Vietnam Retail Market Forecast to Reach USD 209.19 Billion by 2030 - Reports Mordor Intelligence

Vietnam Retail Market Overview

The Vietnam retail market size stood at USD 162.87 billion in 2025 and is projected to reach USD 209.19 billion by 2030, registering a 5.13% CAGR. This growth is driven by rising household consumption, favorable fiscal incentives, and accelerating infrastructure development. Traditional mom-and-pop stores continue to dominate the retail landscape, but modern trade and e-commerce platforms are gaining traction, fueled by widespread mobile adoption and social-commerce engagement. Convenience stores and supermarkets are enhancing their offerings, while foreign and domestic investment intensifies competition, positioning the Vietnam retail market for sustained growth.

Report Overviewhttps://www.mordorintelligence.com/industry-reports/retail-industry-in-vietnam?utm_source=openpr

Key Trends in the Retail Market in Vietnam

The Vietnam retail industry trends reveal multiple drivers shaping its trajectory:

Rise of Middle-Class Disposable Income: The growth of Vietnam's middle class has increased purchasing power, enabling consumers to spend more on branded and premium products. Urban shoppers are increasingly prioritizing product authenticity, convenience, and brand experience. Supermarkets are expanding premium imported aisles and deli counters, while domestic FMCG players experiment with higher-margin product lines. Integration of financial technology, including installment options, allows consumers to trade up in categories such as electronics and household goods.

Expansion of Urban Grocery Penetration: Retailers are targeting tier-2 and tier-3 cities, moving beyond traditional urban hubs. This expansion strengthens market reach and enables brands to tap into emerging consumer bases with modern retail formats.

Growth of E-Commerce and Omnichannel Retail: E-commerce continues to gain momentum, with social-commerce platforms leveraging mobile penetration and short-form video content to influence buying decisions. Retailers are investing in omnichannel strategies that integrate online and offline experiences, enhancing customer engagement and loyalty.

Convenience Store Development: Convenience stores are sharpening their value proposition through proximity, curated assortments, and digital payment options. These formats are capturing significant market share, especially in urban and peri-urban areas.

Foreign Direct Investment in Modern Retail: Regional retail majors are investing heavily in Vietnam, intensifying competition. Domestic players maintain an edge by utilizing vertically integrated supply chains, rural store expansion, and loyalty-driven omnichannel ecosystems.

Supply Chain and Operational Efficiency: Retailers are investing in cold-chain infrastructure, private-label development, and SKU optimization to mitigate risks from currency fluctuations and rising urban rental costs. These measures support reliable product availability and improved profit margins.

Market Segmentation

The Vietnam retail industry is segmented across product types, retail channels, and store formats, reflecting the diversity of consumer demand:

By Product Type

Food, Beverage, and Tobacco Products

Personal Care and Household Care

Apparel, Footwear, and Accessories

Furniture, Toys, and Hobby

Industrial and Automotive

Electronic and Household Appliances

Other Products

By Retail Channel

Traditional Mom and Pop Retail

Modern Trade Retail

E-Commerce and Others

By Format

Hypermarkets

Supermarkets

Convenience Stores

Department Stores

Specialty Stores

Others (drugstore, cash & carry, wholesaler)

By Region

Northern Vietnam

Central Vietnam

Southern Vietnam

Food, beverage, and tobacco products dominate the market, capturing a significant share, while personal care and household care are expected to show steady growth. Traditional stores still hold a major portion of the market, but e-commerce is accelerating rapidly, reshaping consumer access and shopping patterns. Convenience stores, in particular, are seeing strong adoption due to urban lifestyle demands.

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Vietnam Retail Key Players

The retail industry in Vietnam features a competitive landscape with both domestic and international players contributing to market dynamics. Leading domestic conglomerates leverage integrated supply chains and omnichannel retail strategies, while global retailers bring investment in modern infrastructure and best practices. These players focus on store expansion, e-commerce integration, and loyalty programs to capture market share. The ongoing competition between established local retailers and foreign entrants fosters better product variety, pricing strategies, and customer experience improvements.

Masan Group (WinCommerce/WinMart)

Saigon Co.op

Mobile World Investment Corp. (The Gioi Di Dong, Dien May Xanh, Bach Hoa Xanh)

Central Retail Vietnam (GO!/Big C, Tops Market)

AEON Vietnam

Conclusion:

The retail industry in Vietnam is set for continued growth, driven by expanding middle-class income, urban grocery penetration, and the integration of e-commerce into traditional retail formats. Convenience stores, supermarkets, and modern retail channels are expected to drive market expansion, supported by FDI and domestic investments in infrastructure and supply chains. While global economic fluctuations and urban rental costs may pose challenges, the strategic response by retailers including SKU optimization, expansion into secondary cities, and omnichannel engagement ensures resilience.

As the retail industry in Vietnam evolves, stakeholders can anticipate sustainable opportunities across product categories and retail channels. The market demonstrates a promising outlook for investors, retailers, and consumers, with long-term growth supported by favorable macroeconomic trends, increased consumer spending, and ongoing modernization of the retail landscape.

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