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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.
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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

Discover the booming Vietnamese retail market! This in-depth analysis reveals a 12.05% CAGR, key drivers, trends, and leading players like Saigon Co op and VinGroup. Explore market segmentation by product type and distribution channel, including the explosive growth of e-commerce. Get the data you need to understand this dynamic market's future. 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.

Retail Sales in Vietnam increased 7.20 percent in October of 2025 over the same month in the previous year. This dataset provides - Vietnam Retail Sales YoY - actual values, historical data, forecast, chart, statistics, economic calendar and news.

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.

In 2024, the total sales value of goods and services is expected to reach approximately *** quadrillion Vietnamese dong, reflecting a *****percent increase compared to the previous year. This figure included the sales value of the retail sector, accommodation and catering services, tourism, and travel services, as well as other services. The country‘s retail sales have shown signs of recovery after the impacts of the COVID-19 pandemic. Retail channels in Vietnam In Vietnam, traditional trade channels have remained dominant in the country’s retail landscape; however, modern retail channels could soon change this. The rise of the middle-class population and the expansion of modern retail channels such as supermarkets, mini stores, and department stores, as well as the convenient shopping experience that they offer, has led to a shift in shopping channel preferences among consumers. According to a survey among Vietnamese consumers, around ** percent of respondents revealed that they intended to increase their grocery purchases in large stores or one-stop shops. As of March 2023, Vietnam had over *** thousand convenience stores and mini supermarkets, mainly in big cities such as Hanoi and Ho Chi Minh City. Recovery from the COVID-19 pandemic The contribution of accommodation and catering services and travel services to total retail sales has decreased significantly in the past few years due to the negative impacts of the COVID-19 pandemic. However, after two years of restrictions, Vietnamese consumers have eagerly returned to shopping at stores, as well as travel. As a result, in 2023, the revenue from tourism and travel services experienced significant growth compared to the year prior. The removal of COVID-19-related restrictions was expected to revive the Vietnamese tourism industry, as well as boost the recovery of the retail sector.

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).

Discover the booming Vietnam retail market! This in-depth analysis reveals a $252.9B market with a 13.64% CAGR (2025-2033), driven by rising incomes and e-commerce. Explore key players, market segments (grocery, electronics, etc.), and future trends impacting this dynamic sector.

In Vietnam Retail Market is projected to grow from USD 2.3 trillion in 2025 to USD 3.7 trillion by 2031, at a CAGR of 8.2%

Vietnam Retail Market size was valued at USD 297.5 Billion in 2024 and is expected to reach USD 952.6 Billion by 2032, growing at a CAGR of 15.6% from 2026 to 2032.

Vietnam Retail Market: Definition/ Overview

In Vietnam, retail is the direct sale of products and services to consumers through a variety of channels such as supermarkets, shopping malls, convenience shops, and e-commerce platforms.

Uncover the growth potential in Vietnam Retail Market, size at USD 250 Bn in 2023, featuring industry analysis and top players.

In 2023, the value of retail sales of consumer goods and services in Vietnam increased to *** percent, reflecting a significant decline compared to the year prior. This value was forecasted to increase by **** percent in 2024.

In 2022, e-commerce sales accounted for ***** percent of the total retail sales in Vietnam. In that year, the value of retail sales of goods and services amounted to over ***** trillion Vietnamese dong. Since 2015, the e-commerce share of total retail sales has doubled in the country. B2C e-commerce landscape in Vietnam The revenue of the B2C e-commerce sector in Vietnam has been growing year on year, reaching approximately **** billion U.S. dollars in 2022. Shopee, owned by the Singaporean multinational technology company Sea, has been the leading e-commerce marketplace in Vietnam, accounting for ** percent of the total market share. Meanwhile, when it comes to electronics products, Vietnamese consumers have often opted for domestic e-commerce companies such as The Gioi Di Dong and Dien May Xanh. Vietnam's e-commerce growth post-COVID-19 recovery The COVID-19 pandemic has given rise to an increase in the usage of online shopping among Vietnamese consumers. While categories such as travel, mobility, and accommodation were already popular among online shoppers before the pandemic; today, consumers have shifted their preference to purchasing food and personal care online as individuals become more conscious of their health and personal lifestyles. As a result, food and personal care saw the highest growth of all e-commerce categories, as consumers place a higher priority on convenience and safety. In the future, this newly adopted shopping habit is expected to become another revenue stream of the e-commerce sector in Vietnam.

