Asian convenience-store market growth forecast by country (2017-2021). (Photo: IGD Research)

Hanoi (VNA) – Vietnam is forecast to be the fastest growing convenience store market in Asia by 2021, according to the Institute of Grocery Distribution (IGD).

By 2021, the growth of the convenience channel in Vietnam will increase by more than 37 percent, followed by the Philippines at 24 percent and Indonesia on 16 percent.

The retail market in Vietnam is shifting from traditional to modern trade, said the IGD.

Vietnamese goods make up more than 80 percent of goods in the retail distribution system.

In recent years, Vietnam convenience stores have become popular destinations, especially for young consumers. 

Savvy operators, like Circle K and Family Mart, have recognised local demand for the stores as a place to not only shop but to hang out as well, providing an air-conditioned area to consume freshly-served convenience foods and snacks, modern merchandising systems, a mix of imported and local goods and in some stores free wifi.-VNA