According to the General Statistics Office, in 2024, the total retail sales of goods and consumer service revenue at current prices is estimated at VND 6,391 trillion, an increase of 9% over the previous year. The Vietnamese retail market is assessed to grow positively under the strong direction of the Government on stimulating consumption, supporting production and business as well as developing the domestic market.
Mr. Matthew Powell, Director of Savills Hanoi, analyzed: Compared to Thailand, Indonesia or Singapore, the Vietnamese retail market is still in the development stage, but has had a significant breakthrough after the pandemic. Previously, Vietnamese consumers tended to shop abroad, especially in Bangkok, due to the presence of many international brands. As domestic consumer demand increases, many international brands have seen expansion potential in Vietnam. At the same time, with a young population and large consumer base, Vietnam is gradually becoming an attractive destination for large retail corporations. In the period of 2025 - 2030, the market is expected to achieve stronger growth, competitive enough with leading countries in the region".
Regarding retail space supply, Savills data shows that in the fourth quarter of 2024, the total supply of retail space in major cities such as Hanoi and Ho Chi Minh City will continue to remain stable.
In Ho Chi Minh City, total supply increased by 1% quarterly, and 6% annually. Total retail supply in Hanoi remains stable quarterly and increases by 2% annually. In particular, shopping malls continue to dominate the supply with a 63% share. The market witnessed the emergence and expansion of a new generation of shopping malls, integrating diverse utilities to enhance customer experience.
Ms. Hoang Nguyet Minh, Senior Director, Savills Hanoi Commercial Leasing Department, said: Hanoi continues to affirm its appeal on the retail map with the launch of a series of new commercial centers. After the success of Lotte Mall Westlake since 2023, Hanoi Centre - a project of investor Keppel, will be welcomed in 2025, promising to bring similar results. Along with that, in 2026, the market will be more vibrant with the appearance of Thiso Mall and Toshin at Starlake. methodical investment from large corporations such as Aeon, Lotte, Keppel not only attracts more international brands but also promotes consumption, contributing to strong growth for the Hanoi retail market in the 2025-2026 period".
Ms. Stephanie Lau, Senior Manager, Retail Representative at Savills China, commented that the Shanghai retail market is recording a significant shift with two main trends: the explosion of athleisure style (a style that combines sportswear and daily wear) and the trend of retailers moving from shopping malls to street stores.
These trends bring many important lessons to the Vietnamese market. In the context of increasingly changing consumer behavior, Vietnamese retailers can consider expanding the street-front store model in strategic locations to enhance brand awareness and improve customer experience.
At the same time, grasping the athleisure trend is also a potential direction, as Vietnamese consumers increasingly pay attention to the combination of fashion, convenience and dynamic lifestyle.
