Retail market predicted to bustle in 2023

Although 2023 is forecast to see many difficulties, experts expect this is a recovery year of the retail sector after COVID-19 pandemic as there are many signs showing the return of investors and higher demands.

Retail market predicted to bustle in 2023 hinh anh 1

Illustrative image (Photo: VNA)

Although 2023 is forecast to see many difficulties, experts expect this is a recovery year of the retail sector after COVID-19 pandemic as there are many signs showing the return of investors and higher demands.

According to the Ministry of Industry and Trade (MoIT), the scale of the Vietnamese retail market is 142 billion USD, which is expected to reach 350 billion USD in 2025, with contributions of 59% to total GDP.

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

A survey by Vietnam Report showed that over 53.8% 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.

Particularly, from now to the Lunar New Year (Tet) Festival, which falls in late January, consumers are predicted to loosen their wallet dramatically.

At the same time, there are signs of vibrant retail activities as many foreign investors have announced their plans to return after COVID-19.

Retail market predicted to bustle in 2023 hinh anh 2

Central Retail aims to raise coverage from 40 localities in Vietnam currently to 55 (Photo: VNA)

Recently, Thailand’s Central Retail said that it will pump additional 20 trillion VND (852.87 million USD) into the Vietnamese market in the next five years, pushing its investments in Vietnam in the 2022-2026 period to 65 trillion VND. 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 centres in Vietnam to 20.

Phung Trung Kien, Founder of Vietnam Holdings Inc., said that retail businesses will see good growth in early 2023, especially those trading consumer goods thanks to the Lunar New Year Festival.

In 2023, four trade centres are scheduled to be launched - Central Premium plaza, Vincom Megamall Grand Park, Sunrise City Central and Emart 2 with 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 optimise online retail channels.

MoIT Deputy Minister Do Thang Hai said that in the time to come, the ministry will coordinate with other ministries and localities to keep a close eye on the developments of the market, ensuring the supply of commodities, especially during Tet. At the same time, it will apply measures to control consumer price index (CPI), he said./.
Source: VNS
en.vietnamplus.vn

Related News

Without resolving three significant bottlenecks, real estate market

Without resolving three significant bottlenecks, real estate market's revival will face numerous challenges

VCN - Economic expert Vu Dinh Anh shares insights on the real estate market's recovery trajectory in 2024.
Wood processing enterprises strive to increase the proportion of individually designed goods

Wood processing enterprises strive to increase the proportion of individually designed goods

VCN - Many wood and furniture processing enterprises are promoting investment in design activities, helping to increase the proportion of individually designed products (ODM) in exports, thereby affirming the industry's capacity Vietnamese wood in segments with higher added value.
Considering long-term strategies for rice exports

Considering long-term strategies for rice exports

VCN - In 2023, Vietnam continues its standing as one of the top three global rice-exporting nations, constituting about 15% of the total global rice export volume. Despite Vietnamese rice having established a foothold in various global markets, competition with other contenders has never ceased.
Agricultural exports aim for a new record in 2024

Agricultural exports aim for a new record in 2024

VCN - Although it has only been the first 2 months of 2024, the prices of agricultural products on the world market have increased simultaneously. Vietnam's total agricultural export turnover also recorded growth in most products. These are all positive signals from the market, signaling a new record year for Vietnam's agricultural exports.

Latest News

GDP grows 5.66% in Q1

GDP grows 5.66% in Q1

Vietnam's economy grew 5.66% in the first quarter compared to the same period last year, the highest for the first quarter since 2020, the General Statistics Office (GSO) announced at a press conference in Hanoi on March 29.
Gov’t determined to hasten ODA, concessional loan disbursement: Deputy PM

Gov’t determined to hasten ODA, concessional loan disbursement: Deputy PM

Deputy Prime Minister Tran Luu Quang on March 27 stressed the Vietnamese Government’s determination to speed up the disbursement of official development assistance (ODA) and concessional loans.
Vietnam, US hold first foreign ministerial-level dialogue

Vietnam, US hold first foreign ministerial-level dialogue

Minister of Foreign Affairs Bui Thanh Son and US Secretary of State Antony Blinken co-chaired the first Vietnam-US Dialogue at the foreign ministerial level in Washington DC on March 25 (local time).
Adaptive, fundamental, and synchronous solutions to improve the effectiveness of attracting FDI

Adaptive, fundamental, and synchronous solutions to improve the effectiveness of attracting FDI

VCN - Mr. Le Huu Quang Huy, Member of the Inter-Branch Executive Committee of Vietnam Industrial Park Finance Association (VIPF), Vice Chairman of the Board of Members of the International Investment Study Institute (ISC) had an interview with Customs Magazine reporters about the FDI attraction situation.

