Retailing in Vietnam

Euromonitor International
February 2022
RETAILING IN VIETNAM Passport i

LIST OF CONTENTS AND TABLES

Retailing in Vietnam - Industry Overview ...................................................................................... 1
EXECUTIVE SUMMARY .............................................................................................................. 1
Retailing in 2021: The big picture ............................................................................................. 1
Players rely on e-commerce to increase sales ......................................................................... 1
Omnichannel strategy is key to success for the big players ..................................................... 1
What next for retailing? ............................................................................................................. 2
OPERATING ENVIRONMENT ..................................................................................................... 2
Informal retailing ....................................................................................................................... 2
Opening hours .......................................................................................................................... 3
Summary 1 Standard Opening Hours by Channel Type 2021 ......................................... 3
Physical retail landscape .......................................................................................................... 5
Cash and carry ......................................................................................................................... 6
Seasonality ............................................................................................................................... 6
Payments .................................................................................................................................. 6
Emerging business models ....................................................................................................... 7
MARKET DATA ............................................................................................................................ 7
Table 1 Sales in Retailing by Store-based vs Non-Store: Value 2016-2021 ............. 7
Table 2 Sales in Retailing by Store-based vs Non-Store: % Value Growth
2016-2021 .................................................................................................... 8
Table 3 Sales in Store-based Retailing by Channel: Value 2016-2021 ..................... 8
Table 4 Sales in Store-based Retailing by Channel: % Value Growth 2016-
2021 ............................................................................................................. 8
Table 5 Store-based Retailing Outlets by Channel: Units 2016-2021 ....................... 9
Table 6 Store-based Retailing Outlets by Channel: % Unit Growth 2016-2021 ........ 9
Table 7 Sales in Non-Store Retailing by Channel: Value 2016-2021 ........................ 9
Table 8 Sales in Non-Store Retailing by Channel: % Value Growth 2016-2021 ..... 10
Table 9 Grocery Retailers: Value Sales, Outlets and Selling Space 2016-2021 ..... 10
Table 10 Grocery Retailers: Value Sales, Outlets and Selling Space: % Growth
2016-2021 .................................................................................................. 10
Table 11 Sales in Grocery Retailers by Channel: Value 2016-2021 ......................... 10
Table 12 Sales in Grocery Retailers by Channel: % Value Growth 2016-2021 ......... 11
Table 13 Grocery Retailers Outlets by Channel: Units 2016-2021 ............................ 11
Table 14 Grocery Retailers Outlets by Channel: % Unit Growth 2016-2021 ............. 11
Table 15 Non-Grocery Specialists: Value Sales, Outlets and Selling Space
2016-2021 .................................................................................................. 12
Table 16 Non-Grocery Specialists: Value Sales, Outlets and Selling Space: %
Growth 2016-2021 ..................................................................................... 12
Table 17 Sales in Non-Grocery Specialists by Channel: Value 2016-2021 ............... 12
Table 18 Sales in Non-Grocery Specialists by Channel: % Value Growth 2016-
2021 ........................................................................................................... 12
Table 19 Non-Grocery Specialists Outlets by Channel: Units 2016-2021 ................. 13
Table 20 Non-Grocery Specialists Outlets by Channel: % Unit Growth 2016-
2021 ........................................................................................................... 13
Table 21 Mixed Retailers: Value Sales, Outlets and Selling Space 2016-2021 ........ 14
Table 22 Mixed Retailers: Value Sales, Outlets and Selling Space: % Growth
2016-2021 .................................................................................................. 14

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Table 23 Sales in Mixed Retailers by Channel: Value 2016-2021............................. 14

Table 24 Sales in Mixed Retailers by Channel: % Value Growth 2016-2021 ............ 14
Table 25 Mixed Retailers Outlets by Channel: Units 2016-2021 ............................... 14
Table 26 Mixed Retailers Outlets by Channel: % Unit Growth 2016-2021 ................ 15
Table 27 Retailing GBO Company Shares: % Value 2017-2021 .............................. 15
Table 28 Retailing GBN Brand Shares: % Value 2018-2021 .................................... 16
Table 29 Store-based Retailing GBO Company Shares: % Value 2017-2021 .......... 16
Table 30 Store-based Retailing GBN Brand Shares: % Value 2018-2021 ................ 17
Table 31 Store-based Retailing LBN Brand Shares: Outlets 2018-2021................... 18
Table 32 Non-Store Retailing GBO Company Shares: % Value 2017-2021 ............. 19
Table 33 Non-Store Retailing GBN Brand Shares: % Value 2018-2021 ................... 19
Table 34 Grocery Retailers GBO Company Shares: % Value 2017-2021 ................ 20
Table 35 Grocery Retailers GBN Brand Shares: % Value 2018-2021 ...................... 20
Table 36 Grocery Retailers LBN Brand Shares: Outlets 2018-2021 ......................... 21
Table 37 Grocery Retailers LBN Brand Shares: Selling Space 2018-2021 ............... 22
Table 38 Non-Grocery Specialists GBO Company Shares: % Value 2017-2021 ...... 23
Table 39 Non-Grocery Specialists GBN Brand Shares: % Value 2018-2021 ............ 23
Table 40 Non-Grocery Specialists LBN Brand Shares: Outlets 2018-2021 .............. 24
Table 41 Non-Grocery Specialists LBN Brand Shares: Selling Space 2018-
2021 ........................................................................................................... 25
Table 42 Mixed Retailers GBO Company Shares: % Value 2017-2021.................... 26
Table 43 Mixed Retailers GBN Brand Shares: % Value 2018-2021.......................... 26
Table 44 Mixed Retailers LBN Brand Shares: Outlets 2018-2021 ............................ 27
Table 45 Mixed Retailers LBN Brand Shares: Selling Space 2018-2021 .................. 27
Table 46 Forecast Sales in Retailing by Store-based vs Non-Store: Value
2021-2026 .................................................................................................. 28
Table 47 Forecast Sales in Retailing by Store-based vs Non-Store: % Value
Growth 2021-2026 ..................................................................................... 28
Table 48 Forecast Sales in Store-based Retailing by Channel: Value 2021-
2026 ........................................................................................................... 28
Table 49 Forecast Sales in Store-based Retailing by Channel: % Value Growth
2021-2026 .................................................................................................. 29
Table 50 Forecast Store-based Retailing Outlets by Channel: Units 2021-2026 ...... 29
Table 51 Forecast Store-Based Retailing Outlets by Channel: % Unit Growth
2021-2026 .................................................................................................. 29
Table 52 Forecast Sales in Non-Store Retailing by Channel: Value 2021-2026 ....... 30
Table 53 Forecast Sales in Non-Store Retailing by Channel: % Value Growth
2021-2026 .................................................................................................. 30
Table 54 Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space
2021-2026 .................................................................................................. 30
Table 55 Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space:
% Growth 2021-2026 ................................................................................. 31
Table 56 Forecast Sales in Grocery Retailers by Channel: Value 2021-2026 .......... 31
Table 57 Forecast Sales in Grocery Retailers by Channel: % Value Growth
2021-2026 .................................................................................................. 31
Table 58 Forecast Grocery Retailers Outlets by Channel: Units 2021-2026 ............. 32
Table 59 Forecast Grocery Retailers Outlets by Channel: % Unit Growth 2021-
2026 ........................................................................................................... 32
Table 60 Non-Grocery Specialists Forecasts: Value Sales, Outlets and Selling
Space 2021-2026 ....................................................................................... 32

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Table 61 Non-Grocery Specialists Forecasts: Value Sales, Outlets and Selling

Space: % Growth 2021-2026 ..................................................................... 32
Table 62 Forecast Sales in Non-Grocery Specialists by Channel: Value 2021-
2026 ........................................................................................................... 33
Table 63 Forecast Sales in Non-Grocery Specialists by Channel: % Value
Growth 2021-2026 ..................................................................................... 33
Table 64 Forecast Non-Grocery Specialists Outlets by Channel: Units 2021-
2026 ........................................................................................................... 33
Table 65 Forecast Non-Grocery Specialists Outlets by Channel: % Unit Growth
2021-2026 .................................................................................................. 34
Table 66 Mixed Retailers Forecasts: Value Sales, Outlets and Selling Space
2021-2026 .................................................................................................. 34
Table 67 Mixed Retailers Forecasts: Value Sales, Outlets and Selling Space: %
Growth 2021-2026 ..................................................................................... 34
Table 68 Forecast Sales in Mixed Retailers by Channel: Value 2021-2026 .............. 35
Table 69 Forecast Sales in Mixed Retailers by Channel: % Value Growth 2021-
2026 ........................................................................................................... 35
Table 70 Forecast Mixed Retailers Outlets by Channel: Units 2021-2026 ................ 35
Table 71 Forecast Mixed Retailers Outlets by Channel: % Unit Growth 2021-
2026 ........................................................................................................... 35
DISCLAIMER ............................................................................................................................. 36
SOURCES.................................................................................................................................. 36
Summary 2 Research Sources ...................................................................................... 36
Convenience Stores in Vietnam - Category Analysis ................................................................. 39
KEY DATA FINDINGS................................................................................................................ 39
2021 DEVELOPMENTS ............................................................................................................. 39
A surge in COVID-19 cases at traditional grocery retailers leads consumers to shop at
convenience stores in 2021 .................................................................................................... 39
Convenience stores develop their omnichannel presence ...................................................... 39
Convenience generally delivered by international-run stores ................................................. 39
PROSPECTS AND OPPORTUNITIES....................................................................................... 40
Further gains predicted but at A slower rate owing to market saturation ................................ 40
Social side of visiting convenience stores important for trade ................................................ 40
Mobile payment to extend its coverage in Vietnam................................................................. 40
CHANNEL DATA ........................................................................................................................ 41
Table 72 Convenience Stores: Value Sales, Outlets and Selling Space 2016-
2021 ........................................................................................................... 41
Table 73 Convenience Stores: Value Sales, Outlets and Selling Space: %
Growth 2016-2021 ..................................................................................... 41
Table 74 Convenience Stores GBO Company Shares: % Value 2017-2021 ............ 41
Table 75 Convenience Stores GBN Brand Shares: % Value 2018-2021 .................. 41
Table 76 Convenience Stores LBN Brand Shares: Outlets 2018-2021 ..................... 42
Table 77 Convenience Stores LBN Brand Shares: Selling Space 2018-2021 .......... 42
Table 78 Convenience Stores Forecasts: Value Sales, Outlets and Selling
Space 2021-2026 ....................................................................................... 43
Table 79 Convenience Stores Forecasts: Value Sales, Outlets and Selling
Space: % Growth 2021-2026 ..................................................................... 43
Discounters in Vietnam - Category Analysis............................................................................... 44

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2021 DEVELOPMENTS ............................................................................................................. 44

Hypermarkets in Vietnam - Category Analysis ........................................................................... 45
KEY DATA FINDINGS................................................................................................................ 45
2021 DEVELOPMENTS ............................................................................................................. 45
Hypermarkets see an increase in sales due to COVID-19...................................................... 45
Still in the shadow of supermarkets despite good progress .................................................... 45
Central Retail Corp sustains lead and undergoes A rebranding in 2021 ................................ 45
PROSPECTS AND OPPORTUNITIES....................................................................................... 46
Vietnam’s solid economy will keep consumers spending ....................................................... 46
International brands to keep providing important USPs for in-store experience ..................... 46
Growing importance of an omnichannel approach ................................................................. 46
CHANNEL DATA ........................................................................................................................ 47
Table 80 Hypermarkets: Value Sales, Outlets and Selling Space 2016-2021 ........... 47
Table 81 Hypermarkets: Value Sales, Outlets and Selling Space: % Growth
2016-2021 .................................................................................................. 47
Table 82 Hypermarkets GBO Company Shares: % Value 2017-2021 ...................... 47
Table 83 Hypermarkets GBN Brand Shares: % Value 2018-2021 ............................ 47
Table 84 Hypermarkets LBN Brand Shares: Outlets 2018-2021 ............................... 48
Table 85 Hypermarkets LBN Brand Shares: Selling Space 2018-2021 .................... 48
Table 86 Hypermarkets Forecasts: Value Sales, Outlets and Selling Space
2021-2026 .................................................................................................. 49
Table 87 Hypermarkets Forecasts: Value Sales, Outlets and Selling Space: %
Growth 2021-2026 ..................................................................................... 49
Supermarkets in Vietnam - Category Analysis ........................................................................... 50
KEY DATA FINDINGS................................................................................................................ 50
2021 DEVELOPMENTS ............................................................................................................. 50
Closure of traditional grocery retailers boosts supermarkets sales ......................................... 50
Bach Hoa Xanh expands its store network and increases its online presence ....................... 50
VinMart and VinMart+ change name to WinMart and WinMart+ ............................................. 50
PROSPECTS AND OPPORTUNITIES....................................................................................... 51
Newly formed habit of purchasing groceries at supermarkets is anticipated to last in the
forecast period ........................................................................................................................ 51
Mini supermarkets offer compelling solution to retail-heavy areas ......................................... 51
Private label has further growth potential ................................................................................ 51
CHANNEL DATA ........................................................................................................................ 51
Table 88 Supermarkets: Value Sales, Outlets and Selling Space 2016-2021 ........... 52
Table 89 Supermarkets: Value Sales, Outlets and Selling Space: % Growth
2016-2021 .................................................................................................. 52
Table 90 Supermarkets GBO Company Shares: % Value 2017-2021 ...................... 52
Table 91 Supermarkets GBN Brand Shares: % Value 2018-2021 ............................ 52
Table 92 Supermarkets LBN Brand Shares: Outlets 2018-2021 ............................... 53
Table 93 Supermarkets LBN Brand Shares: Selling Space 2018-2021 .................... 54
Table 94 Supermarkets Forecasts: Value Sales, Outlets and Selling Space
2021-2026 .................................................................................................. 54
Table 95 Supermarkets Forecasts: Value Sales, Outlets and Selling Space: %
Growth 2021-2026 ..................................................................................... 54
Traditional Grocery Retailers in Vietnam - Category Analysis .................................................... 56
KEY DATA FINDINGS................................................................................................................ 56

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2021 DEVELOPMENTS ............................................................................................................. 56

COVID-19 hits traditional grocery retailers hard ..................................................................... 56
Growing presence of chained traditional grocery retailers specialising in dairy products ....... 56
Extremely crowded landscape led by Vietnam Dairy Products ............................................... 56
PROSPECTS AND OPPORTUNITIES....................................................................................... 57
Pick-up in sales performance anticipated in 2022 .................................................................. 57
Modernising outlets in the channel could be key as COVID-19 highlights sanitation and health
further ..................................................................................................................................... 57
Mini supermarkets could pose big challenges ........................................................................ 57
CHANNEL DATA ........................................................................................................................ 57
Table 96 Traditional Grocery Retailers: Value Sales, Outlets and Selling Space
2016-2021 .................................................................................................. 57
Table 97 Traditional Grocery Retailers: Value Sales, Outlets and Selling Space:
% Growth 2016-2021 ................................................................................. 58
Table 98 Traditional Grocery Retailers GBO Company Shares: % Value 2017-
2021 ........................................................................................................... 58
Table 99 Traditional Grocery Retailers GBN Brand Shares: % Value 2018-2021 ..... 58
Table 100 Traditional Grocery Retailers LBN Brand Shares: Outlets 2018-2021 ....... 58
Table 101 Traditional Grocery Retailers LBN Brand Shares: Selling Space 2018-
2021 ........................................................................................................... 59
Table 102 Traditional Grocery Retailers Forecasts: Value Sales, Outlets and
Selling Space 2021-2026 ........................................................................... 59
Table 103 Traditional Grocery Retailers Forecasts: Value Sales, Outlets and
Selling Space: % Growth 2021-2026 ......................................................... 59
Apparel and Footwear Specialist Retailers in Vietnam - Category Analysis ............................... 61
KEY DATA FINDINGS................................................................................................................ 61
2021 DEVELOPMENTS ............................................................................................................. 61
Sales plummet as consumers focus on the essentials ........................................................... 61
Allure of global brand names set to help channel back on track ............................................. 61
Strong reputation keeps Blue Exchange at the top ................................................................. 62
PROSPECTS AND OPPORTUNITIES....................................................................................... 62
Full channel recovery expected in 2022 ................................................................................. 62
E-commerce increasingly key for players of all sizes .............................................................. 62
Counterfeits with their cheap prices represent A challenge to the channel ............................. 63
CHANNEL DATA ........................................................................................................................ 63
Table 104 Apparel And Footwear Specialist Retailers: Value Sales, Outlets and
Selling Space 2016-2021 ........................................................................... 63
Table 105 Apparel And Footwear Specialist Retailers: Value Sales, Outlets and
Selling Space: % Growth 2016-2021 ......................................................... 63
Table 106 Apparel And Footwear Specialist Retailers GBO Company Shares: %
Value 2017-2021 ........................................................................................ 63
Table 107 Apparel And Footwear Specialist Retailers GBN Brand Shares: %
Value 2018-2021 ........................................................................................ 64
Table 108 Apparel And Footwear Specialist Retailers LBN Brand Shares:
Outlets 2018-2021...................................................................................... 65
Table 109 Apparel And Footwear Specialist Retailers LBN Brand Shares: Selling
Space 2018-2021 ....................................................................................... 66
Table 110 Apparel And Footwear Specialist Retailers Forecasts: Value Sales,
Outlets and Selling Space 2021-2026 ........................................................ 66

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Table 111 Apparel And Footwear Specialist Retailers Forecasts: Value Sales,
Outlets and Selling Space: % Growth 2021-2026 ...................................... 67
Electronics and Appliance Specialist Retailers in Vietnam - Category Analysis ......................... 68
KEY DATA FINDINGS................................................................................................................ 68
2021 DEVELOPMENTS ............................................................................................................. 68
Online channels prevent overall sales losses in 2020 ............................................................ 68
The Vietnamese love their consumer electronics and appliances .......................................... 68
Mobile World continues to soar above its rivals ...................................................................... 69
PROSPECTS AND OPPORTUNITIES....................................................................................... 69
Channel set to bounce back with strong growth in 2022......................................................... 69
Less is more for physical stores as consumers have done their homework ........................... 69
Consumers prefer the chained outlets for electronics and appliances .................................... 70
CHANNEL DATA ........................................................................................................................ 70
Table 112 Electronics and Appliance Specialist Retailers: Value Sales, Outlets
and Selling Space 2016-2021 .................................................................... 70
Table 113 Electronics and Appliance Specialist Retailers: Value Sales, Outlets
and Selling Space: % Growth 2016-2021 .................................................. 70
Table 114 Electronics and Appliance Specialist Retailers GBO Company
Shares: % Value 2017-2021 ...................................................................... 70
Table 115 Electronics and Appliance Specialist Retailers GBN Brand Shares: %
Value 2018-2021 ........................................................................................ 71
Table 116 Electronics and Appliance Specialist Retailers LBN Brand Shares:
Outlets 2018-2021...................................................................................... 71
Table 117 Electronics and Appliance Specialist Retailers LBN Brand Shares:
Selling Space 2018-2021 ........................................................................... 72
Table 118 Electronics and Appliance Specialist Retailers Forecasts: Value
Sales, Outlets and Selling Space 2021-2026 ............................................. 72
Table 119 Electronics and Appliance Specialist Retailers Forecasts: Value
Sales, Outlets and Selling Space: % Growth 2021-2026 ........................... 73
Health and Beauty Specialist Retailers in Vietnam - Category Analysis..................................... 74
KEY DATA FINDINGS................................................................................................................ 74
2021 DEVELOPMENTS ............................................................................................................. 74
Mixed performance is recorded as health is the sole focus in 2020 ....................................... 74
Chain reaction to increasing health-consciousness ................................................................ 74
Fragmented landscape has strong local and international presence ...................................... 74
PROSPECTS AND OPPORTUNITIES....................................................................................... 75
Swift return to growth for beauty and optical channels predicted ............................................ 75
E-commerce increasingly key for profitability .......................................................................... 75
Consumers showing growing preference for chained outlets ................................................. 75
CHANNEL DATA ........................................................................................................................ 75
Table 120 Health and Beauty Specialist Retailers: Value Sales, Outlets and
Selling Space 2016-2021 ........................................................................... 75
Table 121 Health and Beauty Specialist Retailers: Value Sales, Outlets and
Selling Space: % Growth 2016-2021 ......................................................... 76
Table 122 Sales in Health and Beauty Specialist Retailers by Channel: Value
2016-2021 .................................................................................................. 76
Table 123 Sales in Health and Beauty Specialist Retailers by Channel: % Value
Growth 2016-2021 ..................................................................................... 76

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Table 124 Health and Beauty Specialist Retailers GBO Company Shares: %
Value 2017-2021 ........................................................................................ 77
Table 125 Health and Beauty Specialist Retailers GBN Brand Shares: % Value
2018-2021 .................................................................................................. 77
Table 126 Health and Beauty Specialist Retailers LBN Brand Shares: Outlets
2018-2021 .................................................................................................. 78
Table 127 Health and Beauty Specialist Retailers LBN Brand Shares: Selling
Space 2018-2021 ....................................................................................... 78
Table 128 Health and Beauty Specialist Retailers Forecasts: Value Sales,
Outlets and Selling Space 2021-2026 ........................................................ 79
Table 129 Health and Beauty Specialist Retailers Forecasts: Value Sales,
Outlets and Selling Space: % Growth 2021-2026 ...................................... 79
Table 130 Forecast Sales in Health and Beauty Specialist Retailers by Channel:
Value 2021-2026 ........................................................................................ 80
Table 131 Forecast Sales in Health and Beauty Specialist Retailers by Channel:
% Value Growth 2021-2026 ....................................................................... 80
Home and Garden Specialist Retailers in Vietnam - Category Analysis..................................... 81
KEY DATA FINDINGS................................................................................................................ 81
2021 DEVELOPMENTS ............................................................................................................. 81
Pandemic sees consumers put home and garden products on the back burner .................... 81
Health crisis disrupts vibrant sales performance .................................................................... 81
Crowded landscape edged by AA Corp .................................................................................. 82
PROSPECTS AND OPPORTUNITIES....................................................................................... 82
Channel momentum likely to recover quickly .......................................................................... 82
Omnichannel strategy to become more important .................................................................. 82
Forecast period could see arrival of Ikea ................................................................................ 82
CHANNEL DATA ........................................................................................................................ 82
Table 132 Home and Garden Specialist Retailers: Value Sales, Outlets and
Selling Space 2016-2021 ........................................................................... 83
Table 133 Home and Garden Specialist Retailers: Value Sales, Outlets and
Selling Space: % Growth 2016-2021 ......................................................... 83
Table 134 Sales in Home and Garden Specialist Retailers by Channel: Value
2016-2021 .................................................................................................. 83
Table 135 Sales in Home and Garden Specialist Retailers by Channel: % Value
Growth 2016-2021 ..................................................................................... 83
Table 136 Home and Garden Specialist Retailers GBO Company Shares: %
Value 2017-2021 ........................................................................................ 83
Table 137 Home and Garden Specialist Retailers GBN Brand Shares: % Value
2018-2021 .................................................................................................. 84
Table 138 Home and Garden Specialist Retailers LBN Brand Shares: Outlets
2018-2021 .................................................................................................. 84
Table 139 Home and Garden Specialist Retailers LBN Brand Shares: Selling
Space 2018-2021 ....................................................................................... 85
Table 140 Home and Garden Specialist Retailers Forecasts: Value Sales,
Outlets and Selling Space 2021-2026 ........................................................ 85
Table 141 Home and Garden Specialist Retailers Forecasts: Value Sales,
Outlets and Selling Space: % Growth 2021-2026 ...................................... 85
Table 142 Forecast Sales in Home and Garden Specialist Retailers by Channel:
Value 2021-2026 ........................................................................................ 85

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Table 143 Forecast Sales in Home and Garden Specialist Retailers by Channel:
% Value Growth 2021-2026 ....................................................................... 86
Department Stores in Vietnam - Category Analysis ................................................................... 87
KEY DATA FINDINGS................................................................................................................ 87
2021 DEVELOPMENTS ............................................................................................................. 87
AEON alleviates stronger drop in channel sales ..................................................................... 87
Players try to offer consumers more than just shopping ......................................................... 87
AEON continues to lead the sales channel ............................................................................. 88
PROSPECTS AND OPPORTUNITIES....................................................................................... 88
Channel recovery dependent on return of international tourists ............................................. 88
Synergy between department store and shopping centre should be harnessed .................... 88
Online sales unlikely to be significant despite impact of health crisis ..................................... 89
CHANNEL DATA ........................................................................................................................ 89
Table 144 Department Stores: Value Sales, Outlets and Selling Space 2016-
2021 ........................................................................................................... 89
Table 145 Department Stores: Value Sales, Outlets and Selling Space: %
Growth 2016-2021 ..................................................................................... 89
Table 146 Department Stores GBO Company Shares: % Value 2017-2021 .............. 89
Table 147 Department Stores GBN Brand Shares: % Value 2018-2021 .................... 90
Table 148 Department Stores LBN Brand Shares: Outlets 2018-2021 ....................... 90
Table 149 Department Stores LBN Brand Shares: Selling Space 2018-2021 ............ 90
Table 150 Department Stores Forecasts: Value Sales, Outlets and Selling
Space 2021-2026 ....................................................................................... 91
Table 151 Department Stores Forecasts: Value Sales, Outlets and Selling
Space: % Growth 2021-2026 ..................................................................... 91
Variety Stores in Vietnam - Category Analysis ........................................................................... 92
KEY DATA FINDINGS................................................................................................................ 92
2021 DEVELOPMENTS ............................................................................................................. 92
Channel suffers as stores shut and consumers stay away ..................................................... 92
Craze for Korean culture increasingly influencing variety stores ............................................ 92
Miniso is at the summit of variety stores ................................................................................. 93
PROSPECTS AND OPPORTUNITIES....................................................................................... 93
Franchise model offers solid route to achieving sales growth ................................................. 93
Online sales unlikely to gain traction for variety stores ........................................................... 93
Diversification in the in-store experience can help achieve stand-out..................................... 93
CHANNEL DATA ........................................................................................................................ 94
Table 153 Variety Stores: Value Sales, Outlets and Selling Space: % Growth
2016-2021 .................................................................................................. 94
Table 154 Variety Stores GBO Company Shares: % Value 2017-2021 ...................... 94
Table 155 Variety Stores GBN Brand Shares: % Value 2018-2021 ............................ 94
Table 156 Variety Stores LBN Brand Shares: Outlets 2018-2021............................... 95
Table 157 Variety Stores LBN Brand Shares: Selling Space 2018-2021 .................... 95
Table 158 Variety Stores Forecasts: Value Sales, Outlets and Selling Space
2021-2026 .................................................................................................. 95
Table 159 Variety Stores Forecasts: Value Sales, Outlets and Selling Space: %
Growth 2021-2026 ..................................................................................... 96
Warehouse Clubs in Vietnam - Category Analysis ..................................................................... 97
2021 DEVELOPMENTS ............................................................................................................. 97

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Direct Selling in Vietnam - Category Analysis ............................................................................ 98

KEY DATA FINDINGS................................................................................................................ 98
2021 DEVELOPMENTS ............................................................................................................. 98
Consumer health continues to grow despite channel restrictions ........................................... 98
Winning consumer trust is key in A market with potential ....................................................... 98
Herbalife leads sales despite higher-than-average prices ...................................................... 99
PROSPECTS AND OPPORTUNITIES....................................................................................... 99
Channel predicted to bounce back strongly ............................................................................ 99
Little potential for food and drink direct selling in Vietnam, but consumer appliances is one
area to watch .......................................................................................................................... 99
Oriflame looks to help reignite the spark in beauty and personal care.................................. 100
CHANNEL DATA ...................................................................................................................... 100
Table 160 Direct Selling by Category: Value 2016-2021........................................... 100
Table 161 Direct Selling by Category: % Value Growth 2016-2021 .......................... 101
Table 162 Direct Selling GBO Company Shares: % Value 2017-2021 ..................... 101
Table 163 Direct Selling GBN Brand Shares: % Value 2018-2021 ........................... 102
Table 164 Direct Selling Forecasts by Category: Value 2021-2026 .......................... 102
Table 165 Direct Selling Forecasts by Category: % Value Growth 2021-2026 ......... 103
Homeshopping in Vietnam - Category Analysis ....................................................................... 104
KEY DATA FINDINGS.............................................................................................................. 104
2021 DEVELOPMENTS ........................................................................................................... 104
Sales growth accelerates as pandemic keeps consumers at home ..................................... 104
Leading sales baton passed on frequently in homeshopping ............................................... 104
Lack of brand identity characterises homeshopping ............................................................. 104
PROSPECTS AND OPPORTUNITIES..................................................................................... 105
Deceleration in current value sales growth predicted ........................................................... 105
Online purchases likely to become more prevalent .............................................................. 105
TV homeshopping platform to keep driving sales ................................................................. 105
CHANNEL DATA ...................................................................................................................... 105
Table 166 Homeshopping by Category: Value 2016-2021 ........................................ 105
Table 167 Homeshopping by Category: % Value Growth 2016-2021 ....................... 106
Table 168 Homeshopping Forecasts by Category: Value 2021-2026 ....................... 106
Table 169 Homeshopping Forecasts by Category: % Value Growth 2021-2026 ...... 107
Vending in Vietnam - Category Analysis .................................................................................. 109
2021 DEVELOPMENTS ........................................................................................................... 109
E-Commerce (Goods) in Vietnam - Category Analysis ............................................................ 110
KEY DATA FINDINGS.............................................................................................................. 110
2021 DEVELOPMENTS ........................................................................................................... 110
Boom in e-commerce as pandemic keeps consumers indoors ............................................. 110
Apparel and footwear increasing its online share ................................................................. 110
Amongst e-commerce players, Shoppee gains most in value share .................................... 111
PROSPECTS AND OPPORTUNITIES..................................................................................... 111
Vietnam being primed for long-term e-commerce growth ..................................................... 111
Third party payment services modernise e-commerce transactions in Vietnam ................... 111
Omnichannel strategy on the rise in Vietnam ....................................................................... 111
CHANNEL DATA ...................................................................................................................... 112
Table 170 E-Commerce (Goods) by Channel and Category: Value 2016-2021 ....... 112

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Table 171 E-Commerce (Goods) by Channel and Category: % Value Growth

2016-2021 ................................................................................................ 113
Table 172 E-Commerce (Goods) GBO Company Shares: % Value 2017-2021 ....... 113
Table 173 E-Commerce (Goods) GBN Brand Shares: % Value 2018-2021 ............. 114
Table 174 Forecast E-Commerce (Goods) by Channel and Category: Value
2021-2026 ................................................................................................ 114
Table 175 Forecast E-Commerce (Goods) by Channel and Category: % Value
Growth 2021-2026 ................................................................................... 115
Mobile E-Commerce (Goods) in Vietnam - Category Analysis ................................................. 117
KEY DATA FINDINGS.............................................................................................................. 117
2021 DEVELOPMENTS ........................................................................................................... 117
Most consumers in Vietnam now use their mobiles for e-commerce .................................... 117
High smartphone ownership fuelling strong performance of mobile e-commerce ................ 117
Mobile World benefits from wide coverage ........................................................................... 117
PROSPECTS AND OPPORTUNITIES..................................................................................... 118
Government to support mobile channel expansion in Vietnam ............................................. 118
Attractive offers from e-wallet providers provide further impetus for growth ......................... 118
Apps likely to be leveraged further for stronger consumer engagement ............................... 118
CHANNEL DATA ...................................................................................................................... 119
Table 176 Mobile E-Commerce (Goods): Value 2016-2021 ..................................... 119
Table 177 Mobile E-Commerce (Goods): % Value Growth 2016-2021 ..................... 119
Table 178 Mobile E-Commerce (Goods) Forecasts: Value 2021-2026 ..................... 119
Table 179 Mobile E-Commerce (Goods) Forecasts: % Value Growth 2021-2026 .... 119
Food and Drink E-Commerce in Vietnam - Category Analysis ................................................. 120
KEY DATA FINDINGS.............................................................................................................. 120
2021 DEVELOPMENTS ........................................................................................................... 120
Pandemic pushes buying food and drink online further towards the mainstream ................. 120
Organic-orientated players utilise social media to connect with their audience .................... 120
Home delivery supported by strong outlet network gives best results .................................. 120
PROSPECTS AND OPPORTUNITIES..................................................................................... 121
Channel to continue dynamic performance .......................................................................... 121
The freshness challenge likely to remain A barrier ............................................................... 121
Bubble unlikely to burst for soft drinks, while players will look to differentiate ...................... 121
CHANNEL DATA ...................................................................................................................... 121
Table 180 Food and Drink E-Commerce: Value 2016-2021 ..................................... 121
Table 181 Food and Drink E-Commerce: % Value Growth 2016-2021 ..................... 122
Table 182 Food and Drink E-Commerce Forecasts: Value 2021-2026 ..................... 122
Table 183 Food and Drink E-Commerce Forecasts: % Value Growth 2021-2026 .... 122

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RETAILING IN VIETNAM - INDUSTRY

OVERVIEW
EXECUTIVE SUMMARY

Retailing in 2021: The big picture

In May 2021, there was a surge in the number of COVID-19 cases in Vietnam, which led the
government to impose another lockdown in Ho Chi Minh and in most southern provinces,
obliging people to stay at home and only go out for basic necessities such as purchasing
groceries or medicine, or to work at factories or businesses permitted to operate. In addition, the
majority of traditional grocery retailers was also required to close due to the rise in the number
of COVID-19 cases in the sales channel. Consequently, many consumers shopped at modern
grocery retailers such as supermarkets, hypermarkets and convenience stores for groceries.
During the lockdown, all non-grocery retailers, such as department stores and apparel and
footwear specialist stores, were mandated to close. In Ho Chi Minh delivery services for non-
grocery products were also prohibited. Therefore, non-grocery specialists saw a significant
decline in current value sales in 2021. In addition, the financial impact that the health crisis had
on the Vietnamese economy made consumers hesitant to spend money on non-grocery
products. They mainly purchased necessities such as food, healthcare and cleaning products.
Therefore, most grocery channels registered accelerated growth in 2021, while health-orientated
areas, eg chemists/pharmacies and consumer health homeshopping, also recorded strong
performances.

