Vietnam retail sales will exceed US$484.58 billion annually by 2025 and nearly $1.938 trillion by 2035 according to figures from the Ministry of Industry and Trade.
In a draft strategy document released for public comment, the ministry expects an annual increase in sales of 13 per cent between now and 2020, rising to 14 per cent between 2012 and 2025. The figures were calculated after examining sales trends between 2011 and 2015.
The paper predicts that domestic retail organisations will account for 80 per cent of the nation’s retail trade by 2020 but foreign direct investment will grow its share beyond 50 per cent as consumers move away from traditional retail models and shop in so-called ‘modern trade models’.
Modern trade, which now accounts for 30 per cent of retailing, will grow to 35 per cent by 2025 and reach 50 per cent by 2035, the ministry predicts.
AT Kearney last year ranked Vietnam in the world’s top 30 retail markets and with the best opportunities for multinational retailers.