Business

Retail market predicted to bustle in 2023

Although 2023 is forecast to see many difficulties, experts expect this is a recovery year of the retail sector after COVID-19 pandemic as there are many signs showing the return of investors and higher demands.
Retail market predicted to bustle in 2023 ảnh 1Illustrative image (Photo: VNA)
Hanoi (VNA) – Although 2023 isforecast to see many difficulties, experts expect this is a recovery year ofthe retail sector after COVID-19 pandemic as there are many signs showing the return of investors andhigher demands.

According to the Ministry of Industry andTrade (MoIT), the scale of the Vietnamese retail market is 142 billion USD,which is expected to reach 350 billion USD in 2025, with contributions of 59%to total GDP.

Last year, the total revenue from retailsales of goods and services rose 21%, exceeding the target of 8%.

A survey by Vietnam Report showed that over53.8% of total retail firms enjoyed similar and higher business resultscompared to the pre-pandemic level.

Experts held that growth of retail sales isbeing supported by rise in income and the strong recovery of the tourism sectoras well as relevant sectors such as transport and accommodations, as well asthe effectiveness of inflation control measures.

Particularly, from now to the Lunar NewYear (Tet) Festival, which falls in late January, consumers are predicted toloosen their wallet dramatically.

At the same time, there are signs ofvibrant retail activities as many foreign investors have announced their plansto return after COVID-19.

Retail market predicted to bustle in 2023 ảnh 2Central Retail aims to raise coverage from 40 localities in Vietnam currently to 55 (Photo: VNA)
Recently, Thailand’s Central Retail saidthat it will pump additional 20 trillion VND (852.87 million USD) into theVietnamese market in the next five years, pushing its investments in Vietnam inthe 2022-2026 period to 65 trillion VND. With this plan, Central Retail willraise their coverage from 40 localities currently to 55.

Meanwhile, Japanese giant retailer Aeon Group plans to buildanother megamall in Hanoi, raising its total trade centres in Vietnam to 20.

Phung Trung Kien, Founder of VietnamHoldings Inc., said that retail businesses will see good growth in early 2023,especially those trading consumer goods thanks to the Lunar New Year Festival.

In 2023, four trade centres are scheduledto be launched - Central Premium plaza, Vincom Megamall Grand Park, SunriseCity Central and Emart 2 with total area of over 116,000 sq.m.

Many experts predicted that this year,retailers will expand their selling channels, bringing their products todifferent trading platforms to optimise online retail channels.

MoIT Deputy Minister Do Thang Hai said thatin the time to come, the ministry will coordinate with other ministries andlocalities to keep a close eye on the developments of the market, ensuring thesupply of commodities, especially during Tet. At the same time, it will apply measuresto control consumer price index (CPI), he said./.
VNA
#retail sector #COVID-19 pandemic #higher demand #Lunar New Year (Tet) Festival #Vietnamplus #Vietnam news #Vietnam News Agency
Follow VietnamPlus

Related News

Vietnamese goods dominating supermarket retail channels

Vietnamese goods dominating supermarket retail channels

A recent survey by the Ministry of Industry and Trade shows Vietnamese products account for more than 90% of the total commodities sold by domestic distribution establishments, and 60-96% by foreign supermarket chains in Vietnam.
Ten most notable events of industry, trade sector announced

Ten most notable events of industry, trade sector announced

Vietnam's industry and trade sector has obtained encouraging results in 2022, contributing to the national socio-economic development. The following is a list of the 10 most outstanding events of the year as selected by the Ministry of Industry and Trade (MoIT).
Strong growth recorded in revenue from retail, services

Strong growth recorded in revenue from retail, services

Revenue from retail sales of goods and services totalled about 515.8 trillion VND (21.87 billion VND) in December and over 1.54 quadrillion VND (65.3 billion USD) in the fourth quarter of 2022, a year on year rise of 17.1%, reported the General Statistics Office (GSO).