More News

Vietnam attends 148th IPU Assembly in Geneva

Vietnam attends 148th IPU Assembly in Geneva

A delegation of the Vietnamese National Assembly (NA) led by NA Vice Chairman Tran Quang Phuong attended the opening ceremony of the 148th Assembly of the Inter-Parliamentary Union (IPU-148) and a plenary session in Geneva, Switzerland, on March 24.
More Vietnamese people go cashless: Visa study

More Vietnamese people go cashless: Visa study

Visa, a global leader in digital payments, has provided its insights into Vietnam’s payment landscape with its latest Consumer Payment Attitudes study that highlights the surge in cashless transactions among Vietnamese consumers.
Top Finnish legislator begins official visit to Việt Nam

Top Finnish legislator begins official visit to Việt Nam

Speaker of the Parliament of Finland Jussi Halla-aho and a high-ranking delegation of the Finnish Parliament arrived in Hà Nội on Sunday
Build advantages - Secure the future with Vietnam ESG 2024 Initiative

Build advantages - Secure the future with Vietnam ESG 2024 Initiative

VCN - In the context of global economic integration, Vietnamese businesses are facing many challenges in meeting strict requirements for green and sustainable development from investors, partners, international market and consumers. Faced with this trend, Vietnamese businesses, especially those participating in global supply chains or exports, are facing increasing pressure to apply ESG practices to avoid falling behind or being eliminated from the "game".
Nearly 20 commercial banks lower deposit rates

Nearly 20 commercial banks lower deposit rates

Nearly 20 commercial banks in Vietnam have adjusted deposit rates since the beginning of this month, with most lowering rates.
Breakthrough policies look towards green economy

Breakthrough policies look towards green economy

Extended producer responsibility (EPR) holds producers and importers responsible for the entire lifecycle of their products, including their disposal and recycling.
Vietnam remains attractive destination for foreign investors

Vietnam remains attractive destination for foreign investors

Vietnam's economic strength is reflected in controlled macroeconomic indicators and the country has increasingly affirmed and strengthened its important role in the supply chain diversification strategy of multinational corporations. 2024 will be the year for foreign investors to seize opportunities and implement high-tech foreign direct investment (FDI) projects in Vietnam.
Bright spots at the beginning of the year

Bright spots at the beginning of the year

VCN - Production and business activities of enterprises have been vibrant since the first days of the year, thanks to which, many economic indicators in the first 2 months of 2024 are positive and positive. This is the fulcrum of trust and motivation for businesses to continue to develop.
Vietnam pledges to continue contributing to UNESCO’s common affairs

Vietnam pledges to continue contributing to UNESCO’s common affairs

Deputy Minister of Foreign Affairs Ha Kim Ngoc attended the 219th session of the UNESCO’s Executive Board in Paris on March 18 and 19, during which the Vietnamese representative affirmed that Vietnam always highly evaluates multilateral cooperation and UNESCO’s role, and pledges to continue to make active and positive contributions to the organisation’s common affairs.
Read More

Your care

Latest Most read
GDP grows 5.66% in Q1

GDP grows 5.66% in Q1

Vietnam's economy grew 5.66% in the first quarter compared to the same period last year, the highest for the first quarter since 2020, the General Statistics Office (GSO) announced at a press conference in Hanoi on March 29.
Gov’t determined to hasten ODA, concessional loan disbursement: Deputy PM

Gov’t determined to hasten ODA, concessional loan disbursement: Deputy PM

Deputy Prime Minister Tran Luu Quang on March 27 stressed the Vietnamese Government’s determination to speed up the disbursement of official development assistance (ODA) and concessional loans.
Vietnam, US hold first foreign ministerial-level dialogue

Vietnam, US hold first foreign ministerial-level dialogue

Minister of Foreign Affairs Bui Thanh Son and US Secretary of State Antony Blinken co-chaired the first Vietnam-US Dialogue at the foreign ministerial level in Washington DC on March 25 (local time).
Adaptive, fundamental, and synchronous solutions to improve the effectiveness of attracting FDI

Adaptive, fundamental, and synchronous solutions to improve the effectiveness of attracting FDI

VCN - According to data from the Foreign Investment Bureau (Ministry of Planning and Investment), accumulated to now, Vietnam has attracted 39,553 FDI projects with a total registered capital of US$ 473.1 billion, the total implemented capital of the FDI
Vietnam attends 148th IPU Assembly in Geneva

Vietnam attends 148th IPU Assembly in Geneva

A delegation of the Vietnamese National Assembly (NA) led by NA Vice Chairman Tran Quang Phuong attended the opening ceremony of the 148th Assembly of the Inter-Parliamentary Union (IPU-148) and a plenary session in Geneva, Switzerland, on March 24.
Mobile Version