Retail sector grows 10.6 percent in 2017: Savills Vietnam
Updated : Wednesday, May 16, 2018 3:27 PM (GMT+0700)

Vietnam’sretail sector earned about 129.6 billion USD in 2017, a rise of 10.6 percentfrom the previous year, according to a report on global retail market trends ofSavills Vietnam retail consultancy.

 
Vietnam’s retail sector earned about 129.6 billion USD in 2017, a rise of 10.6 percent
from the previous year - Photo: VNA

Vietnam is also among thefastest growing economies in the Southeast Asia. In addition to thetransformation of traditional retail model, investments in technology such asapplications, smart phones and electronic commerce make the purchase of goodsmuch easier, said Troy Griffiths, Deputy Managing Director of Savills Vietnam.

The recent cooperation ofmany traditional retailers and e-commerce platforms is also a response to theadaptation and change towards a retail paradigm that fits the times andconsumers, he added.

Retailers as well aslandlords are advised to be prepared to respond to new trends, such as addingmore entertainment value and food for customers in addition to shopping. 

The pop-up store model isalso a popular solution as it has a wide range of activities such as productlaunches, branding, and market testing.

In the first quarter of2018, Vietnam’s total revenue from retail trade and services rose 10 percentyear-on-year to exceed 1 quadrillion VND (44.05 billion USD), reported theGeneral Statistics Office (GSO).

If inflation were excluded,the increase would be 8.6 percent, much higher than 6.4 percent growth recordedin the same period last year, GSO said.

The growth also reflectedhigh purchasing power, which contributed significantly to gross domesticproduct (GDP) growth of 7.38 percent – a record in the first quarter in thepast 10 years, GSO said.

With an over-90 millionpopulation, nearly 70 percent of whom are at working age, 34 percent living inurban areas and annual income per capita reaching 2,385 USD, Vietnam isconsidered to have huge room for retail growth.

Source:VNA

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