Business

Retail market returns to pre-pandemic level

The Vietnamese retail sector has recovered to the pre-COVID-19 level, with 53.8% of total retailers reporting similar or better business outcomes, according to Vietnam Report JSC.
Retail market returns to pre-pandemic level ảnh 1Shoppers at a supermarket (Photo: VNA)
Hanoi(VNA) – The Vietnamese retail sector has recovered to the pre-COVID-19 level,with 53.8% of total retailers reporting similar or better business outcomes,according to Vietnam Report JSC.

In its recentlyreleased survey, Vietnam Report said that after the pandemic is controlled, theVietnamese retail market saw the speeding up of the application of digitaltechnologies in business administration, operations, logistics and distribution of manyfirms.

Meanwhile, a reportfrom the Ministry of Industry and Trade (MoIT) showed that Vietnam’s retailmarket currently values at 142 billion USD, which is expected to reach 350billion USD in 2025, making up 59% of the country’s 2022 GDP.

Retail market returns to pre-pandemic level ảnh 253.8% of total retailers reporting similar or better business outcomes cpmpared to the pre-pandemic period (Photo: VNA)
Last year, totalrevenue from retail sales of goods and services rose 21%, exceeding the targetset by the MoIT. However, according to MoIT Deputy Minister Do Thang Hai, thefigure is equivalent to 82% of the calculated level in normal conditions, whilethe sector is still facing many problems, including those in logistics,infrastructure and linkage in the supply chain.

Vu Thi Hau, Presidentof the Association of Vietnam Retailers, said that to catch up withthe strong growth of e-commerce activities, the association is building aproject on digital transformation in the retail sector, which is expected to helppayment process easier.

Hau said she believesthat 2023 will be a successful year for both domestic and foreign retailerswith stronger recovery of the market after the pandemic./.
VNA
#The Vietnamese retail sector #Vietnam Report JSC #Ministry of Industry and Trade (MoIT) #supply chain #e-commerce #Vietnam #Vietnam news #Vietnam News Agency
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