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Malaysian hardware retailer expands foothold in Vietnam

Malaysian home improvement retailer, Mr DIY has opened its second store in Vietnam, following the opening of its first store in the country last year, according to Inside Retail. The new store is located in Aeon Mall Tan Phu Celadon in Ho Chi Minh City.

This is in line with a rapidly growing DIY and home hardware industry in Vietnam–in 2024, revenue in the industry in Vietnam is expected to reach US$18.91 billion and will grow at an estimated compound annual growth rate of 3.13 percent from 2024 to 2028, according to data compiled by Statista.

Of note, a large portion of these sales are expected to come through online e-commerce platforms.

In 2023, Dien May Xanh led the Vietnamese tools and construction supplies e-commerce sales with revenues of US$40.5 million. This was followed by HC and Meta Online with revenues of US$21.5 and US$6.4 million, respectively

These revenues are also expected to grow with estimates that the Vietnamese tools and construction supplies e-commerce market could reach US$587.6 million in 2024 with a compounded annual growth rate of 12 percent for the next four years. See also: Shopping in Vietnam: Quick Guide 2024

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