Vietnam's retail market size to hit 350 billion USD by 2025
(VOVWORLD) - An expanding middle class and increased incomes will see Vietnam’s retail and services revenues rise 1.6 times from that of 2020 to 350 billion USD by 2025.
 A person shops in a supermarket in District 9, Ho Chi Minh City on March 26, 2020. (Photo: VnExpress/Quynh Tran) |
The revenues reached 220 billion in 2020 and is set to record a growth rate of 9 percent in the 2021-2025 period, analysts with stock brokerage VNDirect say in a report, citing projected growth figures from the Ministry of Industry and Trade.
Vietnam’s nationwide social distancing period in 2020 lasted only 22 days, considerably shorter than other countries, and this has reduced pressure on domestic consumption growth, the report says.
Consumer confidence in the country fell just 5 percent year-on-year in the second quarter, compared to the 26 percent drop in Singapore and 19 percent in Indonesia, according to market research company Nielsen.
With Vietnam able to contain two major COVID-19 outbreaks, the retail sector is set to see a jump in growth next year as consumer confidence rises and a vaccine becomes available, the report said.