Cracking the code of Vietnam’s rising retail market
Being top ten in the Global Retail Development Index, Vietnam has become one of the most attractive retail markets for investment. This paper will provide more insights of the dynamic changes inside this market including overall market outlook along with a deep dive into 3Cs (Consumer, Channel and Competition)
Vietnam retail market, aided by multiple positive conditions, is projected to reach 221 billion USD by 2020, with CAGR of 7%. This market has 97 Million consumers with higher spending power to serve. Vietnamese consumers purchase more in stores but have been adopting e-commerce into their shopping behaviors. The opportunities to capture these consumers exist for both domestic and foreign retailers, which in turn makes the market highly intensified.
For brands to be successful in Vietnam, aside from finding right approaches to enter the market and capture the new trends, it is critical to provide value relevant to Vietnamese consumer culture.