retail

Overall, local media coverage suggests broad consensus that there is a domestic consumption problem, relative to past experiences, in the lead up to the Lunar New Year. That said, there does not seem to be much in the way of analysis of the specific aspects of the Prime Minister’s Directive or how it might manifest in a practical sense…

In September, the sector recorded sales of VND 56.56 trillion, equivalent to US$2.23 billion. In October, this rose to VND 57.95 trillion, or US$2.28 billion, showing a month-on-month growth of 2.46 percent.

In September, sales in this category reached VND 43.09 trillion, equivalent to US$1.70 billion. By October, the figure rose to VND 43.51 trillion, or US$1.71 billion, marking a month-on-month growth of 0.97 percent.

Year-to-date, total retail sales amounted to VND 4,833.76 trillion, or US$190 billion. This cumulative performance underscores the robust demand in Vietnam’s retail market, driven by both general goods and services.

One of the primary drivers is the rising demand for convenience food products. As more Vietnamese adopt urban lifestyles and increasingly busy schedules, convenience foods have become a popular choice, catering to the need for fast and easy meal options…

Despite the overall decline, imports from Switzerland surged by 71.79 percent, and France saw an increase of 19.45 percent, likely indicating strong demand for premium or specialised cosmetic products from these countries…

Vietnam’s imports of essential oils and resinoids, perfumes, cosmetics, and toilet preparations climbed by 11.2 percent in August over July from US$119.7 million to US$133.1 million. Vietnam’s cosmetics imports for the year now stand at US$932 million which represents an increase of 16.7 percent over the same period last year.

Notably, VRE has successfully opened three Vincom Plaza malls and one Vincom Mega mall so far this year. It had initially planned to open six malls this year, but one mall is set to be delayed until 2025…

Thua Thien-Hue province, particularly its capital Hue, has a growing retail sector that blends modern shopping experiences with traditional markets. Hue is known for its rich cultural heritage, but the rise of tourism has spurred the development of retail spaces, including shopping malls, supermarkets, and convenience stores…

Of note, Central Retail recorded revenue in Vietnam of about US$777.4 million in the first half of this year. This was up from US$760 million last year. It was, however, also in the context of a 0.8 percent fall in sales in the Vietnam market for the retailer…

Whereas Vietnam has benefit from its proximity to China with respect to developing its own manufacturing industry as firms look to diversify their supply chains out of China, its proximity also means that it is much easier for Chinese manufacturers to access Vietnam’s consumer market…

Of note, opening a retail store in Vietnam for foreign firms is not always easy. Not only are there a number of technical requirements that need to be met, but Vietnam has also developed its own retail store culture, putting its own twist on retail store shopping experiences…

This is inline with strong growth in Vietnam’s cosmetics market which is projected to generate a revenue of US$546.2 million this year on an anticipated annual growth rate of 3.20 percent up to 2028, according to data collated by Statista. A good portion of these sales look to be imports too with approximately US$800 million worth of essential oils, perfumes, and cosmetics imported into Vietnam in the first seven months of this year.