Vietnam’s retail revenue nears $129 billion

Retail revenue in Vietnam approximated US$129 billion in 2017, a year on year increase of 11 percent and a quite high ratio compared to the Southeast Asia region, according to a report by Savills Vietnam Company yesterday.

Vietnam’s retail market is estimated to have large potential

Vietnam’s retail market is estimated to have large potential

The country’s population nears 100 million people, 34 percent of these are living urban areas and GDP per capita amounts US$2,385, increasing 10 percent a year. The potential of the Vietnam retail market is estimated to be very huge.
Hanoi and HCMC are two most developed cities in Vietnam with retail space approximating 2.5 million square meters.
In the phase of 2018-2021, the retail market might quickly grow to meet the strong development of amusement demand, modern groceries and fashion.
Other services such as gym, fitness centers and cinemas are forecast to expand with higher standards. Foreign firms such as Thai TCC Group & Central Group, Singaporean Mapple Tree & Kepple Land, South Korean Lotte & Emart and Japanese Aeon & Takashimaya have intended to invest in Vietnam. That is expected to contribute in boosting the dynamic of the market and bring consumers products and services more professionally.
In addition, Vietnamese consumers have been more familiar with the Internet, electronic devices as well as the trend of payment with credit cards. Moreover, the growth of the middle class will be an important factor to boost the retail market development.

By MINH HAI – Translated by Hai Mien

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