According to the General Statistics Office, retail sales of goods in 2024 were estimated at 4,921.7 trillion VND, accounting for 77% of the total retail sales of consumer goods and services and marking an 8.3% increase from the previous year.

Alongside this, statistics indicate that Vietnam's e-commerce continues to maintain impressive growth rates of 18-25% annually.

In 2024, the market size of e-commerce reached 25 billion USD, a 20% increase compared to 2023, accounting for approximately 9% of total retail sales and consumer service revenue nationwide.

This approach not only allows businesses to reach more customers but also optimises the shopping experience for consumers.

According to the e-Conomy SEA 2024 report, Vietnam's e-commerce market is projected to reach 50 billion USD by 2025, creating significant opportunities for domestic businesses to invest in logistics, e-payments, and technology.

Notably, the departure of several foreign retailers in recent years, such as Parkson (Malaysia), Emart (Republic of Korea), and Auchan (France), indicates that these major players have struggled to maintain market share in Vietnam's retail sector.

With a population exceeding 100 million and the fastest growing middle class in Southeast Asia, Vietnam is recognised as a promising market for the retail sector.

A customer at a WINCOMMERCE shopping mall (Photo: VNA)

However, it is also a fierce competitive market as analysing each case reveals that the common factor among retailers who have failed and left the market is their inability to adapt their business strategies to Vietnamese consumer psychology and culture.

To maximise on these opportunities, domestic retailers need to be flexible in their strategies, make bolder investment in technology, and enhance customer experiences to make further breakthroughs and maintain their competitive edge by leveraging their understanding of local consumer preferences and needs.

In the context of rapid technological advancements, retail businesses must accelerate the application of AI (artificial intelligence), big data, and IoT (Internet of Things) to optimise operations.

As consumer behaviour changes, customers are not only shopping in traditional stores but also on e-commerce platforms, so businesses need to develop multi-channel retail models that connect with customers across all touchpoints.

It is obvious that Vietnam's retail market will continue to develop in a rapid manner, requiring businesses to continuously innovate and adapt by combining creativity, flexibility, and technological investment.

Capturing opportunities and maintaining competitive advantages in a highly dynamic market will be crucial for Vietnamese retailers to achieve outstanding success and gradually establish their position in the region, helping the retail industry become a key driver of the country's economy.