Vietnam’s retail sector reached a 12.2% year-on-year increase--- big thanks to the 168 new FDI projects that brought in a total investment of around US$ 380 million! Foreign retail companies saw the purchasing power of the young working class, and are determined to seize Hanoi and Ho Chi Minh City with convenient s
Vietnam's retail sector reached a 12.2% year-on-year increase--- big thanks to the 168 new FDI projects that brought in a total investment of around US$ 380 million!
Foreign retail companies saw the purchasing power of the young working class, and are determined to seize Hanoi and Ho Chi Minh City with convenient shopping.
The Vincom Mega Mall Royal City of Vingroup was recently completed during the third quarter of this year. Covering an area of 230,000 square meters, it has more than 600 stores featuring global luxury brands and more than 200 service and dining areas.
Ocean Retail recently opened their fifth Ocean Mart in Hanoi. By 2015, it plans to become one of the biggest supermarket chains in Vietnam with more than 70 supermarkets.
Son Ha Group plans to have 20 hypermarkets nationwide within the next five years.
Other large retail firms that are expanding into Vietnam include Family Mart, Parkson, Lotte, and Circle K.
Online shopping is expected to boom, too! According to the Vietnam E-commerce Association, by 2017 turnover from online retail is predicted to reach US$8 billion. This is an immense level of growth given that, last year, online retail only accounted for US$700 million.
A key growth area in the e-commerce market is in providing the opportunity to purchase retail items using mobile devices. It is clear that the retail industry in Vietnam will be strong for some time to come.