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Last updated: Thursday, May 16, 2013
Vietnam’s Retail Market Shows Positive PointsPosted: Tuesday, April 10, 2012
Vietnam has become one of five most lucrative retail markets in the world, according to the latest report released by the Research and Markets website.
In its “Vietnam Retail Market Forecast to 2014", Research and Markets revealed that retail networks will make crucial contribution to the country’s consumption market in the future.
According to the report released on April 5 by Savills Vietnam, at the end of the first quarter of 2012, the total area reserved for retail sale activities in Hanoi reached nearly 660,000 sq. m square, up 50 percent compared to the same period last year.
In the next three years, the capital will have around 1.6 million sq. m for retail activities from 90 projects.
The growth rate of Vietnam’s consumption market is higher than other countries in the region, as stated in the Taylor Nelson Sofres research. From now to 2014, Vietnam’s retail revenue will increase 23 percent per year.
Professionals estimated that the country’s retail market can attain US $113 billion in 2012.
According to the Ministry of Industry and Trade (MIT), the total retail revenue in 2011 reached nearly VND 2 trillion or approximately US $90 billion, an increase of 29.3 percent in comparison with the previous years, contributing 15-16 percent of the Gross Domestic Products (GDP).