Players rely on e-commerce to increase sales

Players quickly adapted their strategies to boost their e-commerce sales in order to survive.
For example, Big C consumers now can order products on the most popular chat messenger
service Zalo and have the goods delivered to their home. There was also “Ung ho nong san
Viet” (Support Vietnamese agricultural products), an initiative involving cooperation between
Saigon Union of Trading Cooperatives and mobile payment platform Momo with the aim of
selling Vietnamese lychee on the e-wallet Momo platform. Amid the pandemic, farmers held a
lot of various fruits that could not sold due to lower demand from overseas. In addition, with the
national lockdown and social distancing, many Vietnamese people were wary of going out for
shopping, preferring to do it online. In order to support Vietnamese fruits as well as to help
farmers to overcome trading difficulties, Saigon Union of Trading Cooperatives cooperated with
popular mobile payment platform Momo to sell lychee on the Momo mobile payment platform.
This special programme received huge support and attention from Vietnamese consumers.
In addition, the Vietnamese government supported e-commerce players to sell fresh food.
Consequently, in May 2021, Tiki launched TikiNgon, while Lazada expanded its product
assortment to include fresh food. Due to the temporary closure of non-grocery retailers during
the lockdown in 2021, consumers relied heavily on e-commerce platforms such as tiki.vn,
lazada.vn, and shoppee.vn to purchase groceries.

Omnichannel strategy is key to success for the big players

During the COVID-19 pandemic, players such as Central Retail Corp, Mobile World JSC and
Saigon Union of Trading Cooperatives were trying to strengthen their omnichannel retailing
strategy, not only to deal with COVID-19 but also to enhance their brands’ image. For even a

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brand that traditionally operates offline, having a website or presence on an online marketplace
where consumers can purchase its goods is increasingly common in the country. Operating
online is especially important for small players for whom the overheads of a physical outlet are
often prohibitive, and these often utilise social media platforms such as Facebook and
Instagram to take orders. Additionally, apps are being utilised for sales as they simplify the
purchasing process even further as well as engage with the consumers. For example, Shoppee
has introduced various games in its apps to increase consumer interaction. Besides boosting
brand image, an advantage of the omnichannel approach is that it helps to increase the
customer base by allowing those consumers far from a brand’s physical outlet to still buy from it
by going online. However, interlinking a strong network of brick-and-mortar stores with the
online arm is proving the most effective tactic. Customers can browse through the products in
the various physical stores, and then place an order on the shop’s website if they wish to
purchase. Vice versa, customers can search and compare product information on the website,
and then go to the stores to touch and feel the products in person before making their final
decision.

What next for retailing?

In 2022, overall retailing in Vietnam is expected to return to the dynamic value sales growth
rates that were being registered pre-pandemic. More consumers will be willing to spend on non-
grocery items such as apparel and footwear and dishwashers as the economic outlook is
positive. While Vietnam saw its lowest GDP growth for many years during the COVID-19
pandemic, its economy was nevertheless one of the best-performing, largely thanks to how
successful the country was in containing the pandemic. Store-based retailing sales will therefore
bounce back strongly in the year, especially as more of the population become vaccinated from
COVID-19 and social distancing and consumer uncertainties regarding visiting stores
subsequently ease. In turn, reliance on e-commerce will not be as great, but the channel is
nevertheless poised to remain dynamic, recording further double-digit value rises. This strong
demand for shopping online will be supported by consumers, especially those in urban areas,
returning to their normal hectic schedules and valuing the time- and effort-saving convenience of
buying groceries as well as non-groceries through apps or e-commerce websites.

OPERATING ENVIRONMENT

Informal retailing

▪ Informal retailing is diverse, ranging from traditional methods such as street vendors and
street hawkers to modern consumer-to-consumer (C2C) e-commerce via social media such
as Facebook or third party sites such as Shopee and Sendo. Due to the diversity and
unorganised nature of informal retailing, there are no official statistics. Informal retailing
covers both grocery and non-grocery products and exists in both urban and rural areas.
Informal retailing plays an important role in Vietnamese retailing, as there are many products
that are only offered in this channel and it is still more convenient than many formal retailing
channels.
▪ Although informal retailing covers a wide range of products, apparel and footwear, and leisure
and personal goods are the most common. C2C retailers offer a much wider range of
products, and usually at a cheaper price than formal retailers can as they avoid taxes and
unnecessary operational costs. The rising availability of flights connecting Vietnam with

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neighbouring countries is creating opportunities for informal retailers as many of their products
are hand-carried from nearby countries.
▪ Apparel and footwear specialist retailers is most affected by informal retailing due to the
competition between them in terms of designs and prices. The existence of informal grocery
retailers, meanwhile, affects players in traditional grocery, convenience stores, and mini
supermarkets. In addition, online retailers are affected by C2C sellers operating on social
media such as Facebook and Instagram.
▪ Informal retailers target a wide range of customers. For instance, online sellers mainly target
young consumers who are internet-savvy and spend a lot of time on social media. Street
vendors and hawkers, on the other hand, target housewives or people in the area as they
pass by.
▪ The government has carried out various activities to control informal retailing. For instance, in
2018, there was a campaign to crack down on online retailers that avoid paying taxes. In
some central areas, the government has also enforced strict control over where street
vendors and hawkers can operate, in order to keep the pavements clear and clean.

Opening hours

▪ It is common for retailers in urban areas to open for longer than those in rural areas, due to
the difference in lifestyles. It is common to see 24/7 convenience stores in urban areas, while
there are virtually none in rural areas.
▪ There is no restriction on the number of opening days per year. In fact, many retailers are
trying to open on more days in order to attract customers. For example, major hypermarkets
and supermarkets are open during the Vietnamese Lunar New Year, the key festival in
Vietnam.
▪ There is no known restriction on 24-hour operations. However, retailers must adhere to
various laws, such as maintaining a low noise level during night-time.
▪ In June 2021, following a surge in the number of COVID-19 cases, a lockdown was imposed
in Ho Chi Minh and southern provinces lasting several months. During the lockdown, all shops
had to close except grocery retailers.

Summary 1 Standard Opening Hours by Channel Type 2021

Channel 24-hour Monday- Friday Saturday Sunday
opening? Thursday

Supermarket No 07.30- 07.30- 07.30- Open

s 22.00hrs 22.00hrs 22.00hrs

Hypermarket No 08.00- 08.00- 08.00- Open

s 22.00hrs 22.30hrs 22.30hrs

Convenience Yes 24 hours 24 hours 24 hours Open

stores

Food/drink/to No 08.00- 08.00- 08.00- Open

bacco 22.00hrs 22.00hrs 22.00hrs
specialists

Independent No 07.00- 09.00- 09.00- Open

small grocers 21.00hrs 22.00hrs 22.00hrs

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Other No 07.00- 07.00- 07.00- Closed

grocery 21.00hrs 21.00hrs 21.00hrs
retailers

Apparel and No 10.00- 10.00- 10.00- Open

footwear 22.00hrs 22.00hrs 22.00hrs
specialist
retailers

Electronics No 10.00- 10.00- 10.00- Open

and 22.00hrs 22.00hrs 22.00hrs
appliance
specialist
retailers

Beauty No 10.00- 10.00- 10.00- Open

specialist 22.00hrs 22.00hrs 22.00hrs
retailers

Chemists/ph No 08.00- 08.00- 08.00- Open

armacies 21.00hrs 21.00hrs 21.00hrs

Optical No 08.00- 08.00- 08.00- Open

goods stores 21.00hrs 21.00hrs 21.00hrs

Drugstores/p No 08.00- 08.00- 08.00- Open

arapharmaci 21.00hrs 21.00hrs 21.00hrs
es

Vitamins and No 08.00- 08.00- 08.00- Open

dietary 21.00hrs 21.00hrs 21.00hrs
supplements
specialist
retailers

Home No 08.00- 08.00- 08.00- Open

improvement 21.00hrs 21.00hrs 21.00hrs
and
gardening
stores

Furniture and No 10.00- 10.00- 10.00- Open

homewares 22.00hrs 22.00hrs 22.00hrs
stores

Bags and No 10.00- 10.00- 10.00- Open

luggage 22.00hrs 22.00hrs 22.00hrs
specialist
retailers

Jewellery No 10.00- 10.00- 10.00- Open

and watch 22.00hrs 22.00hrs 22.00hrs
specialist
retailers

Media No 10.00- 10.00- 10.00- Open

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products 22.00hrs 22.00hrs 22.00hrs

stores

Pet shops No 10.00- 10.00- 10.00- Open

and 22.00hrs 22.00hrs 22.00hrs
superstores

Sports goods No 10.00- 10.00- 10.00- Open

stores 22.00hrs 22.00hrs 22.00hrs

Stationers/off No 08.00- 08.00- 08.00- Closed

ice supply 21.00hrs 21.00hrs 21.00hrs
stores

Traditional No 08.00- 08.00- 08.00- Open

toys and 21.00hrs 21.00hrs 21.00hrs
games stores

Other leisure No 10.00- 10.00- 10.00- Open

and personal 22.00hrs 22.00hrs 22.00hrs
goods
specialist
retailers

Department No 10.00- 10.00- 10.00- Open

stores 22.00hrs 22.00hrs 22.00hrs

Variety No 10.00- 10.00- 10.00- Open

stores 22.00hrs 22.00hrs 22.00hrs

Source: Euromonitor International

Note: These reflect typical opening hours outside of lockdown

Physical retail landscape

▪ Because of the negative impact of COVID-19 on consumers’ willingness to spend, most non-
grocery channels recorded a decline in the number of outlets in 2021. Unprofitable stores
have had to close due to shrinking consumer demand, with even big, chained operators such
as Mobile World having to shut down underperforming outlets.
▪ In many urban areas of Vietnam, traffic is bad and traffic jams are common. Motorcycles are
the main mode of transport throughout the country. Therefore, most people prefer to go to
retailers that are nearby and easy to access from the street. As a result, shops in stand-alone
locations tend to perform better than those in shopping centres. For the same reason, people
seldom travel to the suburbs to shop, as it could take them a very long time to travel there and
back.
▪ Rentals in key cities such as Hanoi and Ho Chi Minh City are increasingly expensive,
especially for stand-alone locations on main streets. Therefore, a rising number of retailers
are moving to smaller lanes or to online shops in order to reduce their rental costs.
▪ Pre-pandemic, the number of shopping centres was increasing rapidly in major cities such as
Hanoi and Ho Chi Minh City. Although most customers still prefer stand-alone locations as
they are easier to access, shopping centres have also been gaining popularity as a one-stop
shopping and entertainment destination for the family. In shopping centres, it is common to

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see hypermarkets, supermarkets, variety stores, department stores and apparel specialist
retailers.

Cash and carry

▪ Cash and carry in Vietnam is a consolidated channel with a single player, MM Mega Market,
formerly Metro Cash and Carry. This retailer mainly targets small businesses and horeca
players. Although there are some individual customers, these people have gradually shifted
towards hypermarkets as these modern grocery retailers have increased in number.
▪ In 2021, cash and carry continued to face strong competition from supermarkets and
hypermarkets. The only player in cash and carry in Vietnam, MM Mega Market, is not able to
provide big difference in price discounts compared with supermarkets and hypermarkets.
Therefore, it is less attractive for Vietnamese consumers.
▪ In January 2020, MM Mega Market decided to open its first supermarket in Vietnam, in order
to offer locational convenience with its Hanoi city centre store, and to remain relevant to
consumers who increasingly prefer these kinds of outlets for reasons of food quality, safety
and hygiene.

Seasonality

Vietnamese Lunar New Year (Tet)

▪ Date: First day of lunar calendar each year.
▪ Shopping season: Approximately two weeks before the exact date.
▪ Primary products bought: Lunar New Year-themed decorations, apparel and footwear,
groceries, electronics, appliances, etc.
▪ Retailer strategy: As this is the biggest festival in Vietnam, all retailers benefit from the surge
in shopping demand from all consumer segments. Promotions, discounts and free gifts to
attract customers are very common.

Black Friday
▪ Date: Last Friday of November
▪ Shopping season: One week before and after the exact date.
▪ Primary products bought: Apparel and footwear, electronics, appliances, etc.
▪ Retailer strategy: Adapted from the US, Black Friday became a very popular sale event in
Vietnam during the review period. Initially started by online retailers such as Lazada, the trend
has quickly spread to all kinds of retailers throughout the country. During the event, most
retailers run heavy discounts, making it one of the most popular sales events in the year.

Payments

▪ Cash remains the main mode of payment throughout the country. Usage of financial cards
has increased rapidly in urban areas as banks have run various promotional programmes to
encourage card payment. There is also a niche for wireless mobile payment, such as Apple
Pay, Google Pay and Samsung Pay, which is mainly used by tech-savvy young customers.
▪ The lack of payment infrastructure is one of the reasons behind the widespread use of cash.
Many retailers, especially in suburban and rural areas, still do not accept other modes of

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payment, and two thirds of the Vietnamese population still live in rural areas. The main reason
is habit, as most people are still used to using cash.
▪ Mobile payment is growing strongly but remains limited to urban areas and is only used by
certain groups of consumers. The rising popularity of mobile wallets such as Momo and Zalo
Pay, which collaborate with many key retailers to give discounts to customers who pay by this
method, is also helping to increase the value of mobile payment.
▪ Most retailers use private shipping service providers rather than the government service.
These private players attract retailers by offering better prices and services. Private
companies are also usually more flexible and adaptable to retailers’ needs.
▪ The shipping and payment method is a key factor when a consumer makes a purchase
online. Cash on delivery (COD) is the preferred method, especially for small and medium-
sized e-commerce players. Many customers prefer to see and feel the items before making
payment; therefore, COD suits their needs. The prevalence of card fraud also makes
consumers concerned about using financial cards for online payment unless it is to an
established and trustworthy retailer or third party payment site such as PayPal.
▪ Over the forecast period, financial cards and mobile payments are expected to see strong
growth in both online and bricks-and-mortar channels. Stricter controls from the government
to reduce card fraud, and promotional campaigns from mobile wallet players will contribute to
this growth. However, in the short term, cash will remain the key mode of payment, as will the
COD shipment method, as this is still preferred by the mass market throughout Vietnam.

Emerging business models

▪ In 2021, players closely cooperated with mobile payment providers such as Momo or Zalo
Pay to sell their products through mobile e-commerce, in order to boost sales. For example,
Co.op Smile and Co.op Food collaborated with Momo while Big C linked up with Zalo
Messenger.
▪ As urban consumers become increasingly busy with their hectic work lives, delivery services
become more and more popular as they help customers save time. In the second half of the
review period, Foody JSC pioneered third party delivery for grocery shopping, with the launch
of the Market Now service. Consumers can choose the hypermarkets or supermarkets that
they want to purchase from, and the items that they want to purchase, and the delivery
service will purchase the products on their behalf and deliver them to their homes. This gives
hypermarkets and supermarkets another opportunity to reach consumers.
▪ Instalment payment via credit cards also became more popular during the COVID-19
pandemic, as banks collaborated with retailers to offer interest-free instalment schemes to
push card spending. This helps retailers sell more big-ticket items, as consumers are more
willing to pay the premium if they can opt for interest-free instalment payment.

MARKET DATA
Table 1 Sales in Retailing by Store-based vs Non-Store: Value 2016-2021

VND billion
2016 2017 2018 2019 2020 2021

Store-Based Retailing 1,829,77 1,985,41 2,137,45 2,302,55 2,405,49 2,270,18

4.6 3.8 0.9 6.8 5.7 6.9
Non-Store Retailing 49,974.0 64,833.0 79,951.8 97,249.0 128,662.8 159,152.5

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Retailing 1,879,74 2,050,24 2,217,40 2,399,80 2,534,15 2,429,33

8.6 6.8 2.7 5.7 8.5 9.4
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 2 Sales in Retailing by Store-based vs Non-Store: % Value Growth 2016-2021

% current value growth, retail value rsp excl sales tax

2020/21 2016-21 CAGR 2016/21 Total

Store-Based Retailing -5.6 4.4 24.1

Non-Store Retailing 23.7 26.1 218.5
Retailing -4.1 5.3 29.2
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 3 Sales in Store-based Retailing by Channel: Value 2016-2021

VND billion
2016 2017 2018 2019 2020 2021

Grocery Retailers 962,827.7 1,020,18 1,075,39 1,149,57 1,236,70 1,133,81

2.1 1.1 7.3 4.0 2.9
Non-Grocery Specialists 861,131.2 957,537.7 1,053,25 1,143,97 1,160,13 1,128,12
6.7 5.1 5.4 0.6
Mixed Retailers 5,815.7 7,694.0 8,803.1 9,004.4 8,656.3 8,253.4
Luxury Retailing 2,320.9 2,957.3 3,305.0 3,551.4 3,432.0 3,208.8
Off-Price Retailing - - - - - -
Store-Based Retailing 1,829,77 1,985,41 2,137,45 2,302,55 2,405,49 2,270,18
4.6 3.8 0.9 6.8 5.7 6.9
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources
Note 1: Luxury retailing not included in store-based retailing total to avoid double counting as luxury retailing is a
duplicate category already accounted for within non-grocery specialists and mixed retailers.
Note 2: Off-price retailing not included in store-based retailing total to avoid double counting as off-price retailing
is a duplicate category already accounted for within apparel and footwear specialists and department
stores.

Table 4 Sales in Store-based Retailing by Channel: % Value Growth 2016-2021

% current value growth, retail value rsp excl sales tax

2020/21 2016-21 CAGR 2016/21 Total

Grocery Retailers -8.3 3.3 17.8

Non-Grocery Specialists -2.8 5.5 31.0
Mixed Retailers -4.7 7.3 41.9
Luxury Retailing -6.5 6.7 38.3
Off-Price Retailing - - -
Store-Based Retailing -5.6 4.4 24.1
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources
Note 1: Luxury retailing not included in store-based retailing total to avoid double counting as luxury retailing is a
duplicate category already accounted for within non-grocery specialists and mixed retailers.

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Note 2: Off-price retailing not included in store-based retailing total to avoid double counting as off-price retailing
is a duplicate category already accounted for within apparel and footwear specialists and department
stores.

Table 5 Store-based Retailing Outlets by Channel: Units 2016-2021

outlet
2016 2017 2018 2019 2020 2021

Grocery Retailers 655,457.0 661,249.0 666,862.0 672,979.0 677,388.0 643,790.0

Non-Grocery Specialists 150,108.0 152,566.0 154,468.0 156,346.0 154,330.0 151,729.0
Mixed Retailers 142.0 187.0 219.0 246.0 227.0 210.0
Luxury Retailing 44.0 46.0 43.0 31.0 33.0 33.0
Off-Price Retailing - - - - - -
Store-Based Retailing 805,707.0 814,002.0 821,549.0 829,571.0 831,945.0 795,729.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources
Note 1: Luxury retailing not included in store-based retailing total to avoid double counting as luxury retailing is a
duplicate category already accounted for within non-grocery specialists and mixed retailers.
Note 2: Off-price retailing not included in store-based retailing total to avoid double counting as off-price retailing
is a duplicate category already accounted for within apparel and footwear specialists and department
stores.

Table 6 Store-based Retailing Outlets by Channel: % Unit Growth 2016-2021

% unit growth
2020/21 2016-21 CAGR 2016/21 Total

Grocery Retailers -5.0 -0.4 -1.8

Non-Grocery Specialists -1.7 0.2 1.1
Mixed Retailers -7.5 8.1 47.9
Luxury Retailing 0.0 -5.6 -25.0
Off-Price Retailing - - -
Store-Based Retailing -4.4 -0.2 -1.2
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources
Note 1: Luxury retailing not included in store-based retailing total to avoid double counting as luxury retailing is a
duplicate category already accounted for within non-grocery specialists and mixed retailers.
Note 2: Off-price retailing not included in store-based retailing total to avoid double counting as off-price retailing
is a duplicate category already accounted for within apparel and footwear specialists and department
stores.

Table 7 Sales in Non-Store Retailing by Channel: Value 2016-2021

VND billion
2016 2017 2018 2019 2020 2021

Direct Selling 9,422.0 9,751.8 10,836.0 12,575.0 15,282.3 15,984.5

Homeshopping 857.0 944.6 1,022.9 1,049.6 1,115.7 1,168.0
Vending - - - - - -
E-Commerce (Goods) 39,695.0 54,136.7 68,092.8 83,624.4 112,264.9 142,000.0
Non-Store Retailing 49,974.0 64,833.0 79,951.8 97,249.0 128,662.8 159,152.5
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources
Note 1: Vending data captures vending systems installed in public and semi-captive environments only. For
further details refer to definitions.
Note 2: Mobile e-commerce (goods) not included in non-store retailing total to avoid double counting as this
category is already accounted for within e-commerce (goods).

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Table 8 Sales in Non-Store Retailing by Channel: % Value Growth 2016-2021

% current value growth, retail value rsp excl sales tax

2020/21 2016-21 CAGR 2016/21 Total

Direct Selling 4.6 11.2 69.7

Homeshopping 4.7 6.4 36.3
Vending - - -
E-Commerce (Goods) 26.5 29.0 257.7
Non-Store Retailing 23.7 26.1 218.5
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources
Note 1: Vending data captures vending systems installed in public and semi-captive environments only. For
further details refer to definitions.
Note 2: Mobile e-commerce (goods) not included in non-store retailing total to avoid double counting as this
category is already accounted for within e-commerce (goods).

Table 9 Grocery Retailers: Value Sales, Outlets and Selling Space 2016-2021

2016 2017 2018 2019 2020 2021

Value sales VND billion 962,827.7 1,020,18 1,075,39 1,149,57 1,236,70 1,133,81
2.1 1.1 7.3 4.0 2.9
Outlets 655,457.0 661,249.0 666,862.0 672,979.0 677,388.0 643,790.0
Selling Space '000 sq m 23,129.7 23,329.3 23,610.8 23,988.3 24,406.3 23,260.4
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 10 Grocery Retailers: Value Sales, Outlets and Selling Space: % Growth 2016-
2021

% growth
2020/21 2016-21 CAGR 2016/21 Total

Value sales VND billion -8.3 3.3 17.8

Outlets -5.0 -0.4 -1.8
Selling Space '000 sq m -4.7 0.1 0.6
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 11 Sales in Grocery Retailers by Channel: Value 2016-2021

VND billion
2016 2017 2018 2019 2020 2021

-- Convenience Stores 3,346.1 4,669.7 5,863.0 6,901.5 7,604.7 8,017.0

-- Discounters - - - - - -
-- Forecourt Retailers - - - - - -
-- Hypermarkets 25,000.7 26,170.3 27,279.5 29,446.2 31,214.8 32,973.3
-- Supermarkets 46,605.9 54,538.3 56,030.4 69,810.9 83,513.3 88,345.0
- Modern Grocery 74,952.7 85,378.2 89,173.0 106,158.6 122,332.8 129,335.3
Retailers

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- Traditional Grocery 887,875.0 934,803.9 986,218.1 1,043,41 1,114,37 1,004,47

Retailers 8.7 1.2 7.6
Grocery Retailers 962,827.7 1,020,18 1,075,39 1,149,57 1,236,70 1,133,81
2.1 1.1 7.3 4.0 2.9
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 12 Sales in Grocery Retailers by Channel: % Value Growth 2016-2021

% current value growth, retail value rsp excl sales tax

2020/21 2016-21 CAGR 2016/21 Total

-- Convenience Stores 5.4 19.1 139.6

-- Discounters - - -
-- Forecourt Retailers - - -
-- Hypermarkets 5.6 5.7 31.9
-- Supermarkets 5.8 13.6 89.6
- Modern Grocery Retailers 5.7 11.5 72.6
- Traditional Grocery Retailers -9.9 2.5 13.1
Grocery Retailers -8.3 3.3 17.8
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 13 Grocery Retailers Outlets by Channel: Units 2016-2021

outlet
2016 2017 2018 2019 2020 2021

-- Convenience Stores 743.0 903.0 951.0 981.0 1,028.0 1,005.0

-- Discounters - - - - - -
-- Forecourt Retailers - - - - - -
-- Hypermarkets 54.0 56.0 59.0 60.0 68.0 69.0
-- Supermarkets 1,672.0 2,285.0 3,260.0 5,202.0 5,825.0 5,669.0
- Modern Grocery 2,469.0 3,244.0 4,270.0 6,243.0 6,921.0 6,743.0
Retailers
- Traditional Grocery 652,988.0 658,005.0 662,592.0 666,736.0 670,467.0 637,047.0
Retailers
Grocery Retailers 655,457.0 661,249.0 666,862.0 672,979.0 677,388.0 643,790.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 14 Grocery Retailers Outlets by Channel: % Unit Growth 2016-2021

% unit growth
2020/21 2016-21 CAGR 2016/21 Total

-- Convenience Stores -2.2 6.2 35.3

-- Discounters - - -
-- Forecourt Retailers - - -
-- Hypermarkets 1.5 5.0 27.8
-- Supermarkets -2.7 27.7 239.1
- Modern Grocery Retailers -2.6 22.3 173.1
- Traditional Grocery Retailers -5.0 -0.5 -2.4
Grocery Retailers -5.0 -0.4 -1.8

© Euromonitor International
RETAILING IN VIETNAM Passport 12

Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 15 Non-Grocery Specialists: Value Sales, Outlets and Selling Space 2016-2021

2016 2017 2018 2019 2020 2021

Value sales VND billion 861,131.2 957,537.7 1,053,25 1,143,97 1,160,13 1,128,12
6.7 5.1 5.4 0.6
Outlets 150,108.0 152,566.0 154,468.0 156,346.0 154,330.0 151,729.0
Selling Space '000 sq m 12,650.5 13,584.4 14,020.6 14,478.6 14,098.8 13,757.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 16 Non-Grocery Specialists: Value Sales, Outlets and Selling Space: % Growth
2016-2021

% growth
2020/21 2016-21 CAGR 2016/21 Total

Value sales VND billion -2.8 5.5 31.0

Outlets -1.7 0.2 1.1
Selling Space '000 sq m -2.4 1.7 8.7
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 17 Sales in Non-Grocery Specialists by Channel: Value 2016-2021

VND billion
2016 2017 2018 2019 2020 2021

- Apparel and Footwear 51,969.2 57,460.9 62,919.7 67,754.2 58,909.5 48,278.6

Specialist Retailers
- Electronics and 212,008.8 235,434.1 250,904.9 267,481.1 262,072.2 255,423.1
Appliance Specialist
Retailers
- Health and Beauty 158,915.2 178,588.9 199,112.1 218,234.7 240,499.5 261,194.0
Specialist Retailers
- Home and Garden 223,762.7 248,839.4 278,086.4 305,220.2 320,455.3 302,248.7
Specialist Retailers
- Leisure and Personal 102,117.0 119,679.9 139,410.0 159,041.3 149,430.5 138,781.1
Goods Specialist
Retailers
- Other Non-Grocery 112,358.4 117,534.6 122,823.7 126,243.5 128,768.4 122,195.1
Specialists
Non-Grocery Specialists 861,131.2 957,537.7 1,053,25 1,143,97 1,160,13 1,128,12
6.7 5.1 5.4 0.6
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 18 Sales in Non-Grocery Specialists by Channel: % Value Growth 2016-2021

