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)