HCM CITY — Modern retail is forecast to develop in the medium and long terms, driven by rising incomes and demand for quality products, experts have said.
A new study relased by MB Securities Joint Stock Company (MBS) said the rapid urbanisation in the country would increase access to modern retail models - a development trend already seen in the food retail industry.
The application of artificial intelligence and omni-channel sales would also help retailers capitalise on the significant potential of this market, it said.
In 2025 the pharmaceutical and grocery retail sectors are likely to grow along with consumer incomes due to the robust growth of manufacturing since the beginning of the year.
The information communication technology, consumer electronics and jewellery retail sectors would generally maintain their number of stores, focusing on sales strategies to stimulate demand.
A recovery in consumption along with the expansion of modern retail chains into new areas would help the food market achieve growth rate of around 9 per cent in 2025-26.
Major modern retailers such as Aeon Mall and Go! and smaller players like Bách Hoá Xanh and WCM+ had succeeded in creating a significant shift from traditional market models to modern ones thanks to competitive and efficient sales strategies.
“We observe that after the profitable period of these large domestic retail chains, 2025 will be the opportune time to expand store networks.”
Optimism is returning to the economy, and, furthermore, the spillover effects from the manufacturing sector would be stronger than in 2024, with exports forecast to grow.
Large foreign retailers are also implementing numerous major projects in Việt Nam, highlighting the strong attractiveness of the Vietnamese retail market.
From the fourth quarter of 2024 and through 2025, large commercial centres are expected to open.
A report from cafebiz.vn said Bách Hóa Xanh opened new stores in many provinces at the end of 2024.
After restructuring its system of 1,700 stores across 25 provinces and cities, it opened its first stores in Đà Nẵng City and Quảng Nam and Quảng Ngãi provinces in November 2024 and is also considering entering the northern region.
A mini food retail chain belonging to Mobile World Investment Corporation plans to open 100-200 stores in 2025 to reach customers in new areas after almost two years of focusing on improving profitability.
Wincommerce opened a store every two days on average in the third quarter of 2024.
In August 2024, the company said its expansion activities were ramping up again and it might even open a new store every day.
According to cafebiz.vn, Aeon Mall opened a store in Huế in September 2024, its first in the central region.
On January 10, it inaugurated the Aeon Mall Xuân Thuỷ in Hà Nội.
Aeon Mall has been opening smaller general merchandise stores at other shopping centres such as Crescent Mall in District 7 and Parc Mall in District 8, both in HCM City.
This is a new strategy for the Japanese retail giant to diversify its model and reach more customers.
Central Retail is expanding its presence in less developed areas through its Go! mini supermarket stores.
The Thai conglomerate opened Go! Bạc Liêu in November 2024 and Go! Ninh Thuận is currently being developed. — VNS
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