% current value growth, retail value rsp excl sales tax

© Euromonitor International
RETAILING IN VIETNAM Passport 13

2020/21 2016-21 CAGR 2016/21 Total

- Apparel and Footwear Specialist -18.0 -1.5 -7.1

Retailers
- Electronics and Appliance Specialist -2.5 3.8 20.5
Retailers
- Health and Beauty Specialist Retailers 8.6 10.4 64.4
- Home and Garden Specialist Retailers -5.7 6.2 35.1
- Leisure and Personal Goods -7.1 6.3 35.9
Specialist Retailers
- Other Non-Grocery Specialists -5.1 1.7 8.8
Non-Grocery Specialists -2.8 5.5 31.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 19 Non-Grocery Specialists Outlets by Channel: Units 2016-2021

outlet
2016 2017 2018 2019 2020 2021

- Apparel and Footwear 10,927.0 11,222.0 11,469.0 11,687.0 10,761.0 10,624.0

Specialist Retailers
- Electronics and 8,098.0 8,556.0 8,692.0 8,883.0 8,977.0 9,199.0
Appliance Specialist
Retailers
- Health and Beauty 39,234.0 39,704.0 40,139.0 40,546.0 40,687.0 40,696.0
Specialist Retailers
- Home and Garden 12,071.0 12,344.0 12,650.0 12,990.0 12,448.0 11,984.0
Specialist Retailers
- Leisure and Personal 13,879.0 14,553.0 15,220.0 15,876.0 15,383.0 14,914.0
Goods Specialist
Retailers
- Other Non-Grocery 65,899.0 66,187.0 66,298.0 66,364.0 66,074.0 64,312.0
Specialists
Non-Grocery Specialists 150,108.0 152,566.0 154,468.0 156,346.0 154,330.0 151,729.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 20 Non-Grocery Specialists Outlets by Channel: % Unit Growth 2016-2021

% unit growth
2020/21 2016-21 CAGR 2016/21 Total

- Apparel and Footwear Specialist -1.3 -0.6 -2.8

Retailers
- Electronics and Appliance Specialist 2.5 2.6 13.6
Retailers
- Health and Beauty Specialist Retailers 0.0 0.7 3.7
- Home and Garden Specialist Retailers -3.7 -0.1 -0.7
- Leisure and Personal Goods -3.0 1.4 7.5
Specialist Retailers
- Other Non-Grocery Specialists -2.7 -0.5 -2.4
Non-Grocery Specialists -1.7 0.2 1.1
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

© Euromonitor International
RETAILING IN VIETNAM Passport 14

Table 21 Mixed Retailers: Value Sales, Outlets and Selling Space 2016-2021

2016 2017 2018 2019 2020 2021

Value sales VND billion 5,815.7 7,694.0 8,803.1 9,004.4 8,656.3 8,253.4
Outlets 142.0 187.0 219.0 246.0 227.0 210.0
Selling Space '000 sq m 249.9 278.5 259.4 253.6 264.7 276.6
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 22 Mixed Retailers: Value Sales, Outlets and Selling Space: % Growth 2016-2021

% growth
2020/21 2016-21 CAGR 2016/21 Total

Value sales VND billion -4.7 7.3 41.9

Outlets -7.5 8.1 47.9
Selling Space '000 sq m 4.5 2.0 10.7
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 23 Sales in Mixed Retailers by Channel: Value 2016-2021

VND billion
2016 2017 2018 2019 2020 2021

- Department Stores 5,533.4 7,228.2 8,127.7 8,135.8 7,899.7 7,575.0

- Mass Merchandisers - - - - - -
- Variety Stores 282.3 465.8 675.4 868.6 756.6 678.4
- Warehouse Clubs - - - - - -
Mixed Retailers 5,815.7 7,694.0 8,803.1 9,004.4 8,656.3 8,253.4
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 24 Sales in Mixed Retailers by Channel: % Value Growth 2016-2021

% current value growth, retail value rsp excl sales tax

2020/21 2016-21 CAGR 2016/21 Total

- Department Stores -4.1 6.5 36.9

- Mass Merchandisers - - -
- Variety Stores -10.3 19.2 140.3
- Warehouse Clubs - - -
Mixed Retailers -4.7 7.3 41.9
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 25 Mixed Retailers Outlets by Channel: Units 2016-2021

outlet
2016 2017 2018 2019 2020 2021

© Euromonitor International
RETAILING IN VIETNAM Passport 15

- Department Stores 17.0 19.0 18.0 17.0 18.0 19.0

- Mass Merchandisers - - - - - -
- Variety Stores 125.0 168.0 201.0 229.0 209.0 191.0
- Warehouse Clubs - - - - - -
Mixed Retailers 142.0 187.0 219.0 246.0 227.0 210.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 26 Mixed Retailers Outlets by Channel: % Unit Growth 2016-2021

% unit growth
2020/21 2016-21 CAGR 2016/21 Total

- Department Stores 5.6 2.2 11.8

- Mass Merchandisers - - -
- Variety Stores -8.6 8.8 52.8
- Warehouse Clubs - - -
Mixed Retailers -7.5 8.1 47.9
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 27 Retailing GBO Company Shares: % Value 2017-2021

% retail value rsp excl sales tax

Company 2017 2018 2019 2020 2021

Mobile World JSC 3.2 4.0 4.2 4.2 4.6

Saigon Union of Trading 1.4 1.5 1.5 1.4 1.6
Cooperatives
Central Retail Corp 0.9 0.8 1.3 1.2 1.3
FPT Corp 0.6 0.7 0.9 0.8 0.8
Masan Group Corp - - 1.1 0.8 0.8
Sea Ltd 0.0 0.1 0.3 0.5 0.7
Phu Nhuan Jewelry JSC 0.3 0.4 0.4 0.4 0.5
Cao Phong Co Ltd 0.3 0.4 0.4 0.4 0.4
Tiki JSC 0.0 0.1 0.2 0.3 0.4
Alibaba Group Holding Ltd 0.2 0.2 0.2 0.3 0.3
AEON Group 0.3 0.3 0.3 0.3 0.3
VHC Trading Co Ltd 0.3 0.3 0.3 0.3 0.3
Lotte Group 0.3 0.3 0.3 0.3 0.3
Herbalife Nutrition Ltd - 0.1 0.2 0.2 0.2
Pico JSC 0.1 0.2 0.2 0.2 0.2
Con Cung JSC 0.0 0.1 0.1 0.1 0.2
Alimentation Couche- 0.1 0.1 0.1 0.1 0.2
Tard Inc
Ho Chi Minh City Book 0.1 0.1 0.2 0.1 0.1
Distribution Co
Vietnam Dairy Products 0.1 0.1 0.1 0.1 0.1
JSC (Vinamilk)
Pharmacity Corp 0.0 0.0 0.0 0.1 0.1
VinGroup JSC 0.7 1.0 - - -
Nguyen Kim Trading JSC 0.5 0.5 - - -
Vien Thong A Import 0.4 - - - -
Export Trading
Production Corp
Tran Anh Digital World 0.2 - - - -

© Euromonitor International
RETAILING IN VIETNAM Passport 16

JSC
Herbalife Ltd 0.1 - - - -
Others 89.7 88.7 87.9 87.8 86.6
Total 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 28 Retailing GBN Brand Shares: % Value 2018-2021

% retail value rsp excl sales tax

Brand Company (GBO) 2018 2019 2020 2021

Dien May Xanh Mobile World JSC 1.9 1.9 1.9 2.0
Co.opMart Saigon Union of Trading 1.2 1.2 1.2 1.3
Cooperatives
The Gioi Di Dong Mobile World JSC 1.4 1.4 1.1 1.2
Bach Hoa Xanh Mobile World JSC 0.1 0.4 0.8 1.0
VinMart Masan Group Corp - 0.8 0.8 0.8
FPT Shop FPT Corp 0.7 0.8 0.8 0.8
3rd Party Merchants Sea Ltd 0.1 0.3 0.5 0.7
PNJ Phu Nhuan Jewelry JSC 0.4 0.4 0.4 0.5
Dien May Cho Lon Cao Phong Co Ltd 0.4 0.4 0.4 0.4
Nguyenkim - Saigon Central Retail Corp - 0.4 0.3 0.4
Shopping Center
Tiki.vn Tiki JSC 0.1 0.2 0.3 0.4
Mobile world Mobile World JSC 0.5 0.5 0.4 0.4
Big C Central Retail Corp 0.7 0.7 0.8 0.4
Go! Central Retail Corp - - - 0.4
Home Center VHC Trading Co Ltd 0.3 0.3 0.3 0.3
3rd Party Merchants Alibaba Group Holding Ltd 0.1 0.1 0.3 0.3
AEON AEON Group 0.3 0.3 0.3 0.3
Lotte Mart Lotte Group 0.3 0.3 0.2 0.3
Herbalife Nutrition Herbalife Nutrition Ltd 0.1 0.2 0.2 0.2
Pico Pico JSC 0.2 0.2 0.2 0.2
VinMart VinGroup JSC 0.6 - - -
Nguyenkim - Saigon Nguyen Kim Trading JSC 0.5 - - -
Shopping Center
Vien Thong A VinGroup JSC 0.3 - - -
Others 89.6 89.2 88.8 87.9
Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 29 Store-based Retailing GBO Company Shares: % Value 2017-2021

% retail value rsp excl sales tax

Company 2017 2018 2019 2020 2021

Mobile World JSC 3.1 3.6 3.8 4.1 4.5

Saigon Union of Trading 1.5 1.5 1.5 1.5 1.7
Cooperatives
Central Retail Corp 0.9 0.8 1.3 1.2 1.3
Masan Group Corp - - 1.1 0.8 0.9
FPT Corp 0.6 0.6 0.7 0.6 0.6
Phu Nhuan Jewelry JSC 0.3 0.4 0.4 0.4 0.5
Cao Phong Co Ltd 0.4 0.4 0.4 0.4 0.5
AEON Group 0.3 0.3 0.3 0.3 0.3

© Euromonitor International
RETAILING IN VIETNAM Passport 17

VHC Trading Co Ltd 0.3 0.3 0.3 0.3 0.3

Lotte Group 0.3 0.3 0.3 0.3 0.3
Pico JSC 0.1 0.2 0.2 0.2 0.2
Con Cung JSC 0.0 0.1 0.1 0.1 0.2
Alimentation Couche- 0.1 0.1 0.1 0.2 0.2
Tard Inc
Ho Chi Minh City Book 0.1 0.1 0.2 0.1 0.1
Distribution Co
Vietnam Dairy Products 0.1 0.1 0.1 0.1 0.1
JSC (Vinamilk)
Pharmacity Corp 0.0 0.0 0.0 0.1 0.1
Dong Hung Trading 0.1 0.1 0.0 0.0 0.1
Service Co Ltd
Vietnam National 0.0 0.0 0.0 0.0 0.0
Textile & Garment Corp
(VINATEX)
Parkson Holdings Bhd 0.0 0.0 0.0 0.0 0.0
TCT Group 0.1 0.0 0.0 0.0 0.0
VinGroup JSC 0.7 1.0 - - -
Nguyen Kim Trading JSC 0.5 0.5 - - -
Vien Thong A Import 0.4 - - - -
Export Trading
Production Corp
Tran Anh Digital World 0.2 - - - -
JSC
Others 90.0 89.5 89.0 89.1 88.0
Total 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 30 Store-based Retailing GBN Brand Shares: % Value 2018-2021

% retail value rsp excl sales tax

Brand Company (GBO) 2018 2019 2020 2021

Dien May Xanh Mobile World JSC 2.0 1.9 2.0 2.1
Co.opMart Saigon Union of Trading 1.3 1.3 1.3 1.4
Cooperatives
The Gioi Di Dong Mobile World JSC 1.5 1.4 1.2 1.3
Bach Hoa Xanh Mobile World JSC 0.1 0.5 0.9 1.1
VinMart Masan Group Corp - 0.8 0.8 0.9
FPT Shop FPT Corp 0.6 0.7 0.6 0.6
PNJ Phu Nhuan Jewelry JSC 0.4 0.4 0.4 0.5
Dien May Cho Lon Cao Phong Co Ltd 0.4 0.4 0.4 0.5
Big C Central Retail Corp 0.8 0.8 0.8 0.4
Go! Central Retail Corp - - - 0.4
Nguyenkim - Saigon Central Retail Corp - 0.4 0.3 0.4
Shopping Center
Home Center VHC Trading Co Ltd 0.3 0.3 0.3 0.3
AEON AEON Group 0.3 0.3 0.3 0.3
Lotte Mart Lotte Group 0.3 0.3 0.3 0.3
Pico Pico JSC 0.2 0.2 0.2 0.2
Con Cung Con Cung JSC 0.1 0.1 0.1 0.2
Circle K Alimentation Couche- 0.1 0.1 0.2 0.2
Tard Inc
Co-op Food Saigon Union of Trading 0.1 0.1 0.2 0.2
Cooperatives
Tops Market Central Retail Corp - - - 0.1
Fahasa Ho Chi Minh City Book 0.1 0.2 0.1 0.1

© Euromonitor International
RETAILING IN VIETNAM Passport 18

Distribution Co
VinMart VinGroup JSC 0.7 - - -
Nguyenkim - Saigon Nguyen Kim Trading JSC 0.5 - - -
Shopping Center
Vien Thong A VinGroup JSC 0.3 - - -
Others 90.0 89.8 89.7 88.7
Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 31 Store-based Retailing LBN Brand Shares: Outlets 2018-2021

sites/outlets
Brand (GBO) Company (NBO) 2018 2019 2020 2021

VinMart+ (Masan Masan Consumer Corp - 2,888 2,880 2,524

Group Corp)
Bach Hoa Xanh Mobile World JSC 415 1,008 1,719 1,919
Dien May Xanh Mobile World JSC 755 1,018 1,427 1,763
The Gioi Di Dong Mobile World JSC 1,150 996 913 952
Pharmacity Pharmacity Corp 141 200 453 620
FPT Shop FPT Corp 560 593 596 575
Giac Mo Sua Viet Vietnam Dairy Products 426 430 465 522
JSC (Vinamilk)
Con Cung Con Cung JSC 321 440 478 485
Viet Tien (Vietnam Viet Tien Garment JSC 481 474 473 443
National Textile &
Garment Corp
(VINATEX))
Co-op Food Saigon Union of Trading 321 420 410 440
Cooperatives
Circle K Red Circle Co Ltd 293 362 387 430
(Alimentation
Couche-Tard Inc)
PNJ Phu Nhuan Jewelry JSC 324 346 339 341
Co.opStore (Saigon Various franchisees 149 152 150 148
Union of Trading
Cooperatives)
Co.opSmile (Saigon Various franchisees 80 95 130 134
Union of Trading
Cooperatives)
Co.opMart Saigon Union of Trading 110 111 128 128
Cooperatives
VinMart (Masan Masan Consumer Corp - 125 74 89
Group Corp)
Dien May Cho Lon Cao Phong Co Ltd 61 68 76 86
Fahasa Ho Chi Minh City Book 105 110 75 75
Distribution Co
Nguyenkim - Saigon Central Retail Corp - 66 59 51
Shopping Center
Home Center VHC Trading Co Ltd 14 22 29 25
VinMart+ VinGroup JSC 1,700 - - -
Vien Thong A VinGroup JSC 190 - - -
VinMart VinGroup JSC 106 - - -
Nguyenkim - Saigon Nguyen Kim Trading JSC 62 - - -
Shopping Center
VinPro VinGroup JSC 45 - - -
Others Others 813,740 819,647 820,684 783,979
Total Total 821,549 829,571 831,945 795,729

© Euromonitor International
RETAILING IN VIETNAM Passport 19

Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 32 Non-Store Retailing GBO Company Shares: % Value 2017-2021

% retail value rsp excl sales tax

Company 2017 2018 2019 2020 2021

Sea Ltd 1.4 3.6 6.5 9.9 11.2

Tiki JSC 1.2 3.7 5.5 6.2 5.6
Mobile World JSC 8.8 13.2 13.0 7.3 5.5
Alibaba Group Holding Ltd 5.2 4.4 4.0 5.8 5.0
FPT Corp 3.1 3.2 4.0 4.0 3.7
Herbalife Nutrition Ltd - 3.7 3.7 4.2 3.1
New Image Group Ltd 1.8 1.6 1.5 1.7 1.2
Nu Skin Enterprises Inc 0.8 1.3 1.6 1.4 1.1
Amway Corp 2.3 1.5 1.5 1.4 1.0
Oriflame Cosmetics SA 1.8 1.8 1.7 1.2 0.8
Central Retail Corp 0.1 0.2 1.2 0.9 0.6
Tiens Group Co Ltd 1.1 0.9 0.8 0.6 0.5
Forever Living Products 0.9 0.7 0.7 0.5 0.4
International LLC
Pico JSC 0.5 0.5 0.4 0.3 0.2
Nguyen Kim Trading JSC 1.5 1.4 - - -
bHIP Global 0.3 0.2 - - -
Sophie Martin Indonesia 0.2 0.1 - - -
PT
Herbalife Ltd 3.9 - - - -
Vien Thong A Import 1.1 - - - -
Export Trading
Production Corp
Avon Products Inc - - - - -
Others 64.0 58.2 53.8 54.7 60.1
Total 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources
Note: Vending data captures vending systems installed in public and semi-captive environments only. For
further details refer to definitions.

Table 33 Non-Store Retailing GBN Brand Shares: % Value 2018-2021

% retail value rsp excl sales tax

Brand Company (GBO) 2018 2019 2020 2021

3rd Party Merchants Sea Ltd 3.5 6.4 9.8 11.0

Tiki.vn Tiki JSC 3.7 5.5 6.2 5.6
Mobile world Mobile World JSC 13.2 13.0 7.3 5.5
3rd Party Merchants Alibaba Group Holding Ltd 3.8 3.5 5.4 4.6
FPT Shop FPT Corp 3.2 4.0 4.0 3.7
Herbalife Nutrition Herbalife Nutrition Ltd 3.7 3.7 4.2 3.1
New Image New Image Group Ltd 1.6 1.5 1.7 1.2
Nu Skin Nu Skin Enterprises Inc 1.3 1.6 1.4 1.1
Amway Amway Corp 1.5 1.5 1.4 1.0
Oriflame Oriflame Cosmetics SA 1.8 1.7 1.2 0.8
Nguyenkim - Saigon Central Retail Corp - 1.2 0.9 0.6
Shopping Center
Tiens Tiens Group Co Ltd 0.9 0.8 0.6 0.5
Lazada Alibaba Group Holding Ltd 0.6 0.5 0.5 0.4

© Euromonitor International
RETAILING IN VIETNAM Passport 20

Forever Forever Living Products 0.7 0.7 0.5 0.4

International LLC
Pico Pico JSC 0.5 0.4 0.3 0.2
Shopee Sea Ltd 0.1 0.1 0.2 0.2
Nguyenkim - Saigon Nguyen Kim Trading JSC 1.4 - - -
Shopping Center
Vien Thong A VinGroup JSC 1.0 - - -
bHIP bHIP Global 0.2 - - -
Robins Central Retail Corp 0.2 - - -
Others 57.3 53.8 54.7 60.1
Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources
Note: Vending data captures vending systems installed in public and semi-captive environments only. For
further details refer to definitions.

Table 34 Grocery Retailers GBO Company Shares: % Value 2017-2021

% retail value rsp excl sales tax

Company 2017 2018 2019 2020 2021

Saigon Union of Trading 2.9 3.0 3.0 2.9 3.4

Cooperatives
Mobile World JSC 0.1 0.3 0.9 1.7 2.2
Central Retail Corp 1.6 1.6 1.6 1.6 1.9
Masan Group Corp - - 1.6 1.6 1.8
Lotte Group 0.5 0.5 0.5 0.5 0.6
AEON Group 0.2 0.3 0.3 0.3 0.3
Alimentation Couche- 0.2 0.2 0.3 0.3 0.3
Tard Inc
Vietnam Dairy Products 0.2 0.2 0.2 0.2 0.2
JSC (Vinamilk)
FamilyMart Uny Holdings 0.1 0.1 0.1 0.1 0.1
Co Ltd
Shinsegae Co Ltd 0.1 0.1 0.1 0.1 0.1
Dong Hung Trading 0.1 0.1 0.1 0.1 0.1
Service Co Ltd
Saigon Trading Group 0.1 0.1 0.1 0.1 0.1
(SATRA)
VinGroup JSC 1.4 1.3 - - -
TCT Group 0.2 - - - -
Casino Guichard- - - - - -
Perrachon SA
Dong Hung Co Ltd - - - - -
Others 92.3 92.2 91.1 90.4 88.9
Total 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 35 Grocery Retailers GBN Brand Shares: % Value 2018-2021

% retail value rsp excl sales tax

Brand Company (GBO) 2018 2019 2020 2021

Co.opMart Saigon Union of Trading 2.5 2.5 2.5 2.8

Cooperatives
Bach Hoa Xanh Mobile World JSC 0.3 0.9 1.7 2.2

© Euromonitor International
RETAILING IN VIETNAM Passport 21

VinMart Masan Group Corp - 1.6 1.6 1.8

Big C Central Retail Corp 1.5 1.6 1.6 0.8
Go! Central Retail Corp - - - 0.8
Lotte Mart Lotte Group 0.5 0.5 0.5 0.6
Circle K Alimentation Couche- 0.2 0.3 0.3 0.3
Tard Inc
Co-op Food Saigon Union of Trading 0.3 0.3 0.3 0.3
Cooperatives
Tops Market Central Retail Corp - - - 0.3
AEON AEON Group 0.2 0.2 0.2 0.2
Giac Mo Sua Viet Vietnam Dairy Products 0.2 0.2 0.2 0.2
JSC (Vinamilk)
Co-opXtra Saigon Union of Trading 0.2 0.2 0.2 0.2
Cooperatives
Family Mart FamilyMart Uny Holdings 0.1 0.1 0.1 0.1
Co Ltd
E-Mart Shinsegae Co Ltd 0.1 0.1 0.1 0.1
Aeon Citimart Dong Hung Trading 0.1 0.1 0.1 0.1
Service Co Ltd
Ministop AEON Group 0.1 0.1 0.1 0.1
Satrafood Saigon Trading Group 0.1 0.1 0.1 0.1
(SATRA)
Co.opStore Saigon Union of Trading 0.0 0.0 0.0 0.0
Cooperatives
Co.opSmile Saigon Union of Trading 0.0 0.0 0.0 0.0
Cooperatives
VinMart VinGroup JSC 1.3 - - -
Others 92.3 91.2 90.5 89.0
Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 36 Grocery Retailers LBN Brand Shares: Outlets 2018-2021

sites/outlets
Brand (GBO) Company (NBO) 2018 2019 2020 2021

VinMart+ (Masan Masan Consumer Corp - 2,888 2,880 2,524

Group Corp)
Bach Hoa Xanh Mobile World JSC 415 1,008 1,719 1,919
Giac Mo Sua Viet Vietnam Dairy Products 426 430 465 522
JSC (Vinamilk)
Co-op Food Saigon Union of Trading 321 420 410 440
Cooperatives
Circle K Red Circle Co Ltd 293 362 387 430
(Alimentation
Couche-Tard Inc)
Satrafood Saigon Trading Group 205 256 227 189
(SATRA)
Family Mart Family Co Ltd 160 147 145 151
(FamilyMart Uny
Holdings Co Ltd)
Co.opStore (Saigon Various franchisees 149 152 150 148
Union of Trading
Cooperatives)
Co.opSmile (Saigon Various franchisees 80 95 130 134
Union of Trading
Cooperatives)
Co.opMart Saigon Union of Trading 110 111 128 128

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Cooperatives
Ministop (AEON Group) Ministop Vietnam Co Ltd 112 134 144 123
VinMart (Masan Masan Consumer Corp - 125 74 89
Group Corp)
Aeon Citimart Dong Hung Trading 28 24 23 20
Service Co Ltd
Big C Central Retail Corp 36 37 41 18
Go! Central Retail Corp - - - 18
Lotte Mart (Lotte Lotte Shopping Co Ltd 13 14 16 15
Group)
Tops Market Central Retail Corp - - - 7
AEON (AEON Group) AEON Vietnam Co Ltd 4 4 6 6
Co-opXtra Saigon Union of Trading 4 4 4 4
Cooperatives
E-Mart (Shinsegae E-mart Vietnam 1 1 1 1
Co Ltd)
VinMart+ VinGroup JSC 1,700 - - -
VinMart VinGroup JSC 106 - - -
Others Others 662,699 666,767 670,438 636,904
Total Total 666,862 672,979 677,388 643,790
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 37 Grocery Retailers LBN Brand Shares: Selling Space 2018-2021

selling space '000 sq m

Brand (GBO) Company (NBO) 2018 2019 2020 2021

Bach Hoa Xanh Mobile World JSC 116.6 243.5 575.1 599.4
Co.opMart Saigon Union of Trading 305.0 315.5 371.8 371.8
Cooperatives
VinMart+ (Masan Masan Consumer Corp - 351.1 357.8 302.9
Group Corp)
Lotte Mart (Lotte Lotte Shopping Co Ltd 124.9 134.6 154.0 144.0
Group)
VinMart (Masan Masan Consumer Corp - 175.0 100.0 118.4
Group Corp)
Co.opSmile (Saigon Various franchisees 5.0 6.3 8.9 92.5
Union of Trading
Cooperatives)
Co.opStore (Saigon Various franchisees 8.0 8.3 8.8 87.3
Union of Trading
Cooperatives)
Big C Central Retail Corp 172.6 167.0 173.5 78.0
Go! Central Retail Corp - - - 75.6
Giac Mo Sua Viet Vietnam Dairy Products 45.0 46.5 48.0 53.2
JSC (Vinamilk)
Co-op Food Saigon Union of Trading 43.0 53.9 50.0 52.8
Cooperatives
Circle K Red Circle Co Ltd 25.6 32.9 36.2 40.1
(Alimentation
Couche-Tard Inc)
Aeon Citimart Dong Hung Trading 40.8 35.0 33.6 29.2
Service Co Ltd
Tops Market Central Retail Corp - - - 28.7
AEON (AEON Group) AEON Vietnam Co Ltd 16.5 16.5 24.8 24.8
Co-opXtra Saigon Union of Trading 23.0 23.0 23.0 23.0
Cooperatives
Satrafood Saigon Trading Group 20.0 25.5 23.0 18.9

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(SATRA)
Family Mart Family Co Ltd 16.9 15.5 15.0 15.4
(FamilyMart Uny
Holdings Co Ltd)
Ministop (AEON Group) Ministop Vietnam Co Ltd 5.6 6.8 7.3 6.2
E-Mart (Shinsegae E-mart Vietnam 3.0 3.0 3.0 3.0
Co Ltd)
VinMart+ VinGroup JSC 201.0 - - -
VinMart VinGroup JSC 153.0 - - -
Others Others 22,285.3 22,328.6 22,392.6 21,095.3
Total Total 23,610.8 23,988.3 24,406.3 23,260.4
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 38 Non-Grocery Specialists GBO Company Shares: % Value 2017-2021

% retail value rsp excl sales tax

Company 2017 2018 2019 2020 2021

Mobile World JSC 6.2 7.1 6.8 6.6 6.9

FPT Corp 1.2 1.3 1.5 1.3 1.3
Phu Nhuan Jewelry JSC 0.6 0.8 0.8 0.9 1.0
Cao Phong Co Ltd 0.7 0.8 0.9 0.9 0.9
Central Retail Corp 0.0 0.0 0.8 0.7 0.7
VHC Trading Co Ltd 0.6 0.6 0.7 0.6 0.7
Pico JSC 0.2 0.4 0.3 0.4 0.4
Con Cung JSC 0.1 0.1 0.2 0.2 0.4
Ho Chi Minh City Book 0.3 0.3 0.3 0.3 0.3
Distribution Co
Pharmacity Corp 0.0 0.0 0.1 0.2 0.2
Bibo Mart JSC 0.2 0.2 0.1 0.1 0.1
DOJI Gold & Gems Group 0.1 0.1 0.1 0.1 0.1
Viet Tinh Anh JSC 0.1 0.1 0.1 0.1 0.1
Global Bags & Luggage 0.1 0.1 0.1 0.1 0.1
Co Ltd
Kids Plaza Trade & 0.1 0.1 0.1 0.1 0.1
Export - Import Co Ltd
Saigon Jewelry Co Ltd 0.1 0.1 0.1 0.1 0.1
Blue Exchange Co Ltd 0.1 0.1 0.1 0.1 0.1
adidas Group 0.1 0.1 0.1 0.1 0.1
Vietnam National 0.1 0.1 0.1 0.1 0.1
Textile & Garment Corp
(VINATEX)
Binh Tien Dong Nai Imex 0.1 0.1 0.1 0.1 0.1
Corp Pte Ltd
Nguyen Kim Trading JSC 1.0 1.0 - - -
Vien Thong A Import 0.8 - - - -
Export Trading
Production Corp
Tran Anh Digital World 0.4 - - - -
JSC
Others 86.9 86.7 86.7 87.0 86.3
Total 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 39 Non-Grocery Specialists GBN Brand Shares: % Value 2018-2021

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% retail value rsp excl sales tax

Brand Company (GBO) 2018 2019 2020 2021

Dien May Xanh Mobile World JSC 4.1 3.9 4.1 4.3
The Gioi Di Dong Mobile World JSC 3.0 2.9 2.5 2.6
FPT Shop FPT Corp 1.3 1.4 1.2 1.1
PNJ Phu Nhuan Jewelry JSC 0.8 0.8 0.9 1.0
Dien May Cho Lon Cao Phong Co Ltd 0.8 0.9 0.9 0.9
Nguyenkim - Saigon Central Retail Corp - 0.8 0.6 0.7
Shopping Center
Home Center VHC Trading Co Ltd 0.6 0.7 0.6 0.7
Pico Pico JSC 0.4 0.3 0.4 0.4
Con Cung Con Cung JSC 0.1 0.2 0.2 0.4
Fahasa Ho Chi Minh City Book 0.3 0.3 0.3 0.3
Distribution Co
Pharmacity Pharmacity Corp 0.0 0.1 0.2 0.2
Long Chau FPT Corp 0.0 0.0 0.1 0.2
Bibo Mart Bibo Mart JSC 0.2 0.1 0.1 0.1
Doji DOJI Gold & Gems Group 0.1 0.1 0.1 0.1
My Kingdom Viet Tinh Anh JSC 0.1 0.1 0.1 0.1
House of Luggage Global Bags & Luggage 0.1 0.1 0.1 0.1
Co Ltd
Kids Plaza Kids Plaza Trade & 0.1 0.1 0.1 0.1
Export - Import Co Ltd
SJC Saigon Jewelry Co Ltd 0.1 0.1 0.1 0.1
Blue Exchange Blue Exchange Co Ltd 0.1 0.1 0.1 0.1
adidas adidas Group 0.1 0.1 0.1 0.1
Nguyenkim - Saigon Nguyen Kim Trading JSC 1.0 - - -
Shopping Center
Vien Thong A VinGroup JSC 0.6 - - -
Others 86.2 86.9 87.2 86.4
Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 40 Non-Grocery Specialists LBN Brand Shares: Outlets 2018-2021

sites/outlets
Brand (GBO) Company (NBO) 2018 2019 2020 2021

Dien May Xanh Mobile World JSC 755 1,018 1,427 1,763
The Gioi Di Dong Mobile World JSC 1,150 996 913 952
Pharmacity Pharmacity Corp 141 200 453 620
FPT Shop FPT Corp 560 593 596 575
Con Cung Con Cung JSC 321 440 478 485
Viet Tien (Vietnam Viet Tien Garment JSC 481 474 473 443
National Textile &
Garment Corp
(VINATEX))
PNJ Phu Nhuan Jewelry JSC 324 346 339 341
Blue Exchange Blue Exchange Co Ltd 333 317 307 317
Biti's Binh Tien Dong Nai Imex 154 169 211 221
Corp Pte Ltd
Long Chau FPT Corp 20 70 200 220
My Kingdom Viet Tinh Anh JSC 150 185 203 217
Bibo Mart Bibo Mart JSC 140 135 136 142
Kids Plaza Kids Plaza Trade & 90 104 112 130
Export - Import Co Ltd

