As per the country's industry and trade ministry, the $142 billion Vietnamese retail market is expected to grow to $350 billion by 2025, almost 2.5 times its current value.
Based on ministry, weaker demand as a result of numerous commodities being bought in advance of the Lunar New Year caused the total retail sales of consumer goods and services in January of this year to decline by 6% month over month (MoM) to more than VND 481.8 trillion ($20.4 billion).
On the other hand, it increased 13% year over year (YoY) during the month.
The nation's total retail sales of consumer products and services for the first two months of the year increased by 13% YoY to more than VND 994.1 trillion according to sources.
Recently, Thailand's Central Retail Company announced plans to invest $1.45 billion in Vietnam, doubling the number of its outlets to 600 throughout 57 of the country's 63 provinces. Aeon Co Ltd. of Japan likewise intends to triple the number of its shopping centres in the nation to 16 by 2025.
The domestic consumer market in Vietnam will surpass those in Thailand, the UK, and Germany by 2030.