The total retail sales of cross-border e-commerce in Vietnam significantly increased from 2017 to 2021. In 2021, cross-border e-commerce retail sales in the country amounted to **** billion U.S. dollars. The country's retail sales of cross-border e-commerce were forecast to continue increasing and reached ***** billion U.S. dollars by 2026.

Vietnam Cloud Retail Market growth is driven by increasing digital transformation in the retail sector and the rising adoption of cloud technologies.

The Vietnamese e-commerce market, valued at $14.7 billion in 2025, is experiencing robust growth, projected to expand at a Compound Annual Growth Rate (CAGR) of 10.09% from 2025 to 2033. This surge is driven by increasing internet and smartphone penetration, a young and tech-savvy population, and a rising middle class with greater disposable income. Key growth drivers include the expanding adoption of mobile commerce, the proliferation of convenient payment options like e-wallets, and the increasing preference for online shopping for convenience and wider product selection. The B2C segment dominates the market, with significant contributions from various application categories. Beauty & Personal Care, Consumer Electronics, and Fashion & Apparel are leading sectors, reflecting changing consumer preferences and lifestyles. While the B2B e-commerce sector is also growing, it currently holds a smaller market share compared to the B2C segment. However, with increasing business digitization and the adoption of online procurement platforms, substantial future growth in B2B e-commerce is anticipated. The competitive landscape is dynamic, featuring both large multinational players like Shopee and Lazada, and significant domestic companies like Tiki, The Gioi Di Dong, and Dien May Xanh. These businesses are constantly innovating, offering personalized experiences, and expanding their logistics networks to meet the demands of a rapidly evolving marketplace. The market faces certain challenges, including the need for improved logistics infrastructure in more remote areas, addressing concerns around cybersecurity and data privacy, and enhancing consumer trust in online transactions. Nonetheless, government initiatives promoting digital infrastructure development and favorable regulatory environments are actively supporting the growth of the e-commerce sector. The continued penetration of high-speed internet and affordable smartphones, coupled with ongoing improvements in logistics and payment systems, will likely sustain the strong growth trajectory of the Vietnamese e-commerce market in the coming years. Further segmentation analysis is required to fully understand the specific growth potential within each application category and regional variations. The success of individual companies will depend on their ability to adapt to market changes, invest in technology, and provide a seamless and reliable shopping experience for consumers. This comprehensive report provides a deep dive into the dynamic Vietnamese e-commerce market, analyzing its growth trajectory from 2019 to 2033. We cover key aspects including market size (GMV), segment analysis, competitive landscape, and future trends, empowering businesses to navigate this rapidly evolving sector. The report utilizes data from 2019-2024 (Historical Period), with a base year of 2025 and forecasts extending to 2033 (Forecast Period). Recent developments include: June 2023 - According to data recently published by the Vietnam E-commerce and Digital Economy Agency (Ministry of Industry and Trade), the scale of Vietnam's retail e-commerce market in 2023 continued to increase by 25% compared to the previous year, estimated to reach USD 20,5 billion, equivalent to 7.5% of the total revenue from consumer goods and services nationwide.. Key drivers for this market are: Formal E-Commerce Platforms Grow alongside Social Commerce, Consumers are Driven to Online Platforms for Grocery needs by Wider Assortment and Fast Delivery. Potential restraints include: Increasing Network Complexity. Notable trends are: Rise of Digital Payments Across the Vietnam.

In the first nine months into 2021, the retail sales of consumer goods in Vietnam went down by over ***** percent, the first decrease recorded in the given timeline due to the impact of the ******** pandemic. Prior to the pandemic, Vietnam had been seeing double-digit yearly growth rates in consumer goods retail sales.

Vietnam Retail Audience Measurement Solutions Market is valued at USD 150 million, driven by data analytics adoption, e-commerce rise, and consumer behavior insights in key cities like Ho Chi Minh and Hanoi.

Vietnam luxury fashion and retail market valued at USD 2.3 Bn, driven by rising incomes and urban growth. Expected to expand with e-commerce and sustainable trends.

Vietnam Sports Equipment and Retail Market valued at USD 1.2 Bn, driven by health awareness, rising incomes, and fitness trends, with growth in key cities like Ho Chi Minh and Hanoi.

Vietnam Retail Ready Packaging Market is projected to grow around USD 109.8 billion by 2031, at a CAGR of 7.2% during the forecast period.