Cushman & Wakefield forecast on November 13 that Asia-Pacific region, including Vietnam, will be the world’s most dynamic retail market over the next 10-20 years thanks to its lower prices than many parts of the world and improved living standards.

According to James Hawkey, the firm’s Managing Director of the Asia-Pacific retail team, Vietnam, with a population of over 90 million, has a huge potential for the development of the retail market, catching eyes of global leading retailers.

Although middle-income earners increase rapidly in Vietnam , the country still lacks retail channels for this group, he said.

Domestic retailers outweigh international ones in terms of updated information on space and customer demands whilst foreign brands have advantages in capital and experience, noted Matthew B. Winn, Managing Director of Cushman & Wakefield’s global retail team.

However, they are able to share the market, contributing to diversify the market and better serve customers, he said, adding that with the presence of global brands, domestic retailers will have to improve their product quality and patterns as well as services.

According to Cushman & Wakefield, Vietnam’s retail market has enjoyed an average annual growth of 21.2 percent in the last five years, hitting a value of 124 billion USD in 2013.

Especially, Ho Chi Minh City, the country’s southern economic hub, currently has eight trade centres, 19 shopping malls, five retail centres and 69 supermarkets, covering a total area of 865,000 sq.m.

It is estimated that the city will see additional 1.5 million sq.m of retail space in the next 5-7 years.-VNA