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adidas (adidas Group) adidas Vietnam Co Ltd 78 85 95 101

Dien May Cho Lon Cao Phong Co Ltd 61 68 76 86
Doji DOJI Gold & Gems Group 37 40 65 82
Fahasa Ho Chi Minh City Book 105 110 75 75
Distribution Co
Nha Be Nha Be Corp 104 107 79 67
Ninomaxx Viet Fashion Co Ltd 72 70 59 60
House of Luggage Global Bags & Luggage 33 41 48 55
Co Ltd
Vien Thong A VinGroup JSC 190 - - -
Nguyenkim - Saigon Nguyen Kim Trading JSC 62 - - -
Shopping Center
Others Others 149,107 150,778 147,985 144,777
Total Total 154,468 156,346 154,330 151,729
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 41 Non-Grocery Specialists LBN Brand Shares: Selling Space 2018-2021

selling space '000 sq m

Brand (GBO) Company (NBO) 2018 2019 2020 2021

Dien May Xanh Mobile World JSC 936.8 1,093.2 1,194.6 1,320.0
Dien May Cho Lon Cao Phong Co Ltd 128.1 143.2 160.4 135.5
Nguyenkim - Saigon Central Retail Corp - 151.6 137.2 135.0
Shopping Center
The Gioi Di Dong Mobile World JSC 149.5 132.3 125.7 128.5
Con Cung Con Cung JSC 73.3 102.0 112.2 125.0
Home Center VHC Trading Co Ltd 66.8 105.1 138.7 118.5
Pico Pico JSC 81.8 111.7 93.3 76.2
Viet Tien (Vietnam Viet Tien Garment JSC 67.6 66.7 66.7 62.0
National Textile &
Garment Corp
(VINATEX))
PNJ Phu Nhuan Jewelry JSC 54.4 57.8 57.5 57.9
Pharmacity Pharmacity Corp 12.8 18.2 41.1 55.9
FPT Shop FPT Corp 40.8 42.1 42.3 41.0
Blue Exchange Blue Exchange Co Ltd 31.6 30.9 30.6 31.7
Bibo Mart Bibo Mart JSC 27.4 26.6 27.0 28.0
Kids Plaza Kids Plaza Trade & 18.4 21.7 23.7 27.0
Export - Import Co Ltd
Fahasa Ho Chi Minh City Book 33.0 36.8 25.8 25.8
Distribution Co
Biti's Binh Tien Dong Nai Imex 17.2 18.9 23.5 24.8
Corp Pte Ltd
adidas (adidas Group) adidas Vietnam Co Ltd 14.2 15.6 17.4 17.8
My Kingdom Viet Tinh Anh JSC 9.9 12.5 13.9 15.2
Nha Xinh AA Corp 16.1 14.3 14.3 14.3
Long Chau FPT Corp 1.0 3.6 11.6 14.2
Nguyenkim - Saigon Nguyen Kim Trading JSC 140.3 - - -
Shopping Center
Vien Thong A VinGroup JSC 68.1 - - -
Others Others 12,031.6 12,273.9 11,741.0 11,302.7
Total Total 14,020.6 14,478.6 14,098.8 13,757.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

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Table 42 Mixed Retailers GBO Company Shares: % Value 2017-2021

% retail value rsp excl sales tax

Company 2017 2018 2019 2020 2021

AEON Group 41.7 42.0 46.1 45.6 46.7

Takashimaya Co Ltd 9.8 11.6 13.0 14.4 14.3
Central Retail Corp 12.1 11.3 11.8 12.0 11.7
Imex Pan Pacific Group 9.2 8.6 8.9 9.0 8.8
Inc
Parkson Holdings Bhd 6.8 4.5 4.5 4.4 4.4
Saigon Union of Trading 2.7 3.3 3.5 3.3 3.3
Cooperatives
Lotte Group 3.2 2.9 2.9 2.8 2.8
Miniso Co Ltd 0.8 1.9 1.9 1.8 1.8
Daiso Sangyo Co Ltd 1.3 1.2 1.2 1.2 1.0
Viet HaChi Co Ltd 0.2 0.2 0.2 0.2 0.2
Yiwu Youlian Investment 1.3 1.4 1.0 - -
Management Co Ltd
Mapletree Investments 9.0 8.5 - - -
Pte Ltd
International Business - - - - -
Center Corp
Others 1.9 2.7 5.1 5.2 5.0
Total 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 43 Mixed Retailers GBN Brand Shares: % Value 2018-2021

% retail value rsp excl sales tax

Brand Company (GBO) 2018 2019 2020 2021

AEON AEON Group 42.0 46.1 45.6 46.7

Takashimaya Takashimaya Co Ltd 11.6 13.0 14.4 14.3
Robins Central Retail Corp 11.0 11.5 11.7 11.5
Trang Tien Plaza Imex Pan Pacific Group Inc 8.6 8.9 9.0 8.8
Parkson Parkson Holdings Bhd 4.5 4.5 4.4 4.4
Sense City Saigon Union of Trading 3.3 3.5 3.3 3.3
Cooperatives
Diamond Plaza Lotte Group 2.9 2.9 2.8 2.8
Miniso Miniso Co Ltd 1.9 1.9 1.8 1.8
Daiso Daiso Sangyo Co Ltd 1.2 1.2 1.2 1.0
Komonoya Central Retail Corp 0.3 0.4 0.3 0.2
Hachi Hachi Japan Viet HaChi Co Ltd 0.2 0.2 0.2 0.2
Shop
Ilahui Yiwu Youlian Investment 1.4 1.0 - -
Management Co Ltd
SC Vivo City Mapletree Investments 8.5 - - -
Pte Ltd
Diamond Plaza International Business - - - -
Center Corp
Others 2.7 5.1 5.2 5.0
Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

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Table 44 Mixed Retailers LBN Brand Shares: Outlets 2018-2021

sites/outlets
Brand (GBO) Company (NBO) 2018 2019 2020 2021

Miniso (Miniso Co Le Bao Minh Group 41 42 44 46

Ltd)
Daiso (Daiso Sangyo Dai Son Investment 6 6 6 6
Co Ltd) Trading JSC
AEON (AEON Group) AEON Vietnam Co Ltd 4 4 5 6
Hachi Hachi Japan Viet HaChi Co Ltd 5 5 5 5
Shop
Komonoya Central Retail Corp 11 11 9 4
Parkson (Parkson Lion Group, The 4 4 4 4
Holdings Bhd)
Sense City Saigon Union of Trading 4 4 4 4
Cooperatives
Robins Central Retail Corp 2 2 2 2
Trang Tien Plaza Imex Pan Pacific Group Inc 1 1 1 1
Diamond Plaza Lotte Shopping Co Ltd 1 1 1 1
(Lotte Group)
Takashimaya Takashimaya Vietnam Ltd 1 1 1 1
(Takashimaya Co Ltd)
Ilahui (Yiwu Vic Retail JSC 34 23 - -
Youlian Investment
Management Co Ltd)
SC Vivo City Vietsin Commercial 1 - - -
(Mapletree Complex Development JSC
Investments Pte Ltd) (VCCD)
Diamond Plaza International Business - - - -
Center Corp
Others Others 104 142 145 130
Total Total 219 246 227 210
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 45 Mixed Retailers LBN Brand Shares: Selling Space 2018-2021

selling space '000 sq m

Brand (GBO) Company (NBO) 2018 2019 2020 2021

AEON (AEON Group) AEON Vietnam Co Ltd 55.0 55.0 69.0 83.0
Parkson (Parkson Lion Group, The 65.0 65.0 65.0 65.0
Holdings Bhd)
Sense City Saigon Union of Trading 42.0 42.0 42.0 42.0
Cooperatives
Robins Central Retail Corp 16.0 16.0 16.0 16.0
Takashimaya Takashimaya Vietnam Ltd 15.0 15.0 15.0 15.0
(Takashimaya Co Ltd)
Trang Tien Plaza Imex Pan Pacific Group Inc 14.2 14.2 14.2 14.2
Diamond Plaza Lotte Shopping Co Ltd 8.0 8.0 8.0 8.0
(Lotte Group)
Miniso (Miniso Co Le Bao Minh Group 7.7 7.5 7.9 8.0
Ltd)
Daiso (Daiso Sangyo Dai Son Investment 3.2 3.2 3.2 3.2
Co Ltd) Trading JSC
Komonoya Central Retail Corp 1.7 1.7 1.7 1.7
Hachi Hachi Japan Viet HaChi Co Ltd 0.8 0.8 0.8 0.8
Shop

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Ilahui (Yiwu Vic Retail JSC 5.0 3.6 - -

Youlian Investment
Management Co Ltd)
SC Vivo City Vietsin Commercial 10.8 - - -
(Mapletree Complex Development JSC
Investments Pte Ltd) (VCCD)
Diamond Plaza International Business - - - -
Center Corp
Others Others 14.9 21.6 21.9 19.7
Total Total 259.4 253.6 264.7 276.6
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 46 Forecast Sales in Retailing by Store-based vs Non-Store: Value 2021-2026

VND billion
2021 2022 2023 2024 2025 2026

Store-Based Retailing 2,270,18 2,343,48 2,496,26 2,627,78 2,751,90 2,869,03

6.9 4.6 6.7 8.9 0.6 9.9
Non-Store Retailing 159,152.5 188,381.4 218,683.2 249,942.6 282,213.4 315,241.0
Retailing 2,429,33 2,531,86 2,714,94 2,877,73 3,034,11 3,184,28
9.4 6.0 9.9 1.5 4.1 0.9
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms.

Table 47 Forecast Sales in Retailing by Store-based vs Non-Store: % Value Growth

2021-2026

% constant value growth, retail value rsp excl sales tax

2021/2022 2021-26 CAGR 2021/26 Total

Store-Based Retailing 3.2 4.8 26.4

Non-Store Retailing 18.4 14.6 98.1
Retailing 4.2 5.6 31.1
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 48 Forecast Sales in Store-based Retailing by Channel: Value 2021-2026

VND billion
2021 2022 2023 2024 2025 2026

Grocery Retailers 1,133,81 1,167,73 1,192,24 1,214,32 1,234,42 1,253,34

2.9 7.0 6.2 1.3 4.7 7.7
Non-Grocery Specialists 1,128,12 1,167,21 1,294,54 1,403,12 1,506,23 1,603,54
0.6 2.5 6.6 3.5 8.1 2.6
Mixed Retailers 8,253.4 8,535.1 9,473.9 10,344.2 11,237.8 12,149.6
Luxury Retailing 3,208.8 - - - - -
Off-Price Retailing - - - - - -
Store-Based Retailing 2,270,18 2,343,48 2,496,26 2,627,78 2,751,90 2,869,03
6.9 4.6 6.7 8.9 0.6 9.9

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Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note 1: Forecast value data in constant terms.
Note 2: Luxury retailing not included in store-based retailing total to avoid double counting as luxury retailing is a
duplicate category already accounted for within non-grocery specialists and mixed retailers.
Note 3: Off-price retailing not included in store-based retailing total to avoid double counting as off-price retailing
is a duplicate category already accounted for within apparel and footwear specialists and department
stores.
Note 4: No forecast data available for luxury and off-price retailing.

Table 49 Forecast Sales in Store-based Retailing by Channel: % Value Growth 2021-

2026

% constant value growth, retail value rsp excl sales tax

2021/2022 2021-26 CAGR 2021/26 Total

Grocery Retailers 3.0 2.0 10.5

Non-Grocery Specialists 3.5 7.3 42.1
Mixed Retailers 3.4 8.0 47.2
Luxury Retailing - - -
Off-Price Retailing - - -
Store-Based Retailing 3.2 4.8 26.4
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note 1: Luxury retailing not included in store-based retailing total to avoid double counting as luxury retailing is a
duplicate category already accounted for within non-grocery specialists and mixed retailers.
Note 2: Off-price retailing not included in store-based retailing total to avoid double counting as off-price retailing
is a duplicate category already accounted for within apparel and footwear specialists and department
stores.
Note 3: No forecast data available for luxury and off-price retailing.

Table 50 Forecast Store-based Retailing Outlets by Channel: Units 2021-2026

outlet
2021 2022 2023 2024 2025 2026

Grocery Retailers 643,790.0 646,970.0 649,895.0 652,696.0 655,307.0 659,626.0

Non-Grocery Specialists 151,729.0 153,830.0 157,631.0 160,232.0 162,661.0 164,970.0
Mixed Retailers 210.0 223.0 245.0 266.0 284.0 301.0
Luxury Retailing 33.0 - - - - -
Off-Price Retailing - - - - - -
Store-Based Retailing 795,729.0 801,023.0 807,771.0 813,194.0 818,252.0 824,897.0
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note 1: Luxury retailing not included in store-based retailing total to avoid double counting as luxury retailing is a
duplicate category already accounted for within non-grocery specialists and mixed retailers.
Note 2: Off-price retailing not included in store-based retailing total to avoid double counting as off-price retailing
is a duplicate category already accounted for within apparel and footwear specialists and department
stores.
Note 3: No forecast data available for luxury and off-price retailing.

Table 51 Forecast Store-Based Retailing Outlets by Channel: % Unit Growth 2021-2026

% unit growth
2021/22 2021-26 CAGR 2021/26 Total

Grocery Retailers 0.5 0.5 2.5

Non-Grocery Specialists 1.4 1.7 8.7

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Mixed Retailers 6.2 7.5 43.3

Luxury Retailing - - -
Off-Price Retailing - - -
Store-Based Retailing 0.7 0.7 3.7
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note 1: Luxury retailing not included in store-based retailing total to avoid double counting as luxury retailing is a
duplicate category already accounted for within non-grocery specialists and mixed retailers.
Note 2: Off-price retailing not included in store-based retailing total to avoid double counting as off-price retailing
is a duplicate category already accounted for within apparel and footwear specialists and department
stores.
Note 3: No forecast data available for luxury and off-price retailing.

Table 52 Forecast Sales in Non-Store Retailing by Channel: Value 2021-2026

VND billion
2021 2022 2023 2024 2025 2026

Direct Selling 15,984.5 17,195.9 18,482.3 19,727.3 20,984.8 22,000.0

Homeshopping 1,168.0 1,185.5 1,200.9 1,215.3 1,228.7 1,241.0
Vending - - - - - -
E-Commerce (Goods) 142,000.0 170,000.0 199,000.0 229,000.0 260,000.0 292,000.0
Non-Store Retailing 159,152.5 188,381.4 218,683.2 249,942.6 282,213.4 315,241.0
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note 1: Forecast value data in constant terms.
Note 2: Vending data captures vending systems installed in public and semi-captive environments only. For
further details refer to definitions.
Note 3: Mobile e-commerce (goods) not included in non-store retailing total to avoid double counting as this
category is already accounted for within e-commerce (goods).

Table 53 Forecast Sales in Non-Store Retailing by Channel: % Value Growth 2021-2026

% constant value growth, retail value rsp excl sales tax

2021/2022 2021-26 CAGR 2021/26 Total

Direct Selling 7.6 6.6 37.6

Homeshopping 1.5 1.2 6.2
Vending - - -
E-Commerce (Goods) 19.7 15.5 105.6
Non-Store Retailing 18.4 14.6 98.1
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note 1: Vending data captures vending systems installed in public and semi-captive environments only. For
further details refer to definitions.
Note 2: Mobile e-commerce (goods) not included in non-store retailing total to avoid double counting as this
category is already accounted for within e-commerce (goods).

Table 54 Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space 2021-2026

2021 2022 2023 2024 2025 2026

Value sales VND billion 1,133,81 1,167,73 1,192,24 1,214,32 1,234,42 1,253,34
2.9 7.0 6.2 1.3 4.7 7.7
Outlets 643,790.0 646,970.0 649,895.0 652,696.0 655,307.0 659,626.0
Selling Space '000 sq m 23,260.4 23,460.0 23,678.8 23,909.2 24,127.4 24,338.5

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Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms.

Table 55 Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth
2021-2026

% growth
2021/22 2021-26 CAGR 2021/26 Total

Value sales VND billion 3.0 2.0 10.5

Outlets 0.5 0.5 2.5
Selling Space '000 sq m 0.9 0.9 4.6
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms.

Table 56 Forecast Sales in Grocery Retailers by Channel: Value 2021-2026

VND billion
2021 2022 2023 2024 2025 2026

-- Convenience Stores 8,017.0 8,525.0 9,121.8 9,714.7 10,317.0 10,936.0

-- Discounters - - - - - -
-- Forecourt Retailers - - - - - -
-- Hypermarkets 32,973.3 34,292.2 35,561.0 36,770.1 37,873.2 38,933.7
-- Supermarkets 88,345.0 90,307.8 96,397.7 101,954.4 107,561.9 112,940.0
- Modern Grocery 129,335.3 133,125.0 141,080.5 148,439.2 155,752.1 162,809.7
Retailers
- Traditional Grocery 1,004,47 1,034,61 1,051,16 1,065,88 1,078,67 1,090,53
Retailers 7.6 2.0 5.8 2.1 2.7 8.1
Grocery Retailers 1,133,81 1,167,73 1,192,24 1,214,32 1,234,42 1,253,34
2.9 7.0 6.2 1.3 4.7 7.7
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms.

Table 57 Forecast Sales in Grocery Retailers by Channel: % Value Growth 2021-2026

% constant value growth, retail value rsp excl sales tax

2021/2022 2021-26 CAGR 2021/26 Total

-- Convenience Stores 6.3 6.4 36.4

-- Discounters - - -
-- Forecourt Retailers - - -
-- Hypermarkets 4.0 3.4 18.1
-- Supermarkets 2.2 5.0 27.8
- Modern Grocery Retailers 2.9 4.7 25.9
- Traditional Grocery Retailers 3.0 1.7 8.6
Grocery Retailers 3.0 2.0 10.5
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms.

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Table 58 Forecast Grocery Retailers Outlets by Channel: Units 2021-2026

outlet
2021 2022 2023 2024 2025 2026

-- Convenience Stores 1,005.0 1,040.0 1,097.0 1,152.0 1,204.0 1,255.0

-- Discounters - - - - - -
-- Forecourt Retailers - - - - - -
-- Hypermarkets 69.0 71.0 73.0 77.0 79.0 80.0
-- Supermarkets 5,669.0 5,900.0 6,200.0 6,500.0 6,800.0 7,100.0
- Modern Grocery 6,743.0 7,011.0 7,370.0 7,729.0 8,083.0 8,435.0
Retailers
- Traditional Grocery 637,047.0 639,959.0 642,525.0 644,967.0 647,224.0 651,191.0
Retailers
Grocery Retailers 643,790.0 646,970.0 649,895.0 652,696.0 655,307.0 659,626.0
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 59 Forecast Grocery Retailers Outlets by Channel: % Unit Growth 2021-2026

% unit growth
2021/22 2021-26 CAGR 2021/26 Total

-- Convenience Stores 3.5 4.5 24.9

-- Discounters - - -
-- Forecourt Retailers - - -
-- Hypermarkets 2.9 3.0 15.9
-- Supermarkets 4.1 4.6 25.2
- Modern Grocery Retailers 4.0 4.6 25.1
- Traditional Grocery Retailers 0.5 0.4 2.2
Grocery Retailers 0.5 0.5 2.5
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 60 Non-Grocery Specialists Forecasts: Value Sales, Outlets and Selling Space
2021-2026

2021 2022 2023 2024 2025 2026

Value sales VND billion 1,128,12 1,167,21 1,294,54 1,403,12 1,506,23 1,603,54
0.6 2.5 6.6 3.5 8.1 2.6
Outlets 151,729.0 153,830.0 157,631.0 160,232.0 162,661.0 164,970.0
Selling Space '000 sq m 13,757.0 14,132.4 14,727.6 15,191.6 15,639.2 16,074.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources
Note: Forecast value data in constant terms.

Table 61 Non-Grocery Specialists Forecasts: Value Sales, Outlets and Selling Space: %
Growth 2021-2026

% growth
2021/22 2021-26 CAGR 2021/26 Total

Value sales VND billion 3.5 7.3 42.1

Outlets 1.4 1.7 8.7

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Selling Space '000 sq m 2.7 3.2 16.8

Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources
Note: Forecast value data in constant terms.

Table 62 Forecast Sales in Non-Grocery Specialists by Channel: Value 2021-2026

VND billion
2021 2022 2023 2024 2025 2026

- Apparel and Footwear 48,278.6 50,949.6 53,536.6 56,077.1 58,600.6 61,120.4

Specialist Retailers
- Electronics and 255,423.1 263,108.2 295,843.9 325,428.3 354,716.9 379,547.0
Appliance Specialist
Retailers
- Health and Beauty 261,194.0 268,032.3 286,470.7 304,087.2 320,962.1 337,014.5
Specialist Retailers
- Home and Garden 302,248.7 314,109.6 358,634.5 392,756.9 423,308.9 454,132.2
Specialist Retailers
- Leisure and Personal 138,781.1 145,151.7 160,355.2 172,494.8 184,188.1 195,754.7
Goods Specialist
Retailers
- Other Non-Grocery 122,195.1 125,861.0 139,705.7 152,279.2 164,461.5 175,973.8
Specialists
Non-Grocery Specialists 1,128,12 1,167,21 1,294,54 1,403,12 1,506,23 1,603,54
0.6 2.5 6.6 3.5 8.1 2.6
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms.

Table 63 Forecast Sales in Non-Grocery Specialists by Channel: % Value Growth 2021-

2026

% constant value growth, retail value rsp excl sales tax

2021/2022 2021-26 CAGR 2021/26 Total

- Apparel and Footwear Specialist 5.5 4.8 26.6

Retailers
- Electronics and Appliance Specialist 3.0 8.2 48.6
Retailers
- Health and Beauty Specialist Retailers 2.6 5.2 29.0
- Home and Garden Specialist Retailers 3.9 8.5 50.3
- Leisure and Personal Goods 4.6 7.1 41.1
Specialist Retailers
- Other Non-Grocery Specialists 3.0 7.6 44.0
Non-Grocery Specialists 3.5 7.3 42.1
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 64 Forecast Non-Grocery Specialists Outlets by Channel: Units 2021-2026

outlet
2021 2022 2023 2024 2025 2026

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- Apparel and Footwear 10,624.0 10,837.0 11,032.0 11,220.0 11,399.0 11,559.0

Specialist Retailers
- Electronics and 9,199.0 9,562.0 9,735.0 9,901.0 10,050.0 10,181.0
Appliance Specialist
Retailers
- Health and Beauty 40,696.0 40,965.0 41,371.0 41,781.0 42,233.0 42,735.0
Specialist Retailers
- Home and Garden 11,984.0 12,320.0 13,034.0 13,516.0 13,949.0 14,326.0
Specialist Retailers
- Leisure and Personal 14,914.0 15,191.0 16,034.0 16,791.0 17,538.0 18,272.0
Goods Specialist
Retailers
- Other Non-Grocery 64,312.0 64,955.0 66,425.0 67,023.0 67,492.0 67,897.0
Specialists
Non-Grocery Specialists 151,729.0 153,830.0 157,631.0 160,232.0 162,661.0 164,970.0
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 65 Forecast Non-Grocery Specialists Outlets by Channel: % Unit Growth 2021-

2026

% unit growth
2021/22 2021-26 CAGR 2021/26 Total

- Apparel and Footwear Specialist 2.0 1.7 8.8

Retailers
- Electronics and Appliance Specialist 3.9 2.0 10.7
Retailers
- Health and Beauty Specialist Retailers 0.7 1.0 5.0
- Home and Garden Specialist Retailers 2.8 3.6 19.5
- Leisure and Personal Goods 1.9 4.1 22.5
Specialist Retailers
- Other Non-Grocery Specialists 1.0 1.1 5.6
Non-Grocery Specialists 1.4 1.7 8.7
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 66 Mixed Retailers Forecasts: Value Sales, Outlets and Selling Space 2021-2026

2021 2022 2023 2024 2025 2026

Value sales VND billion 8,253.4 8,535.1 9,473.9 10,344.2 11,237.8 12,149.6
Outlets 210.0 223.0 245.0 266.0 284.0 301.0
Selling Space '000 sq m 276.6 288.0 306.7 325.7 344.7 364.4
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms

Table 67 Mixed Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth
2021-2026

% growth
2021/22 2021-26 CAGR 2021/26 Total

Value sales VND billion 3.4 8.0 47.2

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Outlets 6.2 7.5 43.3

Selling Space '000 sq m 4.1 5.7 31.7
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms

Table 68 Forecast Sales in Mixed Retailers by Channel: Value 2021-2026

VND billion
2021 2022 2023 2024 2025 2026

- Department Stores 7,575.0 7,817.4 8,670.0 9,450.3 10,253.6 11,073.9

- Mass Merchandisers - - - - - -
- Variety Stores 678.4 717.7 803.9 893.9 984.2 1,075.7
- Warehouse Clubs - - - - - -
Mixed Retailers 8,253.4 8,535.1 9,473.9 10,344.2 11,237.8 12,149.6
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms

Table 69 Forecast Sales in Mixed Retailers by Channel: % Value Growth 2021-2026

% constant value growth, retail value rsp excl sales tax

2021/2022 2021-26 CAGR 2021/26 Total

- Department Stores 3.2 7.9 46.2

- Mass Merchandisers - - -
- Variety Stores 5.8 9.7 58.6
- Warehouse Clubs - - -
Mixed Retailers 3.4 8.0 47.2
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms.

Table 70 Forecast Mixed Retailers Outlets by Channel: Units 2021-2026

outlet
2021 2022 2023 2024 2025 2026

- Department Stores 19.0 20.0 21.0 22.0 23.0 24.0

- Mass Merchandisers - - - - - -
- Variety Stores 191.0 203.0 224.0 244.0 261.0 277.0
- Warehouse Clubs - - - - - -
Mixed Retailers 210.0 223.0 245.0 266.0 284.0 301.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 71 Forecast Mixed Retailers Outlets by Channel: % Unit Growth 2021-2026

% unit growth
2021/22 2021-26 CAGR 2021/26 Total

- Department Stores 5.3 4.8 26.3

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- Mass Merchandisers - - -
- Variety Stores 6.3 7.7 45.0
- Warehouse Clubs - - -
Mixed Retailers 6.2 7.5 43.3
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

DISCLAIMER
Forecast closing date: 17 January 2022
Report closing date: 17 February 2022
Analysis and data in this report give full consideration to consumer behaviour and market
performance in 2021 and beyond as of the dates above. For the very latest insight on this
industry and consumer behaviour, at both global and national level, readers can access
strategic analysis and updates on www.euromonitor.com and via the Passport system, where
new content is being added on a systematic basis.

SOURCES
Sources used during research include the following:

Summary 2 Research Sources

Official Sources Agro Info

Department of Animal Health of Vietnam

General Department of Vietnam Custom

General Statistics Office of Vietnam

Hanoi Department of Trade

Ho Chi Minh Department of Trade

Investment & Trade Promotion Centre (ITPC)

Ministry of Health of Vietnam (MOH)

Ministry of Industry & Trade

Ministry of Trade (MOT)

Trade Associations American Chamber of Commerce

Association of Vietnam Retailers

Association of Vietnam Retailing

Hanoi Supermarket Association

ICT News

Multi-level Marketing Association

Retailing Association of Vietnam

Vietnam Agriculture Portal

Vietnam Association of Retailing

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RETAILING IN VIETNAM Passport 37

Vietnam E-Commerce & Information

Technology Agency

Vietnam E-Commerce Association

Vietnam Multi-Level Marketing Association

Trade Press Bao Cong Thuong

Binh Duong Newspaper

Brands Vietnam

Dai Ky Nguyen

Dan Tri Newspaper

Direct Selling News

Doanh Nghiep

Economics & Development

Elle Vietnam

Embassy of Denmark, Vietnam

Enterprise Forum Newspaper

Ho Chi Minh City Law News

Ho Chi Minh City People's Committee

Hue City

Industry & Commerce Newspapaer

International Herald Tribune

Kinh Te Doi Song

Landtoday

New Hanoi

People Newspapaer

People's Police

Portal of Vietnam High Quality Goods

Saigon Marketing

Saigon Times Daily

Saigon Times Online

Saigoneer

SGTT

TBIC - Trade & Business Information Centre

Thanh Nien News

The Saigon Times

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Thehetre.vn

Trading Market

Tuoi Tre Online

Vietnam Branding

Vietnam Express

Vietnam Investment Review

Vietnam Net

Vietnam News

Vietnam Newspaper

Vietnamnet

VN Business News

VN Media

VnEconomy

Vnexpress.net

VTC news

Women Online

Source: Euromonitor International

© Euromonitor International
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CONVENIENCE STORES IN VIETNAM

- CATEGORY ANALYSIS
KEY DATA FINDINGS

▪ Retail value sales rise by 5% in current terms in 2021 to VND8.0 trillion

▪ Emirates General Petroleum Corp is the leading player in 2021, with a retail value share of
20%
▪ Retail sales are set to grow at a current value CAGR of 11% (2021 constant value CAGR of
6%) over the forecast period to VND13.2 trillion

2021 DEVELOPMENTS

A surge in COVID-19 cases at traditional grocery retailers leads

consumers to shop at convenience stores in 2021
Starting in May 2021, Vietnam saw a surge in the number of COVID-19 cases, which led the
government to impose another lockdown in Ho Chi Minh and in more than 20 provinces in
Vietnam, obliging people to stay home and only go out for basic necessities such as buying
groceries or medicine, or to work at factories or businesses allowed to operate. In addition, the
majority of traditional grocery retailers was also required to close due to the rise in the number
of COVID-19 cases in the sales channel. Consequently, many consumers shopped at modern
grocery retailers such as supermarkets, hypermarkets and convenience stores for groceries.
During the peak of the pandemic in 2021, convenience stores in Ho Chi Minh City assisted the
government in distributing fresh produce and packaged food to households.

