Retail

Vietnam's retail market projected to rise to $350 bn by 2025: Ministry

25 Apr '23

1 min read

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The total size of Vietnamese retail market is $140 billion now and is expected to rise to around $350 billion by 2025, according to the ministry of industry and trade, which projected that retail will contribute nearly 59 per cent of the GDP by 2050.
Retail goods revenue reached over $47.8 billion in the first quarter this year—up by 11.4 per cent annually.

Retailers must adapt and change, especially in modern technology, to survive and grow as consumers have more modern tools to choose goods on online as apposed to just brick-and-mortar stores.

The total size of Vietnamese retail market is $140 billion now and is expected to rise to around $350 billion by 2025, according to the ministry of industry and trade, which projected that retail will contribute nearly 59 per cent of the gross domestic product (GDP) by 2050.

The domestic retail market is developing well due to impressive GDP growth, improving commercial infrastructure and the rapid growth of e-commerce, a news agency reported citing experts.

The revenue from retail goods reached over 1,187 trillion VND ($47.8 billion) in the first quarter this year, up by 11.4 per cent annually, accounting for 78.9 per cent of the total retail of goods and services.

Vietnamese consumers are increasingly interested in digital technology, with the number of Internet users reaching 75 per cent of the population and the online shopping rate at up to 60 per cent, said Dinh Thi Bao Linh, deputy director of the ministry’s industrial and commercial information centre.

Fibre2Fashion News Desk (DS)

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