Retail sales of goods and services in Vietnam 2010-2023

In 2023, the total sales value of goods and services is expected to reach approximately 6.2 quadrillion Vietnamese dong, reflecting a 9.6 percent increase compared to the previous year. This figure included the sales value of the retail sector, accommodation and catering services, tourism, and travel services, as well as other services. The country‘s retail sales have shown signs of recovery after the impacts of the COVID-19 pandemic.

Retail channels in Vietnam

In Vietnam, traditional trade channels have remained dominant in the country’s retail landscape; however, modern retail channels could soon change this. The rise of the middle-class population and the expansion of modern retail channels such as supermarkets, mini stores, and department stores, as well as the convenient shopping experience that they offer, has led to a shift in shopping channel preferences among consumers. According to a survey among Vietnamese consumers, around 36 percent of respondents revealed that they intended to increase their grocery purchases in large stores or one-stop shops. As of March 2023, Vietnam had over 6.7 thousand convenience stores and mini supermarkets, mainly in big cities such as Hanoi and Ho Chi Minh City.

Recovery from the COVID-19 pandemic

The contribution of accommodation and catering services and travel services to total retail sales has decreased significantly in the past few years due to the negative impacts of the COVID-19 pandemic. However, after two years of restrictions, Vietnamese consumers have eagerly returned to shopping at stores, as well as travel. As a result, in 2023, the revenue from tourism and travel services experienced significant growth compared to the year prior. The removal of COVID-19-related restrictions was expected to revive the Vietnamese tourism industry, as well as boost the recovery of the retail sector.