Convenience stores develop their omnichannel presence

In 2021, convenience stores focused on developing their omnichannel presence. For
example, some players, such as GS25, 7-Eleven, Circle K, built mobile apps in a bid to increase
sales. Via these mobile apps, consumers can also adhere to loyalty programmes or benefit from
exclusive promotions and discounts. During the COVID-19 pandemic, some brands such as
Ministop and Circle K also expanded their presence on food delivery service apps such as
GrabFood or Now. Consumers can therefore now order a greater range of ready meals (hot
food) from convenience stores through these apps.

Convenience generally delivered by international-run stores

International players dominate the convenience stores channel in Vietnam, with four of the top
five brands being owned by foreign multinationals in 2021. The convenience stores format is still
relatively novel for local players, while international brands benefit from long-established activity
in the channel. With greater financial capability, international players also find it easier to adapt
to market trends. For example, realising the strong growth of convenience store fast food, the
owners of Family Mart, Circle K and Ministop have collaborated with local manufacturers to
have local snacks delivered daily to their stores and have set up separate areas in their stores
for dining in. This has supported Family Co Ltd’s popularity amongst younger consumers. The

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company’s Family Mart brand has become famous for its wide range of hot and ready to eat
food, and its relaxing sitting areas for youth to socialise in.

PROSPECTS AND OPPORTUNITIES

Further gains predicted but at A slower rate owing to market saturation

Over the forecast period, when the Vietnamese government is able to control COVID-19 in
the country to an extent that makes social distancing and other restrictions unnecessary in the
country, more Vietnamese consumers will feel it safe to resume their normal lifestyles again.
Until then retailing faces further challenges, including attracting customers who now wish to
spend less time in convenience stores and other indoor shops. Compared with 2021,
convenience stores is expected to register stronger growth in both outlet and value sales in
2022 and this will be the case for most of the forecast period. Nevertheless, the value growth
rate over the forecast period is likely to be considerably lower than the 2015-2020 average as
the channel matures in Vietnam following its rapid expansion early in the review period.
Following the success stories of Ministop and Circle K, other convenience stores brands are
expected to partner with food delivery service apps to boost sales via e-commerce and mobile
e-commerce. Also, key players are predicted to focus on increasing their outlet number in both
urban and suburban areas. They are likely to choose smaller cities such as Da Nang, Can Tho
or Hai Phong than Ho Chi Minh and Hanoi since the competition in both Ho Chi Minh and Hanoi
has become more intense. By following this strategy, key players can avoid direct competition
and more rapidly strengthen their presence throughout the country.

Social side of visiting convenience stores important for trade

Younger consumers, especially teenagers and students, constitute the core consumer base of
convenience stores. These consumer groups see convenience stores not only as places for
shopping, but also as important social hubs due to their air-conditioned environments and the
fact that they offer opportunities to socialise without spending as much money as in a restaurant
or café. Convenience stores also offer a more relaxing atmosphere than other consumer
foodservice outlets, and the staff are usually more easy-going. Tapping into this trend, most
leading players have created large areas for food consumption. Some large outlets in strategic
locations are even set up like cafés, with half the store space for retailing and the other half for
eating in. Some players, such as 7-Eleven, also provide popular Vietnamese street snacks such
as sticky rice, duck embryo eggs, spiced rice paper and cut fruit to attract more dine-in
customers. Hot food is also commonly offered at many outlets.

Mobile payment to extend its coverage in Vietnam

While cash remains the preferred payment method in Vietnam, which has a largely rural
population and lacks a highly developed payment infrastructure, mobile payment is developing
in urban areas. Mobile payment players such as Momo, Zalo Pay and Air Pay are using a
variety of tactics to attract consumers, including partnering with more banks and collaborating
with more retailers, including convenience stores. As the uptake of mobile payment is primarily
led by tech-savvy young urban consumers, many of whom like to socialise in convenience
stores, the channel represents a particularly fertile environment for the development of mobile
payment. Moreover, mobile payment is able to accelerate the checkout process, a key selling
point of the channel, while like other forms of contactless payment there is no hygiene risk
arising from the handling of cash between customer and staff. Therefore, the forecast period is

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likely to see convenience stores expand acceptance of mobile payment in response to its
increasing use amongst young people.

CHANNEL DATA
Table 72 Convenience Stores: Value Sales, Outlets and Selling Space 2016-2021

2016 2017 2018 2019 2020 2021

Value sales VND billion 3,346.1 4,669.7 5,863.0 6,901.5 7,604.7 8,017.0
Outlets 743.0 903.0 951.0 981.0 1,028.0 1,005.0
Selling Space '000 sq m 57.0 69.9 75.6 81.5 86.9 86.2
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 73 Convenience Stores: Value Sales, Outlets and Selling Space: % Growth 2016-
2021

% growth
2020/21 2016-21 CAGR 2016/21 Total

Value sales VND billion 5.4 19.1 139.6

Outlets -2.2 6.2 35.3
Selling Space '000 sq m -0.8 8.6 51.2
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 74 Convenience Stores GBO Company Shares: % Value 2017-2021

% retail value rsp excl sales tax

Company 2017 2018 2019 2020 2021

Alimentation Couche- 37.5 39.9 46.7 47.7 48.0

Tard Inc
FamilyMart Uny Holdings 21.6 22.0 19.9 18.7 18.8
Co Ltd
AEON Group 12.4 14.2 14.5 14.2 14.3
Seven & I Holdings Co Ltd 0.6 3.2 6.1 7.2 7.3
Beri Jucker Plc 16.2 11.8 7.6 7.1 6.3
Shop & Go JSC 5.3 2.8 - - -
FamilyMart Co Ltd - - - - -
Others 6.4 6.1 5.2 5.1 5.2
Total 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 75 Convenience Stores GBN Brand Shares: % Value 2018-2021

% retail value rsp excl sales tax

Brand Company (GBO) 2018 2019 2020 2021

Circle K Alimentation Couche- 39.9 46.7 47.7 48.0

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Tard Inc
Family Mart FamilyMart Uny Holdings 22.0 19.9 18.7 18.8
Co Ltd
Ministop AEON Group 14.2 14.5 14.2 14.3
7-Eleven Seven & I Holdings Co Ltd 3.2 6.1 7.2 7.3
B's Mart Beri Jucker Plc 11.8 7.6 7.1 6.3
Shop & Go Shop & Go JSC 2.8 - - -
Family Mart FamilyMart Co Ltd - - - -
Others 6.1 5.2 5.1 5.2
Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 76 Convenience Stores LBN Brand Shares: Outlets 2018-2021

sites/outlets
Brand (GBO) Company (NBO) 2018 2019 2020 2021

Circle K Red Circle Co Ltd 293 362 387 430

(Alimentation
Couche-Tard Inc)
Family Mart Family Co Ltd 160 147 145 151
(FamilyMart Uny
Holdings Co Ltd)
Ministop (AEON Group) Ministop Vietnam Co Ltd 112 134 144 123
B's Mart (Beri Phu Thai Group 143 168 168 110
Jucker Plc)
7-Eleven (Seven & I Seven System Vietnam JSC 24 42 55 61
Holdings Co Ltd)
Shop & Go Shop & Go JSC 95 - - -
Family Mart Family Co Ltd - - - -
(FamilyMart Co Ltd)
G7- Ministop (AEON G7 Trading & Service JSC - - - -
Group)
Others Others 124 128 129 130
Total Total 951 981 1,028 1,005
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 77 Convenience Stores LBN Brand Shares: Selling Space 2018-2021

selling space '000 sq m

Brand (GBO) Company (NBO) 2018 2019 2020 2021

Circle K Red Circle Co Ltd 25.6 32.9 36.2 40.1

(Alimentation
Couche-Tard Inc)
Family Mart Family Co Ltd 16.9 15.5 15.0 15.4
(FamilyMart Uny
Holdings Co Ltd)
B's Mart (Beri Phu Thai Group 12.9 15.1 15.2 9.9
Jucker Plc)
7-Eleven (Seven & I Seven System Vietnam JSC 2.6 4.6 6.1 6.7
Holdings Co Ltd)
Ministop (AEON Group) Ministop Vietnam Co Ltd 5.6 6.8 7.3 6.2
Shop & Go Shop & Go JSC 5.0 - - -
Family Mart Family Co Ltd - - - -

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(FamilyMart Co Ltd)
G7- Ministop (AEON G7 Trading & Service JSC - - - -
Group)
Others Others 7.1 6.6 7.1 7.9
Total Total 75.6 81.5 86.9 86.2
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 78 Convenience Stores Forecasts: Value Sales, Outlets and Selling Space 2021-
2026

2021 2022 2023 2024 2025 2026

Value sales VND billion 8,017.0 8,525.0 9,121.8 9,714.7 10,317.0 10,936.0
Outlets 1,005.0 1,040.0 1,097.0 1,152.0 1,204.0 1,255.0
Selling Space '000 sq m 86.2 90.3 96.4 102.4 108.2 114.1
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms.

Table 79 Convenience Stores Forecasts: Value Sales, Outlets and Selling Space: %
Growth 2021-2026

% growth
2021/22 2021-26 CAGR 2021/26 Total

Value sales VND billion 6.3 6.4 36.4

Outlets 3.5 4.5 24.9
Selling Space '000 sq m 4.7 5.8 32.4
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms.

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DISCOUNTERS IN VIETNAM -
CATEGORY ANALYSIS
2021 DEVELOPMENTS

▪ The discounters channel has a negligible presence in Vietnam, as the difference between
manufacturing price and retailing price is already quite small in the market, leaving little room
for discounters to make use of an aggressive pricing strategy. The channel is not expected to
see significant development in the Vietnamese market during the forecast period.

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HYPERMARKETS IN VIETNAM -
CATEGORY ANALYSIS
KEY DATA FINDINGS

▪ Retail value sales rise by 6% in current terms in 2021 to VND33.0 trillion

▪ Central Retail Corp is the leading player in 2021, with a retail value share of 62%
▪ Retail sales are set to grow at a current value CAGR of 7% (2021 constant value CAGR of
3%) over the forecast period to VND47.1 trillion

2021 DEVELOPMENTS

Hypermarkets see an increase in sales due to COVID-19

In May 2021, Vietnam witnessed a surge in the number of COVID-19 cases, which led to
another lockdown in Ho Chi Minh and in more than 20 provinces in Vietnam, forcing people to
stay at home and only go out for basic necessities, such as food or medicine, or in exceptional
cases for work. In addition, the majority of traditional grocery retailers was also required to close
due to the rise in the number of COVID-19 cases in the sales channel. As a result, many
consumers shopped for groceries at modern grocery retailers such as supermarkets,
hypermarkets and convenience stores. Therefore, hypermarkets saw a strong increase in sales
in current value terms in 2021.

Still in the shadow of supermarkets despite good progress

Hypermarket is still experiencing intense competition from the supermarkets channel, which
continues to outperform it in sales and outlet growth terms. Requiring less store space,
supermarkets can be located in the heart of residential areas, while hypermarkets are typically
found in shopping centres or on the outskirts of cities. Young urban consumers, therefore, prefer
to visit supermarkets for their proximity and convenience, only visiting hypermarkets when it is
seen to be necessary. The supermarkets channel has further exploited the advantage of small
store space through the development of the mini supermarket format, which has seen a boom
since 2016, pioneered by VinGroup JSC with the VinMart+ brand. With investment in the mini
supermarket format by major players such as Saigon Union of Trading Cooperatives,
hypermarkets will see its growth continue to be affected during the forecast period.

Central Retail Corp sustains lead and undergoes A rebranding in 2021

With the largest store network in the channel, Central Retail Corp easily maintained the
leading position in hypermarkets with the Big C brand in 2021. The company’s strength is
founded on a strategy of affordable pricing and a wide-ranging product portfolio, which is
particularly strong in low-end products targeting the mass market. Big C’s private label products,
which cover a wide range of categories, including fresh food, bakery and household items, are
also popular thanks to their competitive pricing.
In 2021, Central Retail Corp underwent a major rebranding project. The three Big C
supermarkets in Ho Chi Minh City (Big C An Phu, Big C Thao Dien, and Big C Au Co) were
officially rebranded as Tops Market. In addition, four Big C supermarkets in Hanoi (Big C The
Garden, Big C Hadong, Big C Nguyen Xien, and Big C Le Trong Tan) were also renamed later

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in the year. Central Retail also opened new hypermarkets named GO! in My Tho, Ben Tre, Tra
Vinh, Buon Ma Thuot, and Quang Ngai. The retailer has upgraded its retail space to offer a
more modern retail experience to customers.
Meanwhile, in 2021, E-mart sold off its 100% stake in E-mart Vietnam Co to Truong Hai Auto
Corporation (THACO) Group. THACO Group is one of the leading car manufacturers in Vietnam
and the fourth-largest firm in the country. Through the deal, E-mart will no longer operate its
hypermarket in Vietnam. The hypermarket will be run as a franchise managed by THACO which
will pay royalty fees to E-mart.

PROSPECTS AND OPPORTUNITIES

Vietnam’s solid economy will keep consumers spending

In 2022, the hypermarkets channel is likely to be perform stronger in current value growth
terms than it did in 2021. This is underpinned by the Vietnamese economy being predicted to
remain stable given that the country has avoided GDP losses arising from COVID-19. Indeed,
GDP growth is among the highest in the world. Consumers will therefore be confident in the
economy strengthening and in turn be more willing to spend money.
International players will continue to dominate the channel over the forecast period. With the
exception of the local player Saigon Union of Trading Cooperatives, all other companies in
hypermarkets are international, supported by professional customer services and diverse
product portfolios. Moreover, Central Retail Corp, AEON and THACO still have plans to further
establish their presence in Vietnam over the forecast period.
However, hypermarkets is expected to face further strong competition from supermarkets.
This pressure will be all the more acute because hypermarkets pay high rentals while having to
maintain attractive retail pricing. As a result, hypermarket players are predicted to focus more on
increasing their number of outlets in cities such as Da Nang, Can Tho or Hai Phong where the
presence of supermarkets and hypermarkets is less crowded than in Ho Chi Minh and Hanoi.

International brands to keep providing important USPs for in-store

experience
Foreign multinationals will continue to dominate the hypermarkets channel over the coming
years. Driven by international brands, competition in the channel is expected to become
increasingly intense, leading to improvement in customer services and product portfolios. For
example, AEON and Lotte Mart have counters for Japanese and Korean products, respectively,
which serve as a competitive advantage. Compared with supermarkets, hypermarket store
layouts and customer services also generally receive more positive feedback. It is expected that
industry players will continue to invest in these competitive edges over the forecast period, as
they position hypermarkets as more of a leisure shopping experience that customers can enjoy
at the weekend or during their free time.

Growing importance of an omnichannel approach

In 2021, hypermarkets continued to develop their omni-channel presence. Central Retail
Corp, for example, sought to broaden its reach and increase sales by expanding its presence on
food delivery service apps such as Zalo messengers, Baemin, Shoppee and Grab food.
Consumers can henceforth order a range of ready meals through these apps. Over the forecast
period we expect this trend to intensify, for more players to expand their presence online, both
through e-commerce and mobile e-commerce.

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CHANNEL DATA
Table 80 Hypermarkets: Value Sales, Outlets and Selling Space 2016-2021

2016 2017 2018 2019 2020 2021

Value sales VND billion 25,000.7 26,170.3 27,279.5 29,446.2 31,214.8 32,973.3
Outlets 54.0 56.0 59.0 60.0 68.0 69.0
Selling Space '000 sq m 321.4 331.1 343.5 344.1 378.3 377.1
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 81 Hypermarkets: Value Sales, Outlets and Selling Space: % Growth 2016-2021

% growth
2020/21 2016-21 CAGR 2016/21 Total

Value sales VND billion 5.6 5.7 31.9

Outlets 1.5 5.0 27.8
Selling Space '000 sq m -0.3 3.2 17.3
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 82 Hypermarkets GBO Company Shares: % Value 2017-2021

% retail value rsp excl sales tax

Company 2017 2018 2019 2020 2021

Central Retail Corp 61.9 60.0 60.8 61.7 62.1

Lotte Group 20.6 20.4 20.8 20.1 19.3
AEON Group 7.4 7.9 8.2 8.1 8.2
Saigon Union of Trading 4.7 6.2 6.3 6.2 6.3
Cooperatives
Shinsegae Co Ltd 3.8 4.0 4.0 3.9 4.0
Dairy Farm 1.7 1.5 - - -
International Holdings
Ltd
Casino Guichard- - - - - -
Perrachon SA
Total 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 83 Hypermarkets GBN Brand Shares: % Value 2018-2021

% retail value rsp excl sales tax

Brand Company (GBO) 2018 2019 2020 2021

Big C Central Retail Corp 60.0 60.8 61.7 26.5

Go! Central Retail Corp - - - 26.2
Lotte Mart Lotte Group 20.4 20.8 20.1 19.3
Tops Market Central Retail Corp - - - 9.3
AEON AEON Group 7.9 8.2 8.1 8.2

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Co-opXtra Saigon Union of Trading 6.2 6.3 6.2 6.3

Cooperatives
E-Mart Shinsegae Co Ltd 4.0 4.0 3.9 4.0
Giant Dairy Farm 1.5 - - -
International Holdings Ltd
Big C Casino Guichard- - - - -
Perrachon SA
Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 84 Hypermarkets LBN Brand Shares: Outlets 2018-2021

sites/outlets
Brand (GBO) Company (NBO) 2018 2019 2020 2021

Big C Central Retail Corp 36 37 41 18

Go! Central Retail Corp - - - 18
Lotte Mart (Lotte Lotte Shopping Co Ltd 13 14 16 15
Group)
Tops Market Central Retail Corp - - - 7
AEON (AEON Group) AEON Vietnam Co Ltd 4 4 6 6
Co-opXtra Saigon Union of Trading 4 4 4 4
Cooperatives
E-Mart (Shinsegae E-mart Vietnam 1 1 1 1
Co Ltd)
Giant (Dairy Farm ACB Hanoi Investment JSC 1 - - -
International
Holdings Ltd)
Big C Casino Guichard- - - - -
Perrachon SA
Total Total 59 60 68 69
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 85 Hypermarkets LBN Brand Shares: Selling Space 2018-2021

selling space '000 sq m

Brand (GBO) Company (NBO) 2018 2019 2020 2021

Lotte Mart (Lotte Lotte Shopping Co Ltd 124.9 134.6 154.0 144.0
Group)
Big C Central Retail Corp 172.6 167.0 173.5 78.0
Go! Central Retail Corp - - - 75.6
Tops Market Central Retail Corp - - - 28.7
AEON (AEON Group) AEON Vietnam Co Ltd 16.5 16.5 24.8 24.8
Co-opXtra Saigon Union of Trading 23.0 23.0 23.0 23.0
Cooperatives
E-Mart (Shinsegae E-mart Vietnam 3.0 3.0 3.0 3.0
Co Ltd)
Giant (Dairy Farm ACB Hanoi Investment JSC 3.5 - - -
International
Holdings Ltd)
Big C Casino Guichard- - - - -
Perrachon SA
Total Total 343.5 344.1 378.3 377.1

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Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 86 Hypermarkets Forecasts: Value Sales, Outlets and Selling Space 2021-2026

2021 2022 2023 2024 2025 2026

Value sales VND billion 32,973.3 34,292.2 35,561.0 36,770.1 37,873.2 38,933.7
Outlets 69.0 71.0 73.0 77.0 79.0 80.0
Selling Space '000 sq m 377.1 385.6 393.9 412.8 420.5 422.4
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms.

Table 87 Hypermarkets Forecasts: Value Sales, Outlets and Selling Space: % Growth
2021-2026

% growth
2021/22 2021-26 CAGR 2021/26 Total

Value sales VND billion 4.0 3.4 18.1

Outlets 2.9 3.0 15.9
Selling Space '000 sq m 2.2 2.3 12.0
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms.

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SUPERMARKETS IN VIETNAM -
CATEGORY ANALYSIS
KEY DATA FINDINGS

▪ Retail value sales rise by 6% in current terms in 2021 to VND88.3 trillion

▪ New West Zone Supermarket & Department Store LLC is the leading player in 2021, with a
retail value share of 19%
▪ Retail sales are set to grow at a current value CAGR of 9% (2021 constant value CAGR of
5%) over the forecast period to VND137 trillion

2021 DEVELOPMENTS

Closure of traditional grocery retailers boosts supermarkets sales

In May 2021, there was a significant rise in the number of COVID-19 cases in Vietnam, which
led to another lockdown in Ho Chi Minh and more than 20 provinces in Vietnam, requiring
people to stay at home and only go out for necessities such as food or medicine. In addition,
traditional grocery retailers were also required to close, due to the surge in the number of
COVID-19 cases in the sales channel. Therefore, during a good part of 2021, consumers
shopped for groceries at supermarkets, hypermarkets and convenience stores. As a result, the
supermarkets channel recorded noticeable current value and volume growth in 2021.

Bach Hoa Xanh expands its store network and increases its online
presence
During 2020 and 2021, Bach Hoa Xanh expanded its store network from 1008 outlets to 1719
outlets. Although its number of outlets in 2021 decreased due to the COVID-19 pandemic, Bach
Hoa Xanh still performed well in 2021. Due to COVID-19, Bach Hoa Xanh had to temporarily
close some of its stores to operate key outlets more easily and optimally. In August 2021,
Mobile World JSC set up various messenger chat groups on the Zalo messenger platform. On
the platform, consumers can search and join the chat group of the Bach Hoa Xanh store in their
neighbourhood. Each chat group is managed by Bach Hoa Xanh managers and staff. Via the
chat groups, consumers can other groceries and have them delivered to the home within one or
two days.
The Bach Hoa Xanh brand benefits from its novelty, being one of the newest in the market,
and the company’s significant investment in outlet expansion. In addition, although Bach Hoa
Xanh stores have a smaller sales area and more limited product variety, the brand benefits from
its focus on offering fresh food and faster checkout than other supermarkets. Moreover, its
stores are normally located in residential areas, which provides greater convenience for busy
urban consumers.

VinMart and VinMart+ change name to WinMart and WinMart+

In 2021, VinMart and VinMart+ changed name to WinMart and WinMart+. Along with the
name change, Masan Consumer Corp also made other changes, such as reviewing its
assortment of products and improving the quality of its customer service to appeal to younger

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consumers. For example, in 2021, Masan Consumer Group set up a Phuc Long stand in each
WinMart+ store. In so doing, the company intends to modernise and rejuvenate the image of
WinMart+ to appeal to a wider consumer audience.

PROSPECTS AND OPPORTUNITIES

Newly formed habit of purchasing groceries at supermarkets is

anticipated to last in the forecast period
Over the forecast period we anticipate supermarkets to portray positive current value and
volume growth. In 2021, with the temporary closure of traditional grocery retailers, most
consumers purchased their groceries at modern grocery retailers, especially at supermarkets.
Consumers who previously shopped at traditional grocery retailers are by now more familiar with
and used to the supermarket format. In the forecast period, even once the COVID-19 pandemic
is brought under control, we anticipate these consumers to continue to shop at supermarkets, as
they have acquired the habit during the COVID-19 pandemic. Compared to traditional grocery
retailers, supermarkets offer a wider range of products and guaranteed product quality, which is
one of the factors that will keep drawing consumers.

Mini supermarkets offer compelling solution to retail-heavy areas

Over the forecast period, the competition between supermarket players is predicted to
intensify amid greater efforts to expand sales shares in both urban and rural areas. As a result,
consumers will be able to enjoy various attractive discounts and events run by supermarket
players.
Mini supermarkets are projected to grow in number over the forecast period. These formats –
defined as having retail sales area of less than 500 sq m – are becoming increasingly popular in
the country. WinMart+ by Masan Group and Bach Hoa Xanh by Mobile World JSC are two of
the most popular brands within mini supermarkets. Having this more compact size, which can
be just slightly bigger than that of a common convenience store, allows supermarket players to
penetrate easily crowded residential areas. These mini supermarkets suit the lifestyle of busy
urban consumers, who have little free time and prefer to go to a shop near to their houses.

Private label has further growth potential

Supermarket private label offerings are developing an increasingly strong presence in
Vietnam, as they appeal to price-consciousness consumers, whose number has increased since
the outbreak of COVID-19. Meanwhile, trust in private label product quality is supported by
consumer confidence in the major supermarket brands. Private label products span a broad and
diverse range of product areas, including fresh vegetables, home care and apparel, and the
strength of the offer helps supermarkets to build consumer loyalty. Moreover, many players
closely follow market trends and update their private label ranges accordingly. For example,
Saigon Union of Trading Cooperatives has its own private label lines for organic, clean and safe
fresh vegetables to cater to the rising consumer concern about food safety. Saigon Union of
Trading Cooperatives is the local pioneer in the development of the private label segment,
followed by many other local and international supermarkets, including Big C, Lotte Mart and
VinMart.

CHANNEL DATA

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Table 88 Supermarkets: Value Sales, Outlets and Selling Space 2016-2021

2016 2017 2018 2019 2020 2021

Value sales VND billion 46,605.9 54,538.3 56,030.4 69,810.9 83,513.3 88,345.0
Outlets 1,672.0 2,285.0 3,260.0 5,202.0 5,825.0 5,669.0
Selling Space '000 sq m 1,403.2 1,436.4 1,574.7 1,840.1 2,132.6 2,127.3
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 89 Supermarkets: Value Sales, Outlets and Selling Space: % Growth 2016-2021

% growth
2020/21 2016-21 CAGR 2016/21 Total

Value sales VND billion 5.8 13.6 89.6

Outlets -2.7 27.7 239.1
Selling Space '000 sq m -0.2 8.7 51.6
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 90 Supermarkets GBO Company Shares: % Value 2017-2021

% retail value rsp excl sales tax

Company 2017 2018 2019 2020 2021

Saigon Union of Trading 51.0 53.8 46.4 40.7 40.3

Cooperatives
Mobile World JSC 2.3 5.6 15.4 25.5 27.8
Masan Group Corp - - 26.1 23.8 22.8
Dong Hung Trading 2.0 2.2 1.6 1.4 1.3
Service Co Ltd
Saigon Trading Group 0.8 1.2 1.4 1.1 1.0
(SATRA)
Central Retail Corp 1.0 1.3 1.0 0.8 0.8
VinGroup JSC 25.7 25.2 - - -
TCT Group 3.4 - - - -
Dairy Farm - - - - -
International Holdings
Ltd
An Phong Trading & - - - - -
Services Co Ltd
Dong Hung Co Ltd - - - - -
Others 13.8 10.8 8.0 6.8 5.9
Total 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 91 Supermarkets GBN Brand Shares: % Value 2018-2021

% retail value rsp excl sales tax

Brand Company (GBO) 2018 2019 2020 2021

Co.opMart Saigon Union of Trading 48.5 41.5 36.3 36.1

Cooperatives

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Bach Hoa Xanh Mobile World JSC 5.6 15.4 25.5 27.8
VinMart Masan Group Corp - 26.1 23.8 22.8
Co-op Food Saigon Union of Trading 5.2 4.9 4.4 4.2
Cooperatives
Aeon Citimart Dong Hung Trading 2.2 1.6 1.4 1.3
Service Co Ltd
Satrafood Saigon Trading Group 1.2 1.4 1.1 1.0
(SATRA)
LanChi Mart Central Retail Corp 1.3 1.0 0.8 0.8
VinMart VinGroup JSC 25.2 - - -
Maximark An Phong Trading & - - - -
Services Co Ltd
Wellcome Dairy Farm - - - -
International Holdings Ltd
Citimart Dong Hung Co Ltd - - - -
Fivimart TCT Group - - - -
Others 10.8 8.0 6.8 5.9
Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 92 Supermarkets LBN Brand Shares: Outlets 2018-2021

sites/outlets
Brand (GBO) Company (NBO) 2018 2019 2020 2021

VinMart+ (Masan Masan Consumer Corp - 2,888 2,880 2,524

Group Corp)
Bach Hoa Xanh Mobile World JSC 415 1,008 1,719 1,919
Co-op Food Saigon Union of Trading 321 420 410 440
Cooperatives
Satrafood Saigon Trading Group 205 256 227 189
(SATRA)
Co.opMart Saigon Union of Trading 110 111 128 128
Cooperatives
VinMart (Masan Masan Consumer Corp - 125 74 89
Group Corp)
LanChi Mart Lan Chi Co Ltd 25 25 24 25
(Central Retail Corp)
Aeon Citimart Dong Hung Trading 28 24 23 20
Service Co Ltd
VinMart+ VinGroup JSC 1,700 - - -
VinMart VinGroup JSC 106 - - -
Maximark (An Phong An Phong Investment JSC - - - -
Trading & Services
Co Ltd)
Citimart (Dong Hung Dong Hung Trading - - - -
Co Ltd) Service Co Ltd
Wellcome (Dairy Giant South Asia - - - -
Farm International (Vietnam) Ltd
Holdings Ltd)
Fivimart TCT Group - - - -
Others Others 350 345 340 335
Total Total 3,260 5,202 5,825 5,669
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

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Table 93 Supermarkets LBN Brand Shares: Selling Space 2018-2021

selling space '000 sq m

Brand (GBO) Company (NBO) 2018 2019 2020 2021

Bach Hoa Xanh Mobile World JSC 116.6 243.5 575.1 599.4
Co.opMart Saigon Union of Trading 305.0 315.5 371.8 371.8
Cooperatives
VinMart+ (Masan Masan Consumer Corp - 351.1 357.8 302.9
Group Corp)
VinMart (Masan Masan Consumer Corp - 175.0 100.0 118.4
Group Corp)
Co-op Food Saigon Union of Trading 43.0 53.9 50.0 52.8
Cooperatives
Aeon Citimart Dong Hung Trading 40.8 35.0 33.6 29.2
Service Co Ltd
Satrafood Saigon Trading Group 20.0 25.5 23.0 18.9
(SATRA)
LanChi Mart Lan Chi Co Ltd 12.3 12.0 11.3 11.5
(Central Retail Corp)
VinMart+ VinGroup JSC 201.0 - - -
VinMart VinGroup JSC 153.0 - - -
Maximark (An Phong An Phong Investment JSC - - - -
Trading & Services
Co Ltd)
Citimart (Dong Hung Dong Hung Trading - - - -
Co Ltd) Service Co Ltd
Wellcome (Dairy Giant South Asia - - - -
Farm International (Vietnam) Ltd
Holdings Ltd)
Fivimart TCT Group - - - -
Others Others 683.1 628.7 610.0 622.5
Total Total 1,574.7 1,840.1 2,132.6 2,127.3
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 94 Supermarkets Forecasts: Value Sales, Outlets and Selling Space 2021-2026

2021 2022 2023 2024 2025 2026

Value sales VND billion 88,345.0 90,307.8 96,397.7 101,954.4 107,561.9 112,940.0
Outlets 5,669.0 5,900.0 6,200.0 6,500.0 6,800.0 7,100.0
Selling Space '000 sq m 2,127.3 2,262.7 2,427.7 2,596.1 2,767.5 2,941.6
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms.

