The scale of the domestic retail market is expected to increase from US$142 billion at present to $350 billion by 2025, contributing 59 percent of the national GDP, according to the Ministry of Industry and Trade (MoIT).

Last year, the total revenue from retail sales of goods and services rose 21 percent, exceeding the target of 8 percent.

A survey by Vietnam Report showed that over 53.8 percent of total retail firms enjoyed similar and higher business results compared to the pre-pandemic level.

Experts held that growth of retail sales is being supported by rise in income and the strong recovery of the tourism sector as well as relevant sectors such as transport and accommodations, as well as the effectiveness of inflation control measures.

There are signs of vibrant retail activities as many foreign investors have announced their plans to return after Covid-19.

Recently, Thailand’s Central Retail said that it will pump an additional VND20 trillion ($852.87 million) into the Vietnamese market in the next five years, pushing its investments in Vietnam in the 2022-2026 period to VND65 trillion. With this plan, Central Retail will raise their coverage from 40 localities currently to 55.

Meanwhile, Japanese giant retailer Aeon Group plans to build another megamall in Hanoi, raising its total trade centers in Vietnam to 20.

In 2023, four trade centers are scheduled to be launched – Central Premium Plaza, Vincom Megamall Grand Park, Sunrise City Central and Emart 2 with a total area of over 116,000 sq.m.

Many experts predicted that this year, retailers will expand their selling channels, bringing their products to different trading platforms to optimize online retail channels.

Vietnam’s total retail sales of goods and services in January was estimated at VND544.8 trillion, up 5.2 percent from the previous month and 20 percent as compared with the same period last year, according to the General Statistics Office (GSO).

The office explained that the hike was attributed to the growing consumption demand as Tet (Lunar New Year), the biggest and longest festival in the Southeast Asian nation, fell in the month.

Of the total, the retail sales of goods were VND435.4 trillion, a year-on-year rise of 18.1 percent, with the biggest increase seen in garments (27 percent).