Latest Industry Research Report On “Vietnam Retail Sector Market – Growth, Trends, And Forecast (2019 – 2024)” in-depth analysis of the market state and also the competitive landscape globally.
The Vietnamese retail sector is projected to register strong double-digit growth during the forecast period, 2019 to 2024. The market is segmented by product category, distribution channel, and market dynamics.
Modern retail outlets also offer private brands/products that can be exclusively purchased in their stores. In this way, they can assure every consumer that the products they sell are specially made to fit the demands and needs of their shoppers.
One key factor involved in Vietnamese consumers choosing to shop in traditional markets is that they can buy ingredients in smaller portions. In response to this, supermarkets are offering RTCs or ready-to-cook packages that are better suited for the daily needs of an average consumer.
Food products, non-food products, and home appliances are also offered in supermarkets, which makes shopping easier, as they offer everything needed for the customer under one roof.
To further improve the shopping experience, some stores have in-house bakeries and caf̩s where consumers can hang out and enjoy with family or friends.
The local population’s inclination to make their purchases in the traditional outlets are hinged owing to factors, such as high availability of these outlets everywhere in the country posing convenience and ease of access for consumers, comparatively lower prices of goods and products (which consumers can still bargain), fresh produce supply source that is better at wet markets, and traditional retailers offering flexible package sizes for day-to-day consumption.
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Below is the Short Brief of the Vietnam Retail Sector Market Report:
A complete background analysis of the Vietnamese retail industry includes an assessment of the parental market, emerging trends by segments and regional markets, significant changes in market dynamics, and market overview.
The report covers major international players operating in the Vietnamese retail market. In terms of market share, few major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets.
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Key Market Trends
Growth of Convenience Stores Market
In 2018, nearly 74.7% of the total market share went to retailing of products bought for use. Other sectors took up a share of the retail market, including accommodation, catering, and travel services.
The growth of modern trade (fast-moving consumer goods) has been greater than traditional retail, owing to broad factors, such as the growing economy, increasing urbanization, a younger population, and rising incomes.
Nearly 40% of the population of Vietnam is under 25 years of age, and their average income per capita has been growing at a rate of around 30% every couple of years.
This age bracket of consumers shows increasing confidence in spending patterns. In 2017, over 63% of Vietnam chose to use spare cash for savings, which was down from 76% in 2016. More consumers are spending on clothing, consumer electronics, vacations, and urban out-of-home entertainment.
The growing middle and affluent classes and the younger population value convenience and comfort. There is growth in the convenience store market, due to the expansion of companies, such as Circle K, which is expanding across Hanoi, and already has a strong foothold in Ho Chi Minh City.
The increasing presence of local players, such as Vinmart+, which has nearly 900 stores all over the country, and the recently introduced Bach Hoa Xanh by Mobile World, which plans to have about 1000 stores in Ho Chi Minh city, are helping expand the retail market of Vietnam.
The Food Retail Industry in Vietnam is Dominated by Traditional Retailers
Revenue in the food and beverage sector is expected to grow annually by 3.0% (2019-2024).
The food retail industry in Vietnam is dominated by traditional retailers. As of 2018, the traditional retailers accounted for 94% of the retail grocery sales, and the remaining 6% sales contributed to modern retail sales.
According to industry experts, modern retail sales are expected to reach 18% of the total food retail sales by 2024.
The highly-dominated food landscape of the country, with wet markets and small businesses, is witnessing tremendous growth in the concept of the modern retail trade, with a growing number of convenience stores, hypermarkets, and supermarkets.
Traditional retailers, with lower rental and operational costs, have flexibility with packaging sizes and competitive prices. These traditional stores are ideal for purchasing small quantities at higher frequencies, so that fresh produce can be obtained.
With more than half of the young population, the consumption of food and beverages in the country is witnessing huge growth. Also, as of 2016, the annual growth of the country’s population was 1.1%, which indicated an increase in customers, as food is an essential item.
According to GSO, the sales of food and foodstuffs increased by 11.1%, in 2017.
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