Table 95 Supermarkets Forecasts: Value Sales, Outlets and Selling Space: % Growth
2021-2026

% growth
2021/22 2021-26 CAGR 2021/26 Total

Value sales VND billion 2.2 5.0 27.8

Outlets 4.1 4.6 25.2
Selling Space '000 sq m 6.4 6.7 38.3

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Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms.

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TRADITIONAL GROCERY RETAILERS

IN VIETNAM - CATEGORY ANALYSIS
KEY DATA FINDINGS

▪ Retail value sales fall by 10% in current terms in 2021 to VND1,005 trillion
▪ Vietnam Dairy Products JSC (Vinamilk) is the leading player in 2021, with a retail value share
of 0.3%
▪ Retail sales are set to rise at a current value CAGR of 3% (2021 constant value CAGR of 1%)
over the forecast period to AED11.4 billion

2021 DEVELOPMENTS

COVID-19 hits traditional grocery retailers hard

In 2021, COVID-19 created challenges for traditional grocery retailers, which restrained the
development of the channel. Although the government made efforts to improve the hygiene and
environment of traditional grocery retailers to enhance consumers’ experience, most traditional
grocery retailers were mandated to close in July until September due to the rise in the number of
COVID-19 cases. Therefore, value sales in the traditional grocery retailers channel fell in 2021.

Growing presence of chained traditional grocery retailers specialising in

dairy products
In 2021, we observed a growing presence of chained traditional grocery retailers specialising
in dairy products, such as Giac Mo Sua Viet and TH True Mart. Both stores only sell their own
products.
While modern grocery retailing is expanding in Vietnam, the traditional grocery retailers
channel continues to play an important role in Vietnamese retailing. The importance of the
channel is supported by the fact that approximately over 60% of the population live in rural
areas, where traditional grocery retailers continue to dominate. Moreover, even in urban areas,
many consumers still prefer to go to traditional grocery retailing outlets because of long-standing
familiarity. In addition, consumers can often find more diverse product options with lower prices
in traditional grocery retailers compared with supermarkets and hypermarkets.

Extremely crowded landscape led by Vietnam Dairy Products

Vietnam Dairy Products JSC (Vinamilk) maintained the leading position in traditional grocery
retailers in 2021. The company continued to invest in outlet expansion and promotions in its
strategy to make its products more accessible to the mass market in all areas of Vietnam.
Although the stores only sell its own products, the company still manages to achieve positive
retail revenue growth thanks to the reputation of its Vinamilk brand. The company also runs
various promotional programmes exclusively for consumers who buy its products from its Giac
Mo Sua Viet stores, which further contributes to its positive performance. Over the forecast
period, Vietnam Dairy Products plans to continue to expand its outlet network to cover more
smaller cities throughout the country, as it works to remain the leading dairy manufacturer.

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Meanwhile, during 2021, chained traditional grocery retailers such as Co.opSmile expanded
their services to attract consumers. For example, Co.opSmile cooperated with Guta Coffee and
set up Guta Coffee counters inside Co.opSmile stores.

PROSPECTS AND OPPORTUNITIES

Pick-up in sales performance anticipated in 2022

In 2022, traditional grocery retailers is expected to perform better than in 2021 in value growth
terms, thanks to the Vietnamese government’s measures to contain the spread of COVID-19 in
the country being successful. Nevertheless, Vietnamese consumers are still more cautious
about spending, with much lower GDP growth being recorded during the COVID-19 pandemic.
Traditional grocery retailers is predicted to see stronger competition from modern channels
such as convenience stores, supermarkets and hypermarkets in urban areas and big cities.
Although there are some consumers still in the habit of purchasing at traditional grocery
retailers, mostly fresh food, they tend to purchase fewer grocery and non-grocery products in
these outlets than before. This is due to the fact that modern channels, especially supermarkets
and hypermarkets, run constant discount and promotional activities.
The channel will remain highly fragmented with a huge number of small stores. In rural areas,
supermarkets or hypermarkets are not as popular as in urban areas, and so most customers
residing there are likely to keep shopping in independent small stores or other grocery retailers
located in residential areas.

Modernising outlets in the channel could be key as COVID-19 highlights

sanitation and health further
The trend to compete with modern retail outlets by making traditional grocery stores brightly lit
and air-conditioned stores is set to continue over the forecast period. This investment in the in-
store ambience and hygiene is most notable amongst dairy retail chains Giac Mo Sua Viet by
Vietnam Dairy Products JSC (Vinamilk) and TH True Mart by TH Group. Due to increasing food
safety concern and health-awareness, there is also a rising number of health food stores that
specialise in health foods and organic products. As these stores mainly target modern urban
consumers who have middle or high incomes, they focus on modernising the shopping
environment and enhancing the customer experience to differentiate themselves from other
traditional grocery retailers.

Mini supermarkets could pose big challenges

The expansion of mini supermarkets, such as Bach Hoa Xanh and VinMart+, represents a
particularly notable threat to traditional grocery retailers. The small sales area of this format
makes it easier for it to penetrate areas with smaller roads, which are usually the strongholds of
traditional markets and independent small grocers. With similar proximity, customers tend to
switch to mini supermarkets thanks to their more pleasant shopping environments and loyalty
programmes. Mini supermarkets also overcome the hygiene issues which can deter many
consumers from shopping at traditional grocery stores.

CHANNEL DATA
Table 96 Traditional Grocery Retailers: Value Sales, Outlets and Selling Space 2016-
2021

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2016 2017 2018 2019 2020 2021

Value sales VND billion 887,875.0 934,803.9 986,218.1 1,043,41 1,114,37 1,004,47
8.7 1.2 7.6
Outlets 652,988.0 658,005.0 662,592.0 666,736.0 670,467.0 637,047.0
Selling Space '000 sq m 21,348.0 21,491.9 21,617.0 21,722.7 21,808.6 20,669.7
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 97 Traditional Grocery Retailers: Value Sales, Outlets and Selling Space: %
Growth 2016-2021

% growth
2020/21 2016-21 CAGR 2016/21 Total

Value sales VND billion -9.9 2.5 13.1

Outlets -5.0 -0.5 -2.4
Selling Space '000 sq m -5.2 -0.6 -3.2
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 98 Traditional Grocery Retailers GBO Company Shares: % Value 2017-2021

% retail value rsp excl sales tax

Company 2017 2018 2019 2020 2021

Vietnam Dairy Products 0.2 0.2 0.2 0.2 0.3

JSC (Vinamilk)
Saigon Union of Trading 0.0 0.0 0.0 0.0 0.0
Cooperatives
Others 99.7 99.7 99.7 99.7 99.7
Total 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 99 Traditional Grocery Retailers GBN Brand Shares: % Value 2018-2021

% retail value rsp excl sales tax

Brand Company (GBO) 2018 2019 2020 2021

Giac Mo Sua Viet Vietnam Dairy Products 0.2 0.2 0.2 0.3
JSC (Vinamilk)
Co.opStore Saigon Union of Trading 0.0 0.0 0.0 0.0
Cooperatives
Co.opSmile Saigon Union of Trading 0.0 0.0 0.0 0.0
Cooperatives
Others 99.7 99.7 99.7 99.7
Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 100 Traditional Grocery Retailers LBN Brand Shares: Outlets 2018-2021

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sites/outlets
Brand (GBO) Company (NBO) 2018 2019 2020 2021

Giac Mo Sua Viet Vietnam Dairy Products 426 430 465 522
JSC (Vinamilk)
Co.opStore (Saigon Various franchisees 149 152 150 148
Union of Trading
Cooperatives)
Co.opSmile (Saigon Various franchisees 80 95 130 134
Union of Trading
Cooperatives)
Others Others 661,937 666,059 669,722 636,243
Total Total 662,592 666,736 670,467 637,047
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 101 Traditional Grocery Retailers LBN Brand Shares: Selling Space 2018-2021

selling space '000 sq m

Brand (GBO) Company (NBO) 2018 2019 2020 2021

Co.opSmile (Saigon Various franchisees 5.0 6.3 8.9 92.5

Union of Trading
Cooperatives)
Co.opStore (Saigon Various franchisees 8.0 8.3 8.8 87.3
Union of Trading
Cooperatives)
Giac Mo Sua Viet Vietnam Dairy Products 45.0 46.5 48.0 53.2
JSC (Vinamilk)
Others Others 21,559.0 21,661.6 21,743.0 20,436.7
Total Total 21,617.0 21,722.7 21,808.6 20,669.7
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 102 Traditional Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space
2021-2026

2021 2022 2023 2024 2025 2026

Value sales VND billion 1,004,47 1,034,61 1,051,16 1,065,88 1,078,67 1,090,53
7.6 2.0 5.8 2.1 2.7 8.1
Outlets 637,047.0 639,959.0 642,525.0 644,967.0 647,224.0 651,191.0
Selling Space '000 sq m 20,669.7 20,721.4 20,760.8 20,798.0 20,831.1 20,860.3
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms.

Table 103 Traditional Grocery Retailers Forecasts: Value Sales, Outlets and Selling
Space: % Growth 2021-2026

% growth
2021/22 2021-26 CAGR 2021/26 Total

Value sales VND billion 3.0 1.7 8.6

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Outlets 0.5 0.4 2.2

Selling Space '000 sq m 0.2 0.2 0.9
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms.

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APPAREL AND FOOTWEAR

SPECIALIST RETAILERS IN VIETNAM -
CATEGORY ANALYSIS
KEY DATA FINDINGS

▪ Retail value sales decrease by 18% in current terms in 2021 to VND48.3 trillion
▪ Blue Exchange Co Ltd is the leading player in 2021, with a retail value share of 2%
▪ Retail sales are set to rise at a current value CAGR of 9% (2021 constant value CAGR of 5%)
over the forecast period to VND74.0 trillion

2021 DEVELOPMENTS

Sales plummet as consumers focus on the essentials

Apparel and footwear specialist retailers in Vietnam was hit hard by the surge in COVID-19
cases in 2021. Lockdown and ongoing social distancing made consumers worried about
shopping in physical stores. In addition, the Vietnamese tended to save money amid the
financial uncertainty of the health crisis, especially low-income consumers. They limited their
spending to food and other first-need products, at the expense of new apparel and footwear. As
a result, in term of current value sales, apparel and footwear specialist retailers recorded a
steep decline in 2021.
There have been a number of independent apparel and footwear specialist retailers unable to
withstand the operating hardships arising from COVID-19. The declining sales, together with
pressure from labour cost and rental cost, forced them to close stores. This trend can be seen
clearly in central districts of big cities such as Ho Chi Minh and Hanoi where the rental cost is
particularly high.
Chained apparel and footwear specialist retailers have been better able to overcome the
trading difficulties thanks to their greater financial resources, allowing them to quickly use the
online platform to sell their products. For example, Biti's cooperated with tiki.vn to allow
customers to keep buying its apparel and footwear. By being able to lean on the apparel and
footwear e-commerce channel, chained players were able to reach their consumers despite the
national lockdown and social distancing.

Allure of global brand names set to help channel back on track

Pre-pandemic, economic growth in Vietnam was driving an upmarket shift in demand, while
increasing access to the internet was supporting a trend towards using global branded products
amongst consumers, especially in apparel and footwear. In fact, with rising disposable incomes,
affluent consumers often looked to shopping centres/malls for a satisfying shopping experience
with an array of international brands from cosmetics, apparel and accessories to kitchenware.
Increasing purchasing power and consumer optimism were key reasons for the growing
spending on apparel and footwear products, and the forecast of quick economic recovery from
COVID-19 is likely to reignite this dynamic. Together with personal electronic items, fashion is
considered a means of self-expression for younger consumers. Subsequently, younger
consumers are more willing to spend a significant proportion of their income on apparel,

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especially from well-known brands. Peer pressure, due to the popularity of social media, also
contributes to this trend, as young people are afraid of losing out on the latest fashion trends.

Strong reputation keeps Blue Exchange at the top

While it posted heavy sales losses during the COVID-19 pandemic amid numerous store
closures, Blue Exchange Co Ltd remained the leading player in the fragmented apparel and
footwear specialist retailers channel. In contrast to the declining fortunes of many local retailers,
a situation evident even before the health crisis, the company is managing to maintain
consumer credibility and loyalty in the market thanks to perceptions that it offers high-quality
products and services, as well as continual brand development. Notably, Blue Exchange Co Ltd
always achieves high favourability rankings in consumer opinion surveys, and received
numerous consumer choice awards during the review period.
Meanwhile, to compete with foreign players, local players such as Viet Tien Garment JSC and
Binh Tien Dong Nai Imex Corp Pte Ltd have been redecorating their stores. The stores have
been renovated and given a more modern look to appeal young consumers.

PROSPECTS AND OPPORTUNITIES

Full channel recovery expected in 2022

As a channel, apparel and footwear specialist retailers is expected to see a strong rebound in
2022, with the Vietnamese economy poised to recover swiftly from the impact of COVID-19.
Consumers will thus regain sufficient confidence to spend money again on items that they cut
back on in 2021, not least apparel and footwear. In 2022, current value sales should reach and
exceed pre-pandemic levels.
Local chained apparel and footwear specialist retailers are predicted to increase their
presence, with outlet networks further developed. In general, chained apparel and footwear
specialist retailers offer professional service, high-quality products and a comfortable shopping
atmosphere, making the stores appealing to a wider range of consumers in comparison with
independents.
Meanwhile, apparel and footwear e-commerce will become ever more influential in Vietnam,
with the online share set to keep increasing versus offline sales. Buying these goods via the
internet will remain more attractive for many due to the convenience the channel offers.

E-commerce increasingly key for players of all sizes

Towards the end of the review period, with high internet penetration in Vietnam and the
increasingly central role of smartphones in the lives of, particularly younger, consumers, there
was a gradual increase in consumer interest in shopping online, which has since been
considerably reinforced by the health crisis. The rise in e-commerce has been overseen by
small- and medium-sized local players, many of which started with online shops before bricks-
and-mortar stores to save costs and reach a wider audience throughout the market. The
segment is still largely unorganised, with many small- and medium-sized businesses selling on
Facebook or other third party websites such as Shopee. Thanks to the rising need for self-
expression and growing peer pressure amongst the young population, these virtual shops
attract many online shoppers by offering affordable prices.
Understanding the huge potential of e-commerce in the Vietnamese apparel and footwear
category, many major players have also looked to frequently update and improve their
traditional website platforms, and have developed their apps for mobile devices. Indeed,
globally, the apparel and footwear specialist retailers channel is at the forefront of the merging of

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the physical and virtual retailing landscapes, with brands courting consumers through both
highly developed online activity and a growing emphasis on in-store experience, while
conducting sales in both arenas. As e-commerce and mobile technologies develop in the
market, this is increasingly being reflected in Vietnam’s retailing landscape.

Counterfeits with their cheap prices represent A challenge to the

channel
Foreign multinationals looking to target the growing consumer interest in international brands
face a significant challenge from counterfeit products. Indeed, some players have chosen to
close down unprofitable outlets in the face of this threat. Although Vietnamese consumers prefer
genuine branded products, many are also price-sensitive, especially following the impact of
COVID-19, and easily attracted by the low prices of counterfeit products. With limited
government control of the segment, consumers can easily find fake products with the same
designs as genuine brands for significantly lower prices. Moreover, it is hard for consumers to
differentiate between real and counterfeit products. In addition, Vietnamese consumers are
developing a habit of ordering apparel and footwear products from overseas to take advantage
of heavy seasonal discounts in the US and European countries. This is serving to reduce
consumer demand for branded international products within the country.

CHANNEL DATA
Table 104 Apparel And Footwear Specialist Retailers: Value Sales, Outlets and Selling
Space 2016-2021

2016 2017 2018 2019 2020 2021

Value sales VND billion 51,969.2 57,460.9 62,919.7 67,754.2 58,909.5 48,278.6
Outlets 10,927.0 11,222.0 11,469.0 11,687.0 10,761.0 10,624.0
Selling Space '000 sq m 1,082.7 1,115.2 1,143.0 1,167.0 1,075.5 1,062.7
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 105 Apparel And Footwear Specialist Retailers: Value Sales, Outlets and Selling
Space: % Growth 2016-2021

% growth
2020/21 2016-21 CAGR 2016/21 Total

Value sales VND billion -18.0 -1.5 -7.1

Outlets -1.3 -0.6 -2.8
Selling Space '000 sq m -1.2 -0.4 -1.8
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 106 Apparel And Footwear Specialist Retailers GBO Company Shares: % Value
2017-2021

% retail value rsp excl sales tax

Company 2017 2018 2019 2020 2021

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Blue Exchange Co Ltd 2.1 2.2 1.9 1.6 1.7

Canifa JSC 1.2 1.3 1.6 1.5 1.6
Vietnam National 1.7 1.5 1.3 1.4 1.6
Textile & Garment Corp
(VINATEX)
Binh Tien Dong Nai Imex 0.9 0.9 1.1 1.3 1.4
Corp Pte Ltd
Pierre Cardin SA 0.9 0.9 0.8 0.9 0.9
Salvatore Ferragamo SpA 0.5 0.5 0.5 0.4 0.5
Levi Strauss & Co 0.3 0.3 0.5 0.5 0.5
Nha Be Corp 1.0 0.6 0.6 0.4 0.5
Giordano International 0.2 0.4 0.5 0.4 0.4
Ltd
Viet Fashion Co Ltd 0.6 0.7 0.6 0.5 0.4
Gap Inc, The 0.4 0.4 0.3 0.3 0.3
Punto Fa SL (Mango) 0.1 0.1 0.1 0.1 0.1
PVH Corp 0.2 0.2 0.1 0.1 0.1
Burberry Group Plc 0.2 0.1 0.1 0.1 0.1
Charles & Keith (S) Pte 0.1 0.1 0.1 0.1 0.1
Ltd
LVMH Moët Hennessy 0.1 0.1 0.1 0.1 0.1
Louis Vuitton SA
Saigon Union of Trading 0.1 0.1 0.1 0.1 0.1
Cooperatives
Bossini International 0.1 0.1 0.1 0.1 0.1
Holdings Ltd
Khai Silk Co 0.0 - - - -
Others 89.4 89.6 89.7 90.2 89.6
Total 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 107 Apparel And Footwear Specialist Retailers GBN Brand Shares: % Value 2018-
2021

% retail value rsp excl sales tax

Brand Company (GBO) 2018 2019 2020 2021

Blue Exchange Blue Exchange Co Ltd 2.2 1.9 1.6 1.7

Canifa Canifa JSC 1.3 1.6 1.5 1.6
Viet Tien Vietnam National 1.5 1.3 1.4 1.6
Textile & Garment Corp
(VINATEX)
Biti's Binh Tien Dong Nai Imex 0.9 1.1 1.3 1.4
Corp Pte Ltd
Pierre Cardin Pierre Cardin SA 0.9 0.8 0.9 0.9
Salvatore Ferragamo Salvatore Ferragamo SpA 0.5 0.5 0.4 0.5
Levi's Levi Strauss & Co 0.3 0.5 0.5 0.5
Nha Be Nha Be Corp 0.6 0.6 0.4 0.5
Giordano Giordano International Ltd 0.4 0.5 0.4 0.4
Ninomaxx Viet Fashion Co Ltd 0.7 0.6 0.5 0.4
Gap Gap Inc, The 0.4 0.3 0.3 0.3
Mango Punto Fa SL (Mango) 0.1 0.1 0.1 0.1
Calvin Klein PVH Corp 0.2 0.1 0.1 0.1
Burberry Burberry Group Plc 0.1 0.1 0.1 0.1
Charles & Keith Charles & Keith (S) Pte 0.1 0.1 0.1 0.1
Ltd
Kenzo LVMH Moët Hennessy 0.1 0.1 0.1 0.1
Louis Vuitton SA

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Ben Thanh Store Saigon Union of Trading 0.1 0.1 0.1 0.1
Cooperatives
Bossini / Sparkle Bossini International 0.1 0.1 0.1 0.1
Holdings Ltd
N&M Viet Fashion Co Ltd 0.0 0.0 - -
Khai Silk Khai Silk Co - - - -
Others 89.6 89.7 90.2 89.6
Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 108 Apparel And Footwear Specialist Retailers LBN Brand Shares: Outlets 2018-
2021

sites/outlets
Brand (GBO) Company (NBO) 2018 2019 2020 2021

Viet Tien (Vietnam Viet Tien Garment JSC 481 474 473 443
National Textile &
Garment Corp
(VINATEX))
Blue Exchange Blue Exchange Co Ltd 333 317 307 317
Biti's Binh Tien Dong Nai Imex 154 169 211 221
Corp Pte Ltd
Pierre Cardin An Phuoc Garment Co Ltd 131 135 141 148
(Pierre Cardin SA)
Canifa Canifa JSC 88 105 110 110
Nha Be Nha Be Corp 104 107 79 67
Ninomaxx Viet Fashion Co Ltd 72 70 59 60
Giordano (Giordano Gio Reo Co Ltd 32 39 33 32
International Ltd)
Levi's (Levi Au Chau Fashion & 18 31 28 28
Strauss & Co) Cosmetic Co Ltd (ACFC)
Charles & Keith Mai Son JSC 15 17 11 23
(Charles & Keith
(S) Pte Ltd)
Mango (Punto Fa SL Mai Son JSC 11 12 14 16
(Mango))
Calvin Klein (PVH Au Chau Fashion & 25 13 15 15
Corp) Cosmetic Co Ltd (ACFC)
Gap (Gap Inc, The) Au Chau Fashion & 9 8 8 8
Cosmetic Co Ltd (ACFC)
Bossini (Bossini Trung Tin Co Ltd 5 6 7 8
International
Holdings Ltd)
Salvatore Ferragamo Salvatore Ferragamo SpA 3 3 3 3
Burberry (Burberry Duy Anh Fashion & 2 2 2 2
Group Plc) Cosmetics Co Ltd (DAFC)
Kenzo LVMH Moët Hennessy 2 2 2 2
Louis Vuitton SA
Ben Thanh Store Saigon Union of Trading 1 1 1 1
Cooperatives
N&M Viet Fashion Co Ltd 4 2 - -
Khai Silk Khai Silk Co - - - -
Others Others 9,979 10,174 9,257 9,120
Total Total 11,469 11,687 10,761 10,624
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

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Table 109 Apparel And Footwear Specialist Retailers LBN Brand Shares: Selling Space
2018-2021

selling space '000 sq m

Brand (GBO) Company (NBO) 2018 2019 2020 2021

Viet Tien (Vietnam Viet Tien Garment JSC 67.6 66.7 66.7 62.0
National Textile &
Garment Corp
(VINATEX))
Blue Exchange Blue Exchange Co Ltd 31.6 30.9 30.6 31.7
Biti's Binh Tien Dong Nai Imex 17.2 18.9 23.5 24.8
Corp Pte Ltd
Canifa Canifa JSC 9.6 11.6 12.3 12.4
Nha Be Nha Be Corp 18.7 19.4 14.4 12.2
Ninomaxx Viet Fashion Co Ltd 13.4 13.3 11.4 11.6
Pierre Cardin An Phuoc Garment Co Ltd 9.0 9.3 9.7 10.2
(Pierre Cardin SA)
Giordano (Giordano Gio Reo Co Ltd 6.0 7.4 6.4 6.2
International Ltd)
Mango (Punto Fa SL Mai Son JSC 4.1 4.5 4.8 6.0
(Mango))
Charles & Keith Mai Son JSC 1.8 2.0 1.3 2.8
(Charles & Keith
(S) Pte Ltd)
Levi's (Levi Au Chau Fashion & 1.6 2.9 2.7 2.7
Strauss & Co) Cosmetic Co Ltd (ACFC)
Calvin Klein (PVH Au Chau Fashion & 2.5 1.4 1.6 1.6
Corp) Cosmetic Co Ltd (ACFC)
Bossini (Bossini Trung Tin Co Ltd 0.7 0.9 1.0 1.1
International
Holdings Ltd)
Salvatore Ferragamo Salvatore Ferragamo SpA 0.9 0.9 0.9 0.9
Ben Thanh Store Saigon Union of Trading 0.4 0.4 0.4 0.4
Cooperatives
Kenzo LVMH Moët Hennessy 0.4 0.4 0.4 0.4
Louis Vuitton SA
Burberry (Burberry Duy Anh Fashion & 0.3 0.3 0.3 0.3
Group Plc) Cosmetics Co Ltd (DAFC)
Gap (Gap Inc, The) Au Chau Fashion & 0.3 0.3 0.3 0.3
Cosmetic Co Ltd (ACFC)
N&M Viet Fashion Co Ltd 0.3 0.2 - -
Khai Silk Khai Silk Co - - - -
Others Others 956.7 975.6 886.9 875.1
Total Total 1,143.0 1,167.0 1,075.5 1,062.7
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 110 Apparel And Footwear Specialist Retailers Forecasts: Value Sales, Outlets and
Selling Space 2021-2026

2021 2022 2023 2024 2025 2026

Value sales VND billion 48,278.6 50,949.6 53,536.6 56,077.1 58,600.6 61,120.4
Outlets 10,624.0 10,837.0 11,032.0 11,220.0 11,399.0 11,559.0
Selling Space '000 sq m 1,062.7 1,085.1 1,105.6 1,125.5 1,144.5 1,161.7

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Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms

Table 111 Apparel And Footwear Specialist Retailers Forecasts: Value Sales, Outlets and
Selling Space: % Growth 2021-2026

% growth
2021/22 2021-26 CAGR 2021/26 Total

Value sales VND billion 5.5 4.8 26.6

Outlets 2.0 1.7 8.8
Selling Space '000 sq m 2.1 1.8 9.3
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms

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ELECTRONICS AND APPLIANCE

SPECIALIST RETAILERS IN VIETNAM -
CATEGORY ANALYSIS
KEY DATA FINDINGS

▪ Retail value sales decrease by 3% in current terms in 2021 to VND255 trillion

▪ Mobile World JSC is the leading player in 2021, with a retail value share of 31%
▪ Retail sales are set to rise at a current value CAGR of 13% (2021 constant value CAGR of
8%) over the forecast period to VND460 trillion

2021 DEVELOPMENTS

Online channels prevent overall sales losses in 2020

Under the impact of COVID-19, electronics and appliance specialist retailers registered a
notably lower current value sales growth in 2021. Vietnamese consumers became more
cautious about spending in light of the health crisis, especially on unnecessary products such as
electronics and appliances. Many were content to postpone purchasing these items as they
focused on ensuring they had a sufficient supply of food and cleaning products.
Players such as FPT Group and Mobile World JSC tried to push e-commerce sales to
mitigate the trading effects of lockdown and ongoing social distancing. Consumer appliances e-
commerce in particular recorded very high value sales growth in 2021, while the larger online
channel of consumer electronics e-commerce was also dynamic, which helped to compensate
for declining sales at brick-and-mortar outlets.

The Vietnamese love their consumer electronics and appliances

Electronics and appliance specialist retailers performed well late in the review period, pre-
pandemic, on the back of improving living standards and increasing consumer purchasing
power. Basic household appliances, such as refrigerators and washing machines, were
renewed and upgraded to newer and more modern models more frequently than before in order
to give their owners an easier and more convenient life. Personal electronic devices, such as
mobile phones, were also frequently traded up to show their owners’ social status. The
aggressive opening of new stores by major companies, such as Mobile World JSC and FPT
Corp, looking to tap into this growth in demand, also supported the channel’s expansion. In fact,
with rising foreign investment in the market, such players have been eager to join the race to
expand distribution networks, particularly in rural areas of the country.
Over the forecast period, demand for electronics and appliances is expected to return to pre-
pandemic levels quite quickly, driving rising sales through specialist retailers. The Vietnamese
are considered to be amongst the most optimistic people in the world, which leads to their
tendency to spend on items that are perceived to help improve their quality of life. Electronics
and appliances, together with food and beverages and personal transportation vehicles, are
amongst the items on which consumers spend the most, in urban and rural areas alike.

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Mobile World continues to soar above its rivals

With the two leading retail chains in the channel, Dien May Xanh and The Gioi Di Dong,
Mobile World JSC is the clear leader in electronics and appliance specialist retailers. Indeed,
over most of the review period the company maintained a trend of value share growth
underpinned by a significant expansion of its store network, which covers all major cities and
provinces, and frequent improvements to its thegioididong.com and dienmayxanh.com websites
in order to raise brand awareness and adapt to consumers’ increasing use of online resources
when making purchasing decisions. Mobile World JSC is also looking to expand its consumer
base by implementing a policy of payment by instalment. However, electronics and appliance
specialist retailers is heavily represented by “others”, which collectively refers to small players
with tiny shares. The share of others rose notably during the COVID-19 pandemic as many
more consumers took to the internet in search of electronics and appliances, in order to limit
their time spent in physical stores amid the threat of the virus.

PROSPECTS AND OPPORTUNITIES

Channel set to bounce back with strong growth in 2022

In 2022, electronics and appliance specialist retailers is expected to see very strong current
value sales growth given that many consumers postponed their purchases in 2021, but also
because of high increases in unit prices. Sales performance will be supported by retailers
cooperating closely with electronics and appliance players such as Samsung to produce various
marketing and discounting activities (for some categories), to encourage more consumers to
spend on the products.
Over the forecast period, new outlets will tend to have a smaller sales area because there will
be less need to build a large store to display a high volume of products, as most consumers will
have already researched products online. Many consumers will simply use physical stores to
test and buy products. Therefore, the projected increases in total selling space for the channel
will be much more dependent on the rise in total outlet number, which is poised to slow down
over the forecast period compared with the review period.
In the coming years, key players are expected to diversify their product range to make sure
their brick-and-mortar stores stay competitive, while maintaining healthy profits, amid the rising
online shopping trend in Vietnam. For example, in 2020, Mobile World added its watches line to
its electronics and appliance specialist retailers in a bid to increase sales.

Less is more for physical stores as consumers have done their

homework
Increased access to the internet, bolstered by the rise in possession of smartphones, has led
to a significant trend towards consumers comparing electronics and appliance products and
prices online. Consumers will then visit stores with the lowest prices in mind before testing and
purchasing products. This trend means that it is not a disadvantage for new outlets in the
channel to have a smaller sales area to save on rent, as the fact that many consumers have
already researched products online removes the need to display a high volume of products. The
role of physical outlets is, therefore, changing, with stores primarily used as the final part of the
process – to experience products first-hand and make purchases. This set-up also works well
given consumers’ current reluctance to spend more time than necessary in brick-and-mortar
stores amid the health crisis.

