The Vietnam retail market is expected to expand significantly, with an anticipated increase of US$226.4 billion at a compound annual growth rate of 13.64 percent from 2024 to 2028. This growth is fuelled by shifting consumer demands and urbanisation trends, according to a report by TechNavio.
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. Additionally, the country’s growing middle class and rising disposable income levels are steering consumers toward modern retail formats, including supermarkets, shopping malls, and online shopping platforms, according to the report.
See also: Vietnam’s Retail Industry