstly, increasing government initiatives promoting digital transformation and infrastructure development are laying a solid foundation for technological advancements. Secondly, the rapid growth of e-commerce and digital services within the BFSI (Banking, Financial Services, and Insurance), IT & Telecom, and retail sectors is creating substantial demand for ICT solutions. Furthermore, a burgeoning young population with high smartphone penetration and internet usage is driving the adoption of advanced technologies. The market is segmented by type (hardware including network switches, routers, servers, and storage; software; IT and infrastructure services encompassing cloud solutions; and telecommunication services) and by industry vertical (BFSI, IT & Telecom, Government, Retail & E-commerce, Manufacturing, Energy & Utilities, and others). Leading players like Microsoft, Cisco, Viettel, and Qualcomm are actively shaping the market landscape through strategic investments and technological innovation. However, challenges remain, including infrastructure limitations in certain regions and the need for continuous skills development to support the growing technological demands. The forecast period of 2025-2033 promises continued expansion, driven by rising disposable incomes and increased government spending on digital infrastructure projects. This growth will likely be most pronounced in segments like cloud computing and software, reflecting the global shift towards digitalization. While challenges like cybersecurity threats and the digital divide need to be addressed, the overall outlook for the Vietnam ICT market remains positive, with substantial opportunities for both domestic and international players. The strong government support for digitalization, coupled with the dynamic private sector, ensures a favorable environment for sustained growth throughout the forecast period. The continuing expansion of 4G and 5G networks will further boost the market's growth potential, particularly within the telecommunication services sector. Recent developments include: July 2024: Google and the Vietnam National Innovation Centre (NIC) launched the 'Build for the AI Future' initiative to address challenges and promote comprehensive AI development in Vietnam. This comprehensive program was designed to accelerate the country's progress in AI through two strategies, including building talent and start-ups., April 2024: Alibaba, the global cloud service provider, announced plans to build a data center in Vietnam to store data locally due to compliance with legal requirements. The company relies on government-owned facilities.. Key drivers for this market are: Rising Smart City Initiatives Leading to Revamp of Technology Infrastructure, Digital Transformation and Industrial Automation; Increasing Investment on Key Technologies (Cloud Technology and Artificial Intelligence). Potential restraints include: Rising Smart City Initiatives Leading to Revamp of Technology Infrastructure, Digital Transformation and Industrial Automation; Increasing Investment on Key Technologies (Cloud Technology and Artificial Intelligence). Notable trends are: IT and Infrastructure Services (Including Cloud) Are Expected to Drive the Market.

The Vietnam E-Commerce Market Report is Segmented by Business Model (B2C, B2B), Device Type (Smartphone / Mobile, Desktop and Laptop, Other Device Types), Payment Method (Credit / Debit Cards, Digital Wallets, BNPL, Other Payment Method), B2C Product Category (Beauty and Personal Care, Consumer Electronics, Fashion and Apparel, Food and Beverages, and More). The Market Forecasts are Provided in Terms of Value (USD).

Vietnam lingerie market size reached USD 450.2 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 701.6 Million by 2033, exhibiting a growth rate (CAGR) of 5.2% during 2025-2033. The growing emphasis on body positivity and inclusivity wherein diverse body shapes and sizes are embraced, rising influence of celebrity endorsements and collaborations with brands, and increasing adoption of 3D printing techniques that enable custom-fitting represent some of the key factors driving the market.

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2025-2033. Our report has categorized the market based on product type, material, price range, and distribution channel.

The Vietnam skin care products market was valued at USD 1.15 Billion in 2024. The market is expected to grow at a CAGR of 8.40% during the forecast period of 2025-2034 to reach a value of USD 2.58 Billion by 2034. The market is experiencing growth, driven by rising beauty consciousness and increasing disposable incomes among the country’s young population.

Urbanization in Hanoi and Ho Chi Minh City has caused more exposure to international beauty trends, with Vietnamese consumers placing highest concern on skin care regimens influenced by K-beauty. The number of people in Ho Chi Minh City in 2024 was 9,567,660. Cultural focus on light skin and staying youthful still influences demand, especially for sunscreens and face masks. Also, the increasing demand for natural and organic products is because of the safety concerns among consumers, and local players such as Cocoon Vietnam are becoming popular due to their herbal-based products.

The beauty consciousness and rising e-commerce adoption influence the Vietnam skin care products market outlook. This is echoed by a 20% growth in skin care business on the internet as reported by Shopee in 2024, proving the digital pivot in shopping habits. Furthermore, natural product line investments, like Unilever's introduction of an organic face cream brand in Vietnam during early 2025, meet consumer demand for more secure options. The growth of specialty retailers such as Guardian, which added 30 new stores in 2024, further supports the growth in product demand.

The Vietnamese chocolate market surged to $31M in 2024, growing by 20% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption showed a resilient increase. Over the period under review, the market attained the peak level at $35M in 2022; however, from 2023 to 2024, consumption failed to regain momentum.

The Vietnamese umbrella and walking-stick market shrank to $83M in 2024, falling by -2.2% against the previous year. Overall, consumption, however, showed a moderate expansion. As a result, consumption reached the peak level of $170M. From 2019 to 2024, the growth of the market remained at a lower figure.

The Vietnamese tin bar market fell rapidly to $56M in 2024, declining by -22.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, showed a strong increase. Tin bar consumption peaked at $96M in 2021; however, from 2022 to 2024, consumption failed to regain momentum.

The Vietnam Fruits and Vegetables Market, valued at $12 billion in 2024, is set to reach $22 billion by 2034, growing at a 6.5% CAGR driven by demand.

The size of the Vietnam Food Service Industry market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 3.50% during the forecast period. Recent developments include: March 2023: Starbucks is committed to expanding in the country. It inaugurated 13 new stores to reach 100 stores by the end of 2023.January 2023: Restaurant Brands International Inc. opened a single store for both Burger King and Popeyes in Hanoi City.December 2022: KFC launched Charcoal Grilled Chicken Rice in Vietnam, which contains chicken fillets grilled on charcoal with Japanese Teriyaki sauce.. Key drivers for this market are: Growing Demand for Cocoa Butter Equivalents Among Food Manufacturers, Rising Application in Food Industry. Potential restraints include: Health Concerns Pertaining to the Excessive Consumption of Fats and Oils. Notable trends are: Michelin Guide and Vietnam Tourism Promote Vietnamese Cuisine drives the expansion of the full service restaurants across the country.

The Vietnam Foodservice Market Report Segments the Industry Into Foodservice Type (Café and Bars, Cloud Kitchen, Full Service Restaurants, Quick Service Restaurants), Outlet (Chained Outlets, Independent Outlets), Location (Leisure, Lodging, Retail, Standalone, Travel), and Service Type (Dine-In, Takeaway, and Delivery). The Market Forecasts are Provided in Terms of Value (USD).

The Vietnamese cane molasses market surged to $43M in 2024, growing by 74% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption recorded a buoyant expansion. Cane molasses consumption peaked at $61M in 2022; however, from 2023 to 2024, consumption failed to regain momentum.

The Vietnamese nickel market amounted to $24M in 2024, approximately mirroring the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, continues to indicate a remarkable increase. Nickel consumption peaked at $24M in 2022; however, from 2023 to 2024, consumption stood at a somewhat lower figure.

The Vietnamese laser market rose notably to $115M in 2024, picking up by 12% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a significant increase. As a result, consumption reached the peak level of $128M. From 2023 to 2024, the growth of the market failed to regain momentum.