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Consumers prefer the chained outlets for electronics and appliances

Chained electronics and appliance specialist retailers have established the strongest
presence in the channel. Indeed, these players, including sales leader, Mobile World JSC,
notably expanded their store networks at the end of the review period, covering both large and
small cities. Consumers tend to prefer chained electronics and appliance specialist retailers
because of their reputation for professional and friendly customer service, as well as trust in the
quality of their products and the wide range of products and brands on offer. Also, chained
outlets are more likely to have survived the financial fallout of COVID-19 than independents,
being generally better equipped to operate online as footfall in brick-and-mortar outlets has
decreased. This is another factor likely to see them strengthen their market position in 2022.

CHANNEL DATA
Table 112 Electronics and Appliance Specialist Retailers: Value Sales, Outlets and Selling
Space 2016-2021

2016 2017 2018 2019 2020 2021

Value sales VND billion 212,008.8 235,434.1 250,904.9 267,481.1 262,072.2 255,423.1
Outlets 8,098.0 8,556.0 8,692.0 8,883.0 8,977.0 9,199.0
Selling Space '000 sq m 1,530.8 2,145.5 2,300.5 2,466.3 2,487.3 2,489.7
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 113 Electronics and Appliance Specialist Retailers: Value Sales, Outlets and Selling
Space: % Growth 2016-2021

% growth
2020/21 2016-21 CAGR 2016/21 Total

Value sales VND billion -2.5 3.8 20.5

Outlets 2.5 2.6 13.6
Selling Space '000 sq m 0.1 10.2 62.6
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 114 Electronics and Appliance Specialist Retailers GBO Company Shares: % Value
2017-2021

% retail value rsp excl sales tax

Company 2017 2018 2019 2020 2021

Mobile World JSC 25.2 29.6 29.0 29.2 30.5

FPT Corp 4.7 5.4 6.0 5.5 4.9
Cao Phong Co Ltd 3.0 3.4 3.6 3.9 4.1
Central Retail Corp - - 3.5 2.9 3.2
VHC Trading Co Ltd 2.6 2.5 2.8 2.7 3.0
Pico JSC 0.9 1.6 1.5 1.9 1.8
Masan Group Corp - - 2.7 - -
Nguyen Kim Trading JSC 4.2 4.1 - - -
VinGroup JSC 0.2 2.8 - - -
Vien Thong A Import 3.3 - - - -

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Export Trading
Production Corp
Tran Anh Digital World 1.5 - - - -
JSC
Others 54.4 50.5 50.8 54.0 52.5
Total 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 115 Electronics and Appliance Specialist Retailers GBN Brand Shares: % Value
2018-2021

% retail value rsp excl sales tax

Brand Company (GBO) 2018 2019 2020 2021

Dien May Xanh Mobile World JSC 17.1 16.7 18.1 19.1
The Gioi Di Dong Mobile World JSC 12.5 12.3 11.0 11.5
FPT Shop FPT Corp 5.4 6.0 5.5 4.9
Dien May Cho Lon Cao Phong Co Ltd 3.4 3.6 3.9 4.1
Nguyenkim - Saigon Central Retail Corp - 3.5 2.9 3.2
Shopping Center
Home Center VHC Trading Co Ltd 2.5 2.8 2.7 3.0
Pico Pico JSC 1.6 1.5 1.9 1.8
Vien Thong A Masan Group Corp - 2.4 - -
VinPro Masan Group Corp - 0.4 - -
Nguyenkim - Saigon Nguyen Kim Trading JSC 4.1 - - -
Shopping Center
Vien Thong A VinGroup JSC 2.6 - - -
VinPro VinGroup JSC 0.3 - - -
Electronic World Mobile World JSC - - - -
Tran Anh Tran Anh Digital World JSC - - - -
Vien Thong A Vien Thong A Import - - - -
Export Trading
Production Corp
Others 50.5 50.8 54.0 52.5
Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 116 Electronics and Appliance Specialist Retailers LBN Brand Shares: Outlets 2018-
2021

sites/outlets
Brand (GBO) Company (NBO) 2018 2019 2020 2021

Dien May Xanh Mobile World JSC 755 1,018 1,427 1,763
The Gioi Di Dong Mobile World JSC 1,150 996 913 952
FPT Shop FPT Corp 560 593 596 575
Dien May Cho Lon Cao Phong Co Ltd 61 68 76 86
Nguyenkim - Saigon Central Retail Corp - 66 59 51
Shopping Center
Home Center VHC Trading Co Ltd 14 22 29 25
Pico Pico JSC 22 30 25 21
Vien Thong A (Masan VinGroup JSC - 184 - -
Group Corp)
VinPro (Masan Group VinGroup JSC - 62 - -
Corp)

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Vien Thong A VinGroup JSC 190 - - -

Nguyenkim - Saigon Nguyen Kim Trading JSC 62 - - -
Shopping Center
VinPro VinGroup JSC 45 - - -
Electronic World Mobile World JSC - - - -
Tran Anh Tran Anh Digital World JSC - - - -
Vien Thong A Vien Thong A Import - - - -
Export Trading
Production Corp
Others Others 5,833 5,844 5,852 5,726
Total Total 8,692 8,883 8,977 9,199
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 117 Electronics and Appliance Specialist Retailers LBN Brand Shares: Selling
Space 2018-2021

selling space '000 sq m

Brand (GBO) Company (NBO) 2018 2019 2020 2021

Dien May Xanh Mobile World JSC 936.8 1,093.2 1,194.6 1,320.0
Dien May Cho Lon Cao Phong Co Ltd 128.1 143.2 160.4 135.5
Nguyenkim - Saigon Central Retail Corp - 151.6 137.2 135.0
Shopping Center
The Gioi Di Dong Mobile World JSC 149.5 132.3 125.7 128.5
Home Center VHC Trading Co Ltd 66.8 105.1 138.7 118.5
Pico Pico JSC 81.8 111.7 93.3 76.2
FPT Shop FPT Corp 40.8 42.1 42.3 41.0
Vien Thong A (Masan VinGroup JSC - 66.2 - -
Group Corp)
VinPro (Masan Group VinGroup JSC - 13.6 - -
Corp)
Nguyenkim - Saigon Nguyen Kim Trading JSC 140.3 - - -
Shopping Center
Vien Thong A VinGroup JSC 68.1 - - -
VinPro VinGroup JSC 9.9 - - -
Electronic World Mobile World JSC - - - -
Tran Anh Tran Anh Digital World JSC - - - -
Vien Thong A Vien Thong A Import - - - -
Export Trading
Production Corp
Others Others 678.6 607.4 595.0 535.0
Total Total 2,300.5 2,466.3 2,487.3 2,489.7
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 118 Electronics and Appliance Specialist Retailers Forecasts: Value Sales, Outlets
and Selling Space 2021-2026

2021 2022 2023 2024 2025 2026

Value sales VND billion 255,423.1 263,108.2 295,843.9 325,428.3 354,716.9 379,547.0
Outlets 9,199.0 9,562.0 9,735.0 9,901.0 10,050.0 10,181.0
Selling Space '000 sq m 2,489.7 2,614.2 2,697.9 2,770.6 2,839.9 2,908.0
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms

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Table 119 Electronics and Appliance Specialist Retailers Forecasts: Value Sales, Outlets
and Selling Space: % Growth 2021-2026

% growth
2021/22 2021-26 CAGR 2021/26 Total

Value sales VND billion 3.0 8.2 48.6

Outlets 3.9 2.0 10.7
Selling Space '000 sq m 5.0 3.2 16.8
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms

© Euromonitor International
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HEALTH AND BEAUTY SPECIALIST

RETAILERS IN VIETNAM - CATEGORY
ANALYSIS
KEY DATA FINDINGS

▪ Retail value sales increase by 9% in current terms in 2021 to VND261 trillion

▪ Pharmacity Corp is the leading player in 2021, with a retail value share of 1%
▪ Retail sales are set to increase at a current value CAGR of 9% (2021 constant value CAGR of
5%) over the forecast period to VND408 trillion

2021 DEVELOPMENTS

Mixed performance is recorded as health is the sole focus in 2020

Because of the trading headwinds caused by COVID-19, including national lockdown and
ongoing social distancing, beauty specialist retailers and optical goods stores saw sales
decrease strongly in 2021. Many independent beauty specialist retailers were forced to close
permanently as the burden of rental costs and labour costs exceeded income. However, the
essential status of chemists/pharmacies meant that overall decline for health and beauty
specialist retailers was avoided, with total value sales in fact rising strongly in 2021, driven by
high unit price growth as chemists/pharmacies dealt with supply issues and extra demand.
There is a trend for beauty specialist retailers to close unprofitable stores and focus on
pushing online sales through websites or Facebook, such as Nature Public and The Face Shop.
Additionally, pharmacy chains in the country continued to strengthen during 2021. Compared
with traditional pharmacies, these modern chained stores allow consumers to access more
products, services and advice. Pricing has become more consistent and in some respects
cheaper, as lower distribution costs and higher volume of sales create savings for consumers.

Chain reaction to increasing health-consciousness

In order to take advantage of an ongoing rise in consumer health-awareness, chained health
and beauty specialist retailers’ brands are making significant efforts to expand their store
networks. Medicare and Guardian are amongst the expanding chains in
drugstores/parapharmacies, while chemists/pharmacies is seeing gradual consolidation driven
by the rise of chains such as Phano, Pharmacity and Phuc An Khang. Meanwhile, in beauty
specialist retailers, The Face Shop continued to expand its presence in the market up until
2020.

Fragmented landscape has strong local and international presence

Domestic and foreign retailers performed similarly well at the end of the review period. In
general, local operators attract a wide range of consumers with competitive prices supported by
advantages in terms of taxation and legal barriers. Meanwhile, foreign players target middle-to-
high-income consumers by offering a variety of more expensive, but well-known and trusted,
imported products. However, as they look to expand their consumer bases, international

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specialist retailers are also focusing on launching discount programmes and loyalty schemes,
bringing them into increasingly direct competition with domestic operators.

PROSPECTS AND OPPORTUNITIES

Swift return to growth for beauty and optical channels predicted

In 2022, all channels within health and beauty specialist retailers are projected to see a
positive current value sales performance since the threat of COVID-19 has been brought under
control by the Vietnamese government. The majority of retailers will also launch various
marketing activities to attract consumers back to physical stores and boost sales.
Chained health specialist retailers are expected to continue establishing a stronger presence
in Vietnam as the competitive landscape remains highly fragmented. There are thus good
opportunities for big players to capture greater market share.
Over the forecast period, the health and beauty specialist retailers channel is projected to face
strong competition from e-commerce, which on account of the restrictions on movement and a
reluctance to visit physical outlets generated accelerated value growth in 2020 and 2021 in both
consumer health and beauty & personal care categories. Consumers are expected to be
increasingly attracted to online shopping sites such as Lazada.vn or tiki.vn to purchase branded
products, thanks to the convenience and attractive discounts.

E-commerce increasingly key for profitability

A growing number of small- and medium-sized retailers are focusing on e-commerce in order
to take advantage of its low maintenance costs and absence of a rental fee. These retailers
often differentiate themselves from larger rivals by offering a broader range of products imported
from Thailand and South Korea. The relatively low prices of such products make them attractive
to younger consumers, who are also at the forefront of those consumers engaging with e-
commerce. Younger consumers’ engagement with social media also exposes them to a high
turnover of fashion trends, which serves to generate constant demand for health and beauty
products. Both consumer health e-commerce and beauty & personal care e-commerce are set
to register stronger value sales growth than the overall channel average in the forecast period.

Consumers showing growing preference for chained outlets

Chained chemists/pharmacies gained in popularity amongst urban consumers at the end of
the review period. Consumers increasingly opted for chained players, such as Pharmacity,
because they perceived them to offer expert advice and professional service. Furthermore,
consumers feel more confident in the quality and origins of the products on offer in chained
chemists/pharmacists. Ongoing urbanisation is likely to contribute to the continued expansion of
chained players in the channel during the forecast period.

CHANNEL DATA
Table 120 Health and Beauty Specialist Retailers: Value Sales, Outlets and Selling Space
2016-2021

2016 2017 2018 2019 2020 2021

Value sales VND billion 158,915.2 178,588.9 199,112.1 218,234.7 240,499.5 261,194.0
Outlets 39,234.0 39,704.0 40,139.0 40,546.0 40,687.0 40,696.0

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Selling Space '000 sq m 1,148.2 1,176.7 1,203.9 1,227.4 1,223.7 1,211.4

Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 121 Health and Beauty Specialist Retailers: Value Sales, Outlets and Selling Space:
% Growth 2016-2021

% growth
2020/21 2016-21 CAGR 2016/21 Total

Value sales VND billion 8.6 10.4 64.4

Outlets 0.0 0.7 3.7
Selling Space '000 sq m -1.0 1.1 5.5
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 122 Sales in Health and Beauty Specialist Retailers by Channel: Value 2016-2021

VND billion
2016 2017 2018 2019 2020 2021

-- Beauty Specialist 10,954.8 12,000.2 13,080.3 13,951.8 12,727.8 11,539.3

Retailers
-- Chemists/Pharmacies 124,203.3 138,599.8 153,152.8 166,483.8 191,456.4 214,431.2
-- Optical Goods Stores 3,624.3 4,282.6 5,008.6 5,559.5 5,267.4 4,870.0
-- Drugstores/ 18,972.2 22,418.0 26,441.3 30,686.0 29,360.4 28,520.0
Parapharmacies
-- Vitamins and Dietary 1,160.7 1,288.2 1,429.1 1,553.5 1,687.5 1,833.5
Supplements Specialist
Retailers
- Health and Beauty 158,915.2 178,588.9 199,112.1 218,234.7 240,499.5 261,194.0
Specialist Retailers
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 123 Sales in Health and Beauty Specialist Retailers by Channel: % Value Growth
2016-2021

% current value growth, retail value rsp excl sales tax

2020/21 2016-21 CAGR 2016/21 Total

-- Beauty Specialist Retailers -9.3 1.0 5.3

-- Chemists/Pharmacies 12.0 11.5 72.6
-- Optical Goods Stores -7.5 6.1 34.4
-- Drugstores/Parapharmacies -2.9 8.5 50.3
-- Vitamins and Dietary Supplements 8.7 9.6 58.0
Specialist Retailers
- Health and Beauty Specialist Retailers 8.6 10.4 64.4
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

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Table 124 Health and Beauty Specialist Retailers GBO Company Shares: % Value 2017-
2021

% retail value rsp excl sales tax

Company 2017 2018 2019 2020 2021

Pharmacity Corp 0.1 0.2 0.4 0.8 1.0

FPT Corp 0.0 0.1 0.2 0.5 0.7
DFI Retail Group - - - - 0.2
LG Household & Health 0.2 0.2 0.2 0.2 0.2
Care Ltd
AR Group 0.3 0.3 0.2 0.2 0.2
Medicare Co Ltd 0.1 0.2 0.2 0.2 0.2
Mobile World JSC - 0.0 0.0 0.1 0.1
Phano Pharmaceutical JSC 0.2 0.1 0.2 0.2 0.1
Doll Eyes JSC 0.1 0.1 0.1 0.1 0.1
Shiseido Co Ltd 0.1 0.1 0.1 0.1 0.1
Natura&Co 0.1 0.1 0.1 0.1 0.1
Harbin Pharmaceutical - - - 0.0 0.0
Group Co Ltd
Viscc Co Ltd 0.1 0.1 0.0 0.0 0.0
Dairy Farm 0.1 0.2 0.2 0.2 -
International Holdings
Ltd
General Nutrition 0.0 0.0 0.0 - -
Centers Inc
L'Oréal Groupe - - - - -
Others 98.4 98.3 97.9 97.4 97.1
Total 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 125 Health and Beauty Specialist Retailers GBN Brand Shares: % Value 2018-2021

% retail value rsp excl sales tax

Brand Company (GBO) 2018 2019 2020 2021

Pharmacity Pharmacity Corp 0.2 0.4 0.8 1.0

Long Chau FPT Corp 0.1 0.2 0.5 0.7
Guardian DFI Retail Group - - - 0.2
The Face Shop LG Household & Health 0.2 0.2 0.2 0.2
Care Ltd
Eyewear Hut AR Group 0.3 0.2 0.2 0.2
Medicare Medicare Co Ltd 0.2 0.2 0.2 0.2
An Khang Mobile World JSC 0.0 0.0 0.1 0.1
Phano Pharmacy Phano Pharmaceutical JSC 0.1 0.2 0.2 0.1
Doll Eyes Doll Eyes JSC 0.1 0.1 0.1 0.1
Shiseido Shiseido Co Ltd 0.1 0.1 0.1 0.1
The Body Shop Natura&Co 0.1 0.1 0.1 0.1
GNC Harbin Pharmaceutical - - 0.0 0.0
Group Co Ltd
Vistar Pharmacy Viscc Co Ltd 0.1 0.0 0.0 0.0
Guardian Dairy Farm 0.2 0.2 0.2 -
International Holdings Ltd
GNC General Nutrition 0.0 0.0 - -
Centers Inc
The Body Shop L'Oréal Groupe - - - -
Debon LG Household & Health - - - -
Care Ltd

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Others 98.3 97.9 97.4 97.1

Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 126 Health and Beauty Specialist Retailers LBN Brand Shares: Outlets 2018-2021

sites/outlets
Brand (GBO) Company (NBO) 2018 2019 2020 2021

Pharmacity Pharmacity Corp 141 200 453 620

Long Chau FPT Corp 20 70 200 220
An Khang Mobile World JSC 9 20 68 121
Guardian (DFI Giant South Asia - - - 99
Retail Group) (Vietnam) Ltd
Medicare Medicare Co Ltd 75 86 86 86
The Face Shop (LG Hoa Sen Viet Co Ltd 59 61 58 59
Household & Health
Care Ltd)
Phano Pharmacy Phano Pharmaceutical JSC 51 62 84 40
Doll Eyes Doll Eyes JSC 21 27 24 22
Eyewear Hut (AR Anh Rang Eyewear JSC 34 27 23 22
Group)
The Body Shop TBS (Vietnam) Co Ltd 14 17 19 19
(Natura&Co)
Shiseido (Shiseido Shiseido Cosmetics 9 9 13 16
Co Ltd) Vietnam Co Ltd
GNC (Harbin Kim Linh Nutrition Food - - 10 10
Pharmaceutical JSC
Group Co Ltd)
Vistar Pharmacy Viscc Co Ltd 28 15 5 5
Guardian (Dairy Giant South Asia 70 97 98 -
Farm International (Vietnam) Ltd
Holdings Ltd)
GNC (General Kim Linh Nutrition Food 9 10 - -
Nutrition Centers JSC
Inc)
Debon (LG Household LG Vina Cosmetics Co Ltd - - - -
& Health Care Ltd)
The Body Shop TBS (Vietnam) Co Ltd - - - -
(L'Oréal Groupe)
Others Others 39,599 39,845 39,546 39,357
Total Total 40,139 40,546 40,687 40,696
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 127 Health and Beauty Specialist Retailers LBN Brand Shares: Selling Space 2018-
2021

selling space '000 sq m

Brand (GBO) Company (NBO) 2018 2019 2020 2021

Pharmacity Pharmacity Corp 12.8 18.2 41.1 55.9

Long Chau FPT Corp 1.0 3.6 11.6 14.2
Guardian (DFI Giant South Asia - - - 9.1
Retail Group) (Vietnam) Ltd
Medicare Medicare Co Ltd 7.0 7.8 7.8 7.8

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An Khang Mobile World JSC 0.2 0.4 1.4 2.4

Phano Pharmacy Phano Pharmaceutical JSC 2.5 3.2 4.4 2.3
Doll Eyes Doll Eyes JSC 2.1 2.7 2.4 2.3
GNC (Harbin Kim Linh Nutrition Food - - 1.2 1.2
Pharmaceutical JSC
Group Co Ltd)
Eyewear Hut (AR Anh Rang Eyewear JSC 2.4 1.9 1.1 1.1
Group)
The Body Shop TBS (Vietnam) Co Ltd 0.7 0.8 0.9 0.9
(Natura&Co)
Vistar Pharmacy Viscc Co Ltd 4.8 5.8 0.8 0.8
Shiseido (Shiseido Shiseido Cosmetics 0.3 0.3 0.3 0.4
Co Ltd) Vietnam Co Ltd
The Face Shop (LG Hoa Sen Viet Co Ltd 1.3 0.2 0.3 0.3
Household & Health
Care Ltd)
Guardian (Dairy Giant South Asia 6.3 8.7 9.0 -
Farm International (Vietnam) Ltd
Holdings Ltd)
GNC (General Kim Linh Nutrition Food 1.1 1.2 - -
Nutrition Centers JSC
Inc)
Debon (LG Household LG Vina Cosmetics Co Ltd - - - -
& Health Care Ltd)
The Body Shop TBS (Vietnam) Co Ltd - - - -
(L'Oréal Groupe)
Others Others 1,161.2 1,172.4 1,141.2 1,112.6
Total Total 1,203.9 1,227.4 1,223.7 1,211.4
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 128 Health and Beauty Specialist Retailers Forecasts: Value Sales, Outlets and
Selling Space 2021-2026

2021 2022 2023 2024 2025 2026

Value sales VND billion 261,194.0 268,032.3 286,470.7 304,087.2 320,962.1 337,014.5
Outlets 40,696.0 40,965.0 41,371.0 41,781.0 42,233.0 42,735.0
Selling Space '000 sq m 1,211.4 1,221.4 1,240.5 1,256.0 1,271.8 1,287.7
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms.

Table 129 Health and Beauty Specialist Retailers Forecasts: Value Sales, Outlets and
Selling Space: % Growth 2021-2026

% growth
2021/22 2021-26 CAGR 2021/26 Total

Value sales VND billion 2.6 5.2 29.0

Outlets 0.7 1.0 5.0
Selling Space '000 sq m 0.8 1.2 6.3
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms.

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Table 130 Forecast Sales in Health and Beauty Specialist Retailers by Channel: Value
2021-2026

VND billion
2021 2022 2023 2024 2025 2026

-- Beauty Specialist 11,539.3 11,850.9 12,561.9 13,064.4 13,391.0 13,658.8

Retailers
-- Chemists/Pharmacies 214,431.2 219,291.0 233,544.9 247,557.6 261,173.2 274,231.9
-- Optical Goods Stores 4,870.0 5,123.2 5,625.0 6,018.8 6,379.9 6,730.8
-- Drugstores/ 28,520.0 29,860.4 32,752.0 35,372.2 37,848.2 40,119.1
Parapharmacies
-- Vitamins and Dietary 1,833.5 1,906.8 1,986.9 2,074.4 2,169.8 2,273.9
Supplements Specialist
Retailers
- Health and Beauty 261,194.0 268,032.3 286,470.7 304,087.2 320,962.1 337,014.5
Specialist Retailers
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms.

Table 131 Forecast Sales in Health and Beauty Specialist Retailers by Channel: % Value
Growth 2021-2026

% constant value growth, retail value rsp excl sales tax

2021/2022 2021-26 CAGR 2021/26 Total

-- Beauty Specialist Retailers 2.7 3.4 18.4

-- Chemists/Pharmacies 2.3 5.0 27.9
-- Optical Goods Stores 5.2 6.7 38.2
-- Drugstores/Parapharmacies 4.7 7.1 40.7
-- Vitamins and Dietary Supplements 4.0 4.4 24.0
Specialist Retailers
- Health and Beauty Specialist Retailers 2.6 5.2 29.0
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms.

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HOME AND GARDEN SPECIALIST

RETAILERS IN VIETNAM - CATEGORY
ANALYSIS
KEY DATA FINDINGS

▪ Retail value sales decrease by 6% in current terms in 2021 to VND302 trillion

▪ AA Corp is the leading player in 2021, with a retail value share of 1%
▪ Retail sales are set to grow at a current value CAGR of 13% (2021 constant value CAGR of
9%) over the forecast period to VND550 trillion

2021 DEVELOPMENTS

Pandemic sees consumers put home and garden products on the back
burner
The surge in COVID-19 cases and ensuing lockdown led to a decline for home and garden
specialist retailers in 2021, as consumers cut back on their spending on home and garden
products, seeing them as unnecessary products during a difficult time. Food and cleaning
products became even more important amid uncertainties over supplies and personal health. As
such, home and garden specialist retailers posted a moderate decline in terms of current value
sales in 2021, with homewares and home furnishing stores seeing the greater dip compared
with home improvement and gardening stores.
Although many types of hand-made and hand-crafted products are available in Vietnam,
currently DIY products are still having a low impact on this channel. Due to cheap labour costs,
most companies offer free set-up/installation services at home, even if the product purchased is
DIY.
Despite COVID-19’s arrival encouraging more consumers to shift to purchasing goods online,
e-commerce remains insignificant for home and garden specialist retailers. This is because
most consumers still prefer going to physical stores to see and touch the products before
making their final buying decision. For this reason, the majority of retailers only build their
websites to focus on advertising new items launched instead of selling online. During the
lockdown in 2021 many home and garden specialist retailers relied on virtual showrooms and
livestreaming on social media and platforms such as Lazada and Shoppee to increase
consumer interest and sales.

Health crisis disrupts vibrant sales performance

Vietnam’s property market continued to flourish towards the end of the review period, pre-
pandemic, especially in key cities such as Hanoi, Ho Chi Minh City and Da Nang, significantly
bolstering growth in the home and garden specialist retailers channel. The trend in Vietnam is
towards smaller households, as young people prefer to move out from their parents’ homes at
an earlier age than has historically been the case. As a result, there is a growing demand for
small, modern apartments, and, in turn, for flexible and self-assembly furniture that can easily be
moved by lift or escalator and takes up minimal space, rather than traditional, preassembled
furniture.

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Crowded landscape edged by AA Corp

AA Corp retained a narrow lead in the highly fragmented home and garden specialist retailers
channel in 2021. The company’s lead is founded on a store network that includes numerous
outlets in large cities throughout Vietnam and a diverse range of products under its own brands,
including Nha Xinh and Bo Concept, which enables it to meet sophisticated demand from
middle-to-high-income consumers. In addition, AA Corp generated notable profits from providing
furniture for a number of large hotel renovation projects in Vietnam and overseas during the
review period.

PROSPECTS AND OPPORTUNITIES

Channel momentum likely to recover quickly

Home and garden specialist retailers is expected to perform better in 2022 as the Vietnamese
economy is predicted to improve, with higher GDP growth forecast. The larger sub-channel of
home improvement and gardening stores is projected to see a growth in average unit price in
2022, which will also contribute to overall value sales reaching pre-pandemic levels again.
Nonetheless, one factor that risks slowing down volume sales in the home and garden specialist
retailers channel compared to the review period is the expected decline in the number of
apartment construction projects over the forecast period.
Domestic retailers with hundreds of independent stores across the country have a very strong
influence on the performance of home and garden products. In order to meet the different
consumer demands, these local retailers often import and sell foreign branded goods in addition
to manufacturing their own goods. As a result, foreign players continue to achieve only marginal
success in Vietnam, with this likely to remain the case in the coming years.

Omnichannel strategy to become more important

Over the forecast period, omnichannel retailing for home and garden products is expected to
become more established. Retailers focus mainly on home decoration goods in regard to sales
on their online stores, as these products are low in value and typically bought on impulse. For
both marketing and sales purposes, social media networks such as Facebook and Instagram
are used extensively, as retailers can illustrate an example of how decorative products can be
used in real life. In order to increase interest in furniture and furnishing items, online platforms
are also used, which can lead to a higher number of visits to physical stores and thus more
offline sales.

Forecast period could see arrival of Ikea

In January 2019, a government official announced that Ikea Vietnam, a subsidiary of the
major Swedish multinational, planned to invest USD450 million in a retail centre and warehouse
system in Hanoi. Once completed, the centre is set to be Ikea’s main supply hub for the
Southeast Asian market and is expected to boost the company’s e-commerce business in the
region. Previously, in 2017, Torbjorn Loof, chairman and CEO of Inter Ikea Holdings, had said in
an interview that the company was planning potential expansion in Vietnam “within five years”.

CHANNEL DATA

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Table 132 Home and Garden Specialist Retailers: Value Sales, Outlets and Selling Space
2016-2021

2016 2017 2018 2019 2020 2021

Value sales VND billion 223,762.7 248,839.4 278,086.4 305,220.2 320,455.3 302,248.7
Outlets 12,071.0 12,344.0 12,650.0 12,990.0 12,448.0 11,984.0
Selling Space '000 sq m 6,226.5 6,368.1 6,526.3 6,701.4 6,451.1 6,197.8
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 133 Home and Garden Specialist Retailers: Value Sales, Outlets and Selling Space:
% Growth 2016-2021

% growth
2020/21 2016-21 CAGR 2016/21 Total

Value sales VND billion -5.7 6.2 35.1

Outlets -3.7 -0.1 -0.7
Selling Space '000 sq m -3.9 -0.1 -0.5
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 134 Sales in Home and Garden Specialist Retailers by Channel: Value 2016-2021

VND billion
2016 2017 2018 2019 2020 2021

-- Home Improvement and 188,605.1 209,409.2 234,186.9 256,961.8 275,720.0 261,382.6

Gardening Stores
-- Homewares and Home 35,157.6 39,430.2 43,899.5 48,258.4 44,735.3 40,866.1
Furnishing Stores
- Home and Garden 223,762.7 248,839.4 278,086.4 305,220.2 320,455.3 302,248.7
Specialist Retailers
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 135 Sales in Home and Garden Specialist Retailers by Channel: % Value Growth
2016-2021

% current value growth, retail value rsp excl sales tax

2020/21 2016-21 CAGR 2016/21 Total

-- Home Improvement and Gardening Stores -5.2 6.7 38.6

-- Homewares and Home Furnishing Stores -8.6 3.1 16.2
- Home and Garden Specialist Retailers -5.7 6.2 35.1
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 136 Home and Garden Specialist Retailers GBO Company Shares: % Value 2017-
2021

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% retail value rsp excl sales tax

Company 2017 2018 2019 2020 2021

AA Corp 0.2 0.3 0.2 0.2 0.2

BoConcept Holding A/S 0.2 0.2 0.2 0.2 0.2
Thanh Nguyen Co Ltd - - 0.1 0.1 0.1
LLG A/S - - - 0.1 0.1
Hoang Nam Co 0.1 0.1 0.1 0.1 0.1
Jysk Holding A/S 0.0 0.1 0.2 - -
Uma Co Ltd 0.1 0.2 - - -
Others 99.3 99.2 99.2 99.3 99.3
Total 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 137 Home and Garden Specialist Retailers GBN Brand Shares: % Value 2018-2021

% retail value rsp excl sales tax

Brand Company (GBO) 2018 2019 2020 2021

BoConcept BoConcept Holding A/S 0.2 0.2 0.2 0.2

Nha Xinh AA Corp 0.2 0.2 0.2 0.2
Baya Thanh Nguyen Co Ltd - 0.1 0.1 0.1
Jysk LLG A/S - - 0.1 0.1
Pho Xinh Hoang Nam Co 0.1 0.1 0.1 0.1
Jysk Jysk Holding A/S 0.1 0.2 - -
Uma Furniture & Uma Co Ltd 0.2 - - -
Decoration
Others 99.3 99.2 99.4 99.4
Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 138 Home and Garden Specialist Retailers LBN Brand Shares: Outlets 2018-2021

sites/outlets
Brand (GBO) Company (NBO) 2018 2019 2020 2021

Jysk (LLG A/S) NeatClean JSC - - 14 14

Baya Thanh Nguyen Co Ltd - 15 14 11
Nha Xinh AA Corp 9 8 8 8
BoConcept AA Corp 4 6 6 6
(BoConcept Holding
A/S)
Pho Xinh (Hoang Nam Hoang Nam Co Ltd 3 4 4 4
Co)
Jysk (Jysk Holding NeatClean JSC 13 17 - -
A/S)
Uma Furniture & Thanh Nguyen Co Ltd 18 - - -
Decoration (Uma Co
Ltd)
Others Others 12,603 12,940 12,402 11,941
Total Total 12,650 12,990 12,448 11,984
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

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Table 139 Home and Garden Specialist Retailers LBN Brand Shares: Selling Space 2018-
2021

selling space '000 sq m

Brand (GBO) Company (NBO) 2018 2019 2020 2021

Nha Xinh AA Corp 16.1 14.3 14.3 14.3

Pho Xinh (Hoang Nam Hoang Nam Co Ltd 3.1 4.2 4.2 4.2
Co)
BoConcept AA Corp 1.5 2.3 2.3 2.3
(BoConcept Holding
A/S)
Jysk (LLG A/S) NeatClean JSC - - 1.5 1.5
Baya Thanh Nguyen Co Ltd - 1.8 1.6 1.1
Jysk (Jysk Holding NeatClean JSC 1.3 1.8 - -
A/S)
Uma Furniture & Thanh Nguyen Co Ltd 2.1 - - -
Decoration (Uma Co
Ltd)
Others Others 6,502.2 6,677.1 6,427.1 6,174.4
Total Total 6,526.3 6,701.4 6,451.1 6,197.8
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 140 Home and Garden Specialist Retailers Forecasts: Value Sales, Outlets and
Selling Space 2021-2026

2021 2022 2023 2024 2025 2026

Value sales VND billion 302,248.7 314,109.6 358,634.5 392,756.9 423,308.9 454,132.2
Outlets 11,984.0 12,320.0 13,034.0 13,516.0 13,949.0 14,326.0
Selling Space '000 sq m 6,197.8 6,381.9 6,732.0 6,980.0 7,223.1 7,459.6
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms.