See more

Vice Chairman of the Ho Chi Minh City People’s Committee Hoang Nguyen Dinh delivers remarks at the working luncheon themed “Vietnam International Financial Centre in Ho Chi Minh City (VIFC-HCMC) – Vision and Investment Opportunities”. (Photo: VNA)

Ho Chi Minh City strengthens global engagement at WEF Davos 2026

Vice Chairman of the Ho Chi Minh City People’s Committee Hoang Nguyen Dinh presented the city’s strategic vision, policy orientation and development priorities for building a modern, transparent and globally connected finance – technology ecosystem, with science – technology, data, artificial intelligence and fintech identified as core pillars.

The VSS reported that total accumulated reserves across the social, health, and unemployment insurance funds now top 1.5 quadrillion VND. (Illustrative photo: VNA)

VSS pledges tighter fund management, diversified investments

The VSS will also impose stricter financial discipline in fund management, while pursuing broader diversification of investment portfolios, as guided by the principle of “safety, sustainability, and efficiency”. This approach aims to secure strong liquidity for prompt benefit payouts and support growth in Vietnam’s capital markets and overall economy.

The ceremony unveiling AFT Connect portal (Photo: nhandan.vn)

AFT Connect portal links Vietnamese clean food producers

The platform is expected to serve as shared digital backbone enabling stakeholders in the clean food sector to gradually digitise, standardise, and publicly disclose information, ultimately aiding the fight against unsafe products and protecting consumer interests.

A Vietcombank employee guides a client in biometric process (Photo: qdnd.vn)

Vietnam's biometric surge powers digital banking overhaul

As the Party identified breakthroughs in science – technology and innovation as a key driver of national progress, the mastery and adoption of biometric technologies must go hand in hand with safeguarding public trust, data security, and citizens’ interests, all aligned with the people-first philosophy guiding the country's digital agenda.

A spring fair kicks off in the central Da Nang city on January 22, 2026 (Photo: VNA)

Da Nang 2026 spring fair features 200 booths

The fair features a diverse range of products and services, focusing on items for Tet such as food and beverages, regional specialties, OCOP products, and rural and industrial goods; fashion, footwear, cosmetics, and sports equipment; health care products and beauty services; household items, interior and exterior décor, and handicrafts; as well as equipment, technology, and services in sectors like electronics, automobiles, and telecommunications.

The Ministry of Finance is working to establish a mechanism for regular and ongoing dialogue with international credit rating agencies, including Fitch, Moody’s and S&P. (Illustrative image: VNA)

Fitch Ratings upgrades Vietnam’s senior secured long-term debt rating to BBB-

The rating for Vietnam’s secured long-term debt was raised to BBB-, equivalent to investment grade, one notch higher than the country’s long-term foreign-currency rating on unsecured debt, which remains at BB+. The upgrade followed Fitch’s review under its revised Sovereign Rating Criteria issued in last September, said the Ministry of Finance.

A view of the site where the Ninh Thuan 1 Nuclear Power Plant is located in Phuoc Dinh commune, Khanh Hoa province (Photo: VNA)

Nuclear experts urge century-long commitment at 14th Party Congress

VietNuc’s executive board, including Chairman Bui Nguyen Hoang from the Électricité de France SA (EDF) (EDF), Ung Quoc Hung from Setec Nucléaire Group, and Vu Minh Ngoc from French National Radioactive Waste Management Agency Andra, hoped that the Congress would refine mechanisms and policies to better tap OV nuclear talents.

Ahmad Haikal Hasan, Head of the Halal Product Assurance Organising Agency (BPJPH) of Indonesia, speaks at the seminar (Photo: VNA)

Indonesia ready to cooperate with Vietnam in halal sector

Ahmad Haikal Hasan, Head of the Halal Product Assurance Organising Agency (BPJPH) of Indonesia, described Vietnam as a “potential supplier” of halal products with the capacity to play a larger role in the market, particularly in the fast-moving consumer goods (FMCG) sector. He revealed a plan to visit Vietnam next week to discuss the country’s progress in the global halal industry.

Delegates perform the opening ceremony. (Photo: VNA)

Thailand Week 2026 opens in Hanoi

The event brings together more than 100 companies, including Thai enterprises and Vietnamese importers, across about 120 booths. It features a wide range of Thai products aligned with consumer trends in Vietnam, including food and beverages, health and beauty, mother-and-baby and pet products, fashion and jewellery, household goods and tourism services.