Table 141 Home and Garden Specialist Retailers Forecasts: Value Sales, Outlets and
Selling Space: % Growth 2021-2026

% growth
2021/22 2021-26 CAGR 2021/26 Total

Value sales VND billion 3.9 8.5 50.3

Outlets 2.8 3.6 19.5
Selling Space '000 sq m 3.0 3.8 20.4
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms

Table 142 Forecast Sales in Home and Garden Specialist Retailers by Channel: Value
2021-2026

VND billion
2021 2022 2023 2024 2025 2026

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-- Home Improvement and 261,382.6 272,099.3 307,209.5 334,858.3 361,647.0 388,770.5

Gardening Stores
-- Homewares and Home 40,866.1 42,010.4 51,425.0 57,898.5 61,661.9 65,361.6
Furnishing Stores
- Home and Garden 302,248.7 314,109.6 358,634.5 392,756.9 423,308.9 454,132.2
Specialist Retailers
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources
Note: Forecast value data in constant terms.

Table 143 Forecast Sales in Home and Garden Specialist Retailers by Channel: % Value
Growth 2021-2026

% constant value growth, retail value rsp excl sales tax

2021/2022 2021-26 CAGR 2021/26 Total

-- Home Improvement and Gardening Stores 4.1 8.3 48.7

-- Homewares and Home Furnishing Stores 2.8 9.8 59.9
- Home and Garden Specialist Retailers 3.9 8.5 50.3
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources
Note: Forecast value data in constant terms.

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DEPARTMENT STORES IN VIETNAM -

CATEGORY ANALYSIS
KEY DATA FINDINGS

▪ Retail value sales fall by 4% in current terms in 2021 to VND7.6 trillion

▪ AEON Vietnam Co Ltd is the leading player in 2021, with a retail value share of 51%
▪ Retail sales are set to fall at a current value CAGR of 12% (2021 constant value CAGR of
8%) over the forecast period to VND13.4 trillion

2021 DEVELOPMENTS

AEON alleviates stronger drop in channel sales

Due to the national lockdown and ongoing social distancing in response to COVID-19,
department stores experienced a strong decline in current value sales in 2021. During the
lockdown which began in June, the channel was deemed non-essential and therefore subject to
mandatory closure. In addition, restrictions on immigration during the health crisis caused a
decline in tourism, which contributed largely to the sales decline.
As the majority of Vietnamese consumers tend to spend less on non-grocery items during
times of financial hardship, it was not easy for department stores to boost sales in 2021.
Nevertheless, leading department store player AEON Vietnam has been quite active in
marketing activities and special events to generate consumer interest as well as to encourage
consumers to visit its outlets. AEON also ensures it follows standard process to prevent the
spread of COVID-19, for example taking body temperature measures, and requires consumers
to apply hand sanitiser before entering its outlets. Therefore, of all the players competing in
department stores, AEON was the least negatively impacted by the impact of the virus on trade
in 2021.
Meanwhile, the Parkson brand is struggling to find a right strategy to survive in Vietnam.
Parkson’s strong loss of share in Vietnam over the review period can be attributed to rivals
being perceived as having a more modern brand image and superior customer service quality.
The brand has also not been noted for collaboration with the shopping centres in which its
stores reside, which has limited how it can benefit from the experiential trend associated with
visiting a shopping centre. Parkson also does not have any special key brands which could help
it to stand out from the competition, as most of the brands its sells in-store can be easily found
in other places. While Parkson has not announced any plan to exit the market, its persistent
lacklustre performance makes it hard to envisage the brand withstanding its financial losses in
Vietnam.

Players try to offer consumers more than just shopping

Before the pandemic, with the growing influence of Western culture bolstered by increasing
exposure via the internet, rising numbers of Vietnamese consumers were choosing to spend
their leisure time on family gatherings and get-togethers with friends at one-stop locations
offering shopping, foodservice, films and games. Major department stores have increasingly
targeted this experience-orientated demand in order to counter growing competition from rival
retail formats such as hypermarkets. As the threat of COVID-19 diminishes in Vietnam,

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shopping centres are predicted to attract lost footfall back, which will re-establish the
experiential trend of visiting these places.

AEON continues to lead the sales channel

AEON Vietnam strengthened its already dominant position in department stores in 2021. The
company’s success has been founded on locating its stores in very crowded residential areas
and focusing on mid-range products in order to appeal to the mass market. Furthermore, all
AEON department stores are directly connected to AEON hypermarkets, which are also very
popular because they offer a wide range of products that are perceived to be both high-quality
and affordable.

PROSPECTS AND OPPORTUNITIES

Channel recovery dependent on return of international tourists

In 2022, department stores is expected to return to growth, though it could be the end of 2023
before value sales again reach pre-pandemic levels. The channel’s performance is likely to keep
being hampered by the limited inflow of tourists compared to the review period, while
Vietnamese’ purchasing power will remain reduced until most of the population is vaccinated
from the virus and related financial uncertainty fades.
Over the forecast period, AEON Vietnam is expected to remain the dominant leader in
department stores. The player’s success has been based on opening its stores in very crowded
residential areas, and focusing on the mid-range products in order to reach the mass market.
Also, AEON department stores are different from many other department stores, such as
Takashimaya, Trang Tien Plaza or Diamond Plaza, in that they are not situated in prime
locations, in order to avoid the high rental, which then translates to more affordable retail prices.
Besides this, all AEON department stores will keep benefiting from being directly connected to
AEON hypermarkets, which are also highly popular thanks to their wide range of affordable
high-quality products.
There is little interest from outside players in joining the channel in the upcoming years. The
increasing number of non-grocery specialists entering the Vietnamese market in recent years
has made it unnecessary for customers to go to department stores. Preferences for specialist
retailers are also strengthening because they usually carry a more extensive product range than
department stores. At the same time, it is challenging for existing players in the channel to find
the right location, space and neighbourhood to open new outlets.

Synergy between department store and shopping centre should be

harnessed
As more of the Vietnamese return to shopping for non-grocery items in physical outlets,
department stores’ capacity to take advantage of the previously growing role of shopping as a
leisure experience will be enhanced by the fact that almost all department stores are located in
shopping centres, which further diversifies the leisure-orientated offer. Strong collaboration
between department stores and shopping centres is a win-win strategy that helps to increase
traffic flow for both partners. Shopping centre owners strategically locate their department stores
around other key tenants, such as supermarkets and cinemas, in order to give customers a
convenient shopping experience.

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Online sales unlikely to be significant despite impact of health crisis

E-commerce offers lower risk of COVID-19 transmission compared with brick-and-mortar
stores, convenience and a diverse product range at affordable prices. This competition is having
a significant influence on the development of department stores in many markets around the
world, but it is having a relatively minor impact on the channel in Vietnam, especially given the
significant contribution to sales from international visitors to the country. Over the forecast
period, department stores operators, themselves, are likely to still tend to use their websites only
to communicate useful information about store location and promotional activity to consumers,
rather than to generate online sales.

CHANNEL DATA
Table 144 Department Stores: Value Sales, Outlets and Selling Space 2016-2021

2016 2017 2018 2019 2020 2021

Value sales VND billion 5,533.4 7,228.2 8,127.7 8,135.8 7,899.7 7,575.0
Outlets 17.0 19.0 18.0 17.0 18.0 19.0
Selling Space '000 sq m 232.0 252.0 226.0 215.2 229.2 243.2
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 145 Department Stores: Value Sales, Outlets and Selling Space: % Growth 2016-
2021

% growth
2020/21 2016-21 CAGR 2016/21 Total

Value sales VND billion -4.1 6.5 36.9

Outlets 5.6 2.2 11.8
Selling Space '000 sq m 6.1 0.9 4.8
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 146 Department Stores GBO Company Shares: % Value 2017-2021

% retail value rsp excl sales tax

Company 2017 2018 2019 2020 2021

AEON Group 44.3 45.5 51.0 49.9 50.9

Takashimaya Co Ltd 10.5 12.6 14.3 15.8 15.6
Central Retail Corp 12.4 11.9 12.7 12.8 12.5
Imex Pan Pacific Group 9.8 9.3 9.9 9.9 9.6
Inc
Parkson Holdings Bhd 7.2 4.8 5.0 4.9 4.8
Saigon Union of Trading 2.8 3.6 3.8 3.6 3.6
Cooperatives
Lotte Group 3.4 3.1 3.2 3.1 3.0
Mapletree Investments 9.5 9.2 - - -
Pte Ltd
International Business - - - - -
Center Corp

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Total 100.0 100.0 100.0 100.0 100.0

Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 147 Department Stores GBN Brand Shares: % Value 2018-2021

% retail value rsp excl sales tax

Brand Company (GBO) 2018 2019 2020 2021

AEON AEON Group 45.5 51.0 49.9 50.9

Takashimaya Takashimaya Co Ltd 12.6 14.3 15.8 15.6
Robins Central Retail Corp 11.9 12.7 12.8 12.5
Trang Tien Plaza Imex Pan Pacific Group Inc 9.3 9.9 9.9 9.6
Parkson Parkson Holdings Bhd 4.8 5.0 4.9 4.8
Sense City Saigon Union of Trading 3.6 3.8 3.6 3.6
Cooperatives
Diamond Plaza Lotte Group 3.1 3.2 3.1 3.0
SC Vivo City Mapletree Investments 9.2 - - -
Pte Ltd
Diamond Plaza International Business - - - -
Center Corp
Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 148 Department Stores LBN Brand Shares: Outlets 2018-2021

sites/outlets
Brand (GBO) Company (NBO) 2018 2019 2020 2021

AEON (AEON Group) AEON Vietnam Co Ltd 4 4 5 6

Parkson (Parkson Lion Group, The 4 4 4 4
Holdings Bhd)
Sense City Saigon Union of Trading 4 4 4 4
Cooperatives
Robins Central Retail Corp 2 2 2 2
Trang Tien Plaza Imex Pan Pacific Group Inc 1 1 1 1
Diamond Plaza Lotte Shopping Co Ltd 1 1 1 1
(Lotte Group)
Takashimaya Takashimaya Vietnam Ltd 1 1 1 1
Department Store
(Takashimaya Co Ltd)
SC Vivo City Vietsin Commercial 1 - - -
(Mapletree Complex Development JSC
Investments Pte Ltd) (VCCD)
Diamond Plaza International Business - - - -
Center Corp
Total Total 18 17 18 19
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 149 Department Stores LBN Brand Shares: Selling Space 2018-2021

selling space '000 sq m

Brand (GBO) Company (NBO) 2018 2019 2020 2021

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AEON (AEON Group) AEON Vietnam Co Ltd 55.0 55.0 69.0 83.0
Parkson (Parkson Lion Group, The 65.0 65.0 65.0 65.0
Holdings Bhd)
Sense City Saigon Union of Trading 42.0 42.0 42.0 42.0
Cooperatives
Robins Central Retail Corp 16.0 16.0 16.0 16.0
Takashimaya Takashimaya Vietnam Ltd 15.0 15.0 15.0 15.0
Department Store
(Takashimaya Co Ltd)
Trang Tien Plaza Imex Pan Pacific Group Inc 14.2 14.2 14.2 14.2
Diamond Plaza Lotte Shopping Co Ltd 8.0 8.0 8.0 8.0
(Lotte Group)
SC Vivo City Vietsin Commercial 10.8 - - -
(Mapletree Complex Development JSC
Investments Pte Ltd) (VCCD)
Diamond Plaza International Business - - - -
Center Corp
Total Total 226.0 215.2 229.2 243.2
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 150 Department Stores Forecasts: Value Sales, Outlets and Selling Space 2021-
2026

2021 2022 2023 2024 2025 2026

Value sales VND billion 7,575.0 7,817.4 8,670.0 9,450.3 10,253.6 11,073.9
Outlets 19.0 20.0 21.0 22.0 23.0 24.0
Selling Space '000 sq m 243.2 253.5 267.8 282.5 297.2 312.6
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms

Table 151 Department Stores Forecasts: Value Sales, Outlets and Selling Space: %
Growth 2021-2026

% growth
2021/22 2021-26 CAGR 2021/26 Total

Value sales VND billion 3.2 7.9 46.2

Outlets 5.3 4.8 26.3
Selling Space '000 sq m 4.2 5.2 28.5
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms

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VARIETY STORES IN VIETNAM -

CATEGORY ANALYSIS
KEY DATA FINDINGS

▪ Retail value sales fall by 10% in current terms in 2021 to VND678 billion
▪ Le Bao Minh Group is the leading player in 2021, with a retail value share of 22%
▪ Retail sales are set to grow at a current value CAGR of 14% (2021 constant value CAGR of
10%) over the forecast period to VND1.3 trillion

2021 DEVELOPMENTS

Channel suffers as stores shut and consumers stay away

Similar to department stores, variety stores, which is another channel that mostly sells non-
grocery products, was hit hard by the COVID-19 effects on trade in 2021. Due to national
lockdown and ongoing social distancing, which led to outlets closing from June and reduced
footfall respectively, variety stores experienced a sharp decline in current value sales. Moreover,
Vietnamese consumers tend to spend less on non-grocery products during financially uncertain
times, and this proved the case in 2021.
The main consumers of variety stores are young people. Therefore, Korean- and Japanese-
style products are the most popular in variety stores as the Korean and Japanese cultures are
very influential among this consumer group. Miniso, which is Japanese-inspired, was one of the
first brands among the influx of Korean- and Japanese-style variety store retailers in Vietnam,
and it was followed by other brands with similar concepts such as Minigood and Mumuso. As a
pioneer, Miniso invested heavily in marketing and PR activities to raise awareness for its
offerings.

Craze for Korean culture increasingly influencing variety stores

In variety stores, Vietnamese consumers display a preference for Japanese or South Korean
brands. Japanese variety store retailers such as Daiso and Komonoya were pioneers amongst
international variety stores in Vietnam. However, consumers have shifted towards Korean-style
products. Although most products in these stores are made in China, the brands have
generated a Korean image by using Korean words on product packaging and store signage and
employing Korean celebrities as brand ambassadors. Therefore, consumers believe that they
are obtaining a quality similar to that of popular Korean brands, but at cheaper prices. Moreover,
even after publicity accusing variety stores of presenting a misleading image because of the
Chinese origin of products towards the end of the review period, Korean-style stores remained
popular amongst their core base of younger consumers because of their affordable prices,
attractive packaging, appealing designs and acceptable quality.
The popularity of the Korean wave in Vietnam has become a key factor in driving growth in
variety stores. As the variety stores’ main consumers are younger people, the trend is expected
to resume over the forecast period as Korean culture continues to be very influential amongst
this consumer group.

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Miniso is at the summit of variety stores

Le Bao Minh Group’s Miniso brand maintained its leading position in variety stores in 2021.
The brand was at the forefront of the influx of Korean- and Japanese-style variety stores in
Vietnam, followed by rivals with similar concepts, such as Minigood and Mumuso. The brand
maintains its strategy of affordable pricing, reasonable quality and attractive packaging in order
to achieve success. However, in the second half of the review period, Miniso saw fluctuations in
its value share and its store network expansion slowed down in the face of intensifying
competition in the channel.

PROSPECTS AND OPPORTUNITIES

Franchise model offers solid route to achieving sales growth

The variety stores channel is expected to begin to recover from 2022 as COVID-19 cases in
Vietnam drop, which means further lockdowns appear unlikely. As such, Vietnamese consumers
will be more confident to spend on non-grocery products than they were in 2021. However,
current value sales are predicted to take until 2024 to reach the pre-crisis levels, such was the
fall in 2020 and 2021.
Over the forecast period, most leading variety store players are anticipated to expand their
presence by operating with a franchise business model. While key outlets in major cities such as
Hanoi and Ho Chi Minh City are directly managed by the company or the main franchisee, other
outlets in smaller cities are managed by other franchisees. Therefore, outlet expansion is one of
the key sales growth strategies. A good franchise policy helps players to quickly expand their
store network, which then retains or strengthens its channel value share.
Competition in variety stores is predicted to be more intense as most players’ products and
prices are very similar to each other. Players are expected to employ various marketing
activities to boost sales, especially while the economy is still in recovery and consumers remain
wary of shopping in physical stores amid the threat of COVID-19.

Online sales unlikely to gain traction for variety stores

While e-commerce grew rapidly in 2020 and 2021 as consumers spent much more time at
home and were unwilling to venture out to stores unless necessary, it still has little impact on
variety stores. This is because Vietnamese consumers continue to prefer to experience variety
store products first-hand before making a purchase. Most brands in the channel use websites
and social media for brand development, generating consumer interest and building an
emotional attachment with consumers in order to develop loyalty, rather than for e-commerce.
This is likely to remain the case over the forecast period, with brick-and-mortar outlets expected
to attract back customers as fears over COVID-19 ease.

Diversification in the in-store experience can help achieve stand-out

There are many similar variety stores in Vietnam, including Miniso, Mumuso, Minigood and
Yoyoso, amongst others. They are similar in terms of their white and red logos, white-washed
store décor, product ranges, packaging designs and price ranges. This creates some confusion
amongst consumers, as even the names sound similar to each other. Brands have tried various
ways to differentiate themselves from each other. For example, Minigood has launched its own
café, named Minicoffee, in its outlets. Minicoffee stores are decorated in a fun and cheerful way
to attract young customers. The pleasant store décor encourages customers to take photos and
share them on social media, which raises brand awareness of both the café and the retailer, as

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well as appealing to the growing interest in the experiential element of shopping amongst
younger consumers.

CHANNEL DATA

Table 152 Variety Stores: Value Sales, Outlets and Selling Space 2016-2021

2016 2017 2018 2019 2020 2021

Value sales VND billion 282.3 465.8 675.4 868.6 756.6 678.4
Outlets 125.0 168.0 201.0 229.0 209.0 191.0
Selling Space '000 sq m 17.9 26.5 33.4 38.4 35.5 33.4
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 153 Variety Stores: Value Sales, Outlets and Selling Space: % Growth 2016-2021

% growth
2020/21 2016-21 CAGR 2016/21 Total

Value sales VND billion -10.3 19.2 140.3

Outlets -8.6 8.8 52.8
Selling Space '000 sq m -5.9 13.3 86.5
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 154 Variety Stores GBO Company Shares: % Value 2017-2021

% retail value rsp excl sales tax

Company 2017 2018 2019 2020 2021

Miniso Co Ltd 14.0 24.2 19.5 21.1 21.7

Daiso Sangyo Co Ltd 20.9 15.1 12.2 13.5 12.5
Central Retail Corp 8.7 4.5 3.7 3.7 2.4
Viet HaChi Co Ltd 3.2 2.5 2.0 2.1 2.2
Yiwu Youlian Investment 22.1 18.3 10.0 - -
Management Co Ltd
Others 31.1 35.5 52.7 59.5 61.2
Total 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 155 Variety Stores GBN Brand Shares: % Value 2018-2021

% retail value rsp excl sales tax

Brand Company (GBO) 2018 2019 2020 2021

Miniso Miniso Co Ltd 24.2 19.5 21.1 21.7

Daiso Daiso Sangyo Co Ltd 15.1 12.2 13.5 12.5
Komonoya Central Retail Corp 4.5 3.7 3.7 2.4
Hachi Hachi Japan Viet HaChi Co Ltd 2.5 2.0 2.1 2.2
Shop

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Ilahui Yiwu Youlian Investment 18.3 10.0 - -

Management Co Ltd
Others 35.5 52.7 59.5 61.2
Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 156 Variety Stores LBN Brand Shares: Outlets 2018-2021

sites/outlets
Brand (GBO) Company (NBO) 2018 2019 2020 2021

Miniso (Miniso Co Le Bao Minh Group 41 42 44 46

Ltd)
Daiso (Daiso Sangyo Dai Son Investment 6 6 6 6
Co Ltd) Trading JSC
Hachi Hachi Japan Viet HaChi Co Ltd 5 5 5 5
Shop
Komonoya Central Retail Corp 11 11 9 4
Ilahui (Yiwu Vic Retail JSC 34 23 - -
Youlian Investment
Management Co Ltd)
Others Others 104 142 145 130
Total Total 201 229 209 191
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 157 Variety Stores LBN Brand Shares: Selling Space 2018-2021

selling space '000 sq m

Brand (GBO) Company (NBO) 2018 2019 2020 2021

Miniso (Miniso Co Le Bao Minh Group 7.7 7.5 7.9 8.0

Ltd)
Daiso (Daiso Sangyo Dai Son Investment 3.2 3.2 3.2 3.2
Co Ltd) Trading JSC
Komonoya Central Retail Corp 1.7 1.7 1.7 1.7
Hachi Hachi Japan Viet HaChi Co Ltd 0.8 0.8 0.8 0.8
Shop
Ilahui (Yiwu Vic Retail JSC 5.0 3.6 - -
Youlian Investment
Management Co Ltd)
Others Others 14.9 21.6 21.9 19.7
Total Total 33.4 38.4 35.5 33.4
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 158 Variety Stores Forecasts: Value Sales, Outlets and Selling Space 2021-2026

2021 2022 2023 2024 2025 2026

Value sales VND billion 678.4 717.7 803.9 893.9 984.2 1,075.7
Outlets 191.0 203.0 224.0 244.0 261.0 277.0
Selling Space '000 sq m 33.4 34.6 38.9 43.2 47.5 51.8

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Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms

Table 159 Variety Stores Forecasts: Value Sales, Outlets and Selling Space: % Growth
2021-2026

% growth
2021/22 2021-26 CAGR 2021/26 Total

Value sales VND billion 5.8 9.7 58.6

Outlets 6.3 7.7 45.0
Selling Space '000 sq m 3.5 9.2 55.0
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms

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WAREHOUSE CLUBS IN VIETNAM -

CATEGORY ANALYSIS
2021 DEVELOPMENTS

▪ Warehouse clubs is not a channel present in Vietnam, and there is little prospect of it
emerging in the market during the forecast period.

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DIRECT SELLING IN VIETNAM -

CATEGORY ANALYSIS
KEY DATA FINDINGS

▪ Retail value sales increase by 5% in current terms in 2021 to VND16.0 trillion

▪ Herbalife Vietnam Ltd is the leading player in 2021, with a retail value share of 31%
▪ Retail sales are set to grow at a current value CAGR of 11% (2021 constant value CAGR of
7%) over the forecast period to VND26.6 trillion

2021 DEVELOPMENTS

Consumer health continues to grow despite channel restrictions

COVID-19 had a negative impact overall on direct selling in 2021 due to national lockdown
and ongoing social distancing. Therefore, key players such as Herbalife Vietnam tried to make
use of their websites to advertise their products as well as to allow consumers to connect with
their sales team directly. However, heavy declines in sales of beauty & personal care and other
direct selling were mitigated by consumer health direct selling still posting growth, albeit at a
much decelerated rate, as personal health and wellbeing came into much sharper focus among
consumers. The much smaller channel of home care continued to make strong gains in 2021
too, given the much higher emphasis on hygiene and sanitation in the home.
Consumer health contributes the highest value sales out of all direct selling products.
Vitamins, dietary supplements and weight management products are the biggest contributors.
This is in line with increasing consumer-awareness regarding health and wellness. In addition,
big players in consumer health are active in marketing, such as Herbalife, which runs various
outdoor billboard advertisements for its collagen powder drinks, protein powder and weight
management products. Most importantly, these consumer health direct sellers consistently offer
high quality, which is able to build trust among consumers.

Winning consumer trust is key in A market with potential

The Vietnamese government has introduced new regulation to better manage direct selling in
order to protect Vietnamese consumers. Particularly, Decree No. 98/2020/ND-CP effective from
15 October 2020 states that a fine of VND80-100 million will be imposed on a multi-level
marketing business that performs one of the following acts: requesting others to deposit or pay a
certain amount of money to sign a contract to participate in the sale; requesting others to buy a
certain quantity of goods in order to sign a multi-level marketing contract; for a multi-level
marketing participant to receive money or other economic benefits from the introduction of
another person to participate in multi-level marketing activities. In part because of this
regulation, the number of registered direct selling companies has declined significantly since
2015. Whilst in 2015 there were 67 direct selling companies, this number declined to 21 in 2021.
Government efforts to tighten its control of direct selling and remove illegal operations has
gone some way to allaying consumer concerns about the integrity of direct selling operations,
although a negative association of direct selling with scams and fraud persisted amongst many
consumers at the end of the review period. Direct selling is, in principle, well suited to conditions
in the Vietnamese market, which has a large rural population that is not well served by store-

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based retailing. It is notable that the top two players, which have achieved significant levels of
consumer trust, generally saw positive performances throughout the review period.

Herbalife leads sales despite higher-than-average prices

Herbalife Vietnam maintained a strong lead in direct selling in 2021, as it continued to perform
better than average despite its overall sales declining amid the pandemic. In contrast to some
other players, which manufacture products locally, Herbalife imports its goods. This means that
the company’s products retail at relatively high prices. However, Herbalife has established high
levels of consumer faith in the quality and safety of its offer, enabling it to justify its higher prices.
Moreover, the player is one the biggest spenders on marketing activity amongst direct sellers in
Vietnam, with its outdoor billboard advertisements regularly seen in major areas in key cities.
Over the forecast period, Herbalife will be even more of interest to consumers as their already
rising health-awareness strengthens even further following the arrival of COVID-19. Herbalife’s
product portfolio will attract them with its focus on consumer health products such as protein
powder, collagen drinks and weight management products. As a result, the company is
expected to maintain its leading position.
Meanwhile, in 2021, Amway Vietnam launched a new bonus programme with better earnings
and rewards for its sales representatives. In addition, the company also focused on product
innovation and on developing its digital platforms in a bid to connect with younger consumers
and build a community.

PROSPECTS AND OPPORTUNITIES

Channel predicted to bounce back strongly

In 2022, direct selling is expected to record a much better performance compared with 2021,
especially within the small and emerging channel of consumer appliances. With the Vietnamese
economy predicted to recover quite quickly from the financial impact of COVID-19, Vietnamese
consumers will show a greater willingness to spend on non-essentials in 2022, though
consumer health direct selling will continue to lead the way with dynamic growth. In addition,
another national lockdown is unlikely to be necessary in the country since the Vietnamese
government has been effective in controlling the spread of COVID-19. This and the easing of
social distancing rules will enable direct selling to normalise.
Over the forecast period, the international players in the channel are very much predicted to
outperform their domestic rivals thanks to their strong global reputation. As many Vietnamese
consumers have a less than favourable impression of direct selling’s multi-level marketing
format, they will tend to be wary of local players and keep preferring well-known international
names.
In the coming years, the Vietnamese government will continue to tighten controls on the direct
selling channel and eliminate illegal operations to protect consumers. By doing so, the
government will create a healthier environment for legal direct selling players to develop further
because Vietnamese consumers will have more confidence in direct selling.

Little potential for food and drink direct selling in Vietnam, but consumer
appliances is one area to watch
Packaged food is amongst the least popular products in direct selling, as it is less profitable
than other areas, such as consumer health, and beauty and personal care products. Moreover,
grocery products are amongst the most easily accessible types of product through traditional
store-based retailing, even in rural areas. Furthermore, the health crisis has pushed e-

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commerce further into the mainstream for ordering packaged food and beverages for collection
or delivery. Therefore, sales of food and drink direct selling are likely to remain negligible over
the forecast period. However, consumer appliances direct selling emerged in Vietnam over the
review period. While COVID-19 halted its momentum as people cut back on non-essentials, the
channel will grow strongly again over the forecast period. Sales will be buoyed not only by the
essential status of some of the products, eg washing machines and refrigeration appliances, but
also by the Vietnamese’s love of products that can make their lives more comfortable, eg
dishwashers and microwaves.

Oriflame looks to help reignite the spark in beauty and personal care
Fourth-ranked Oriflame saw value sales continue to decline in 2021 as the health crisis
continued in Vietnam. This significantly disrupted the strong momentum the company had
achieved over the review period because of its position in beauty and personal care, which
consumers of direct selling cut back on the most in 2020 and 2021 amid their magnified focus
on food and hygiene products. Over many years, Oriflame has built a loyal consumer base
thanks to its high-quality beauty and personal care products, which are manufactured with
natural ingredients and, therefore, resonate with growing consumer concerns about the negative
impact of artificial chemicals on health and appearance. The company also has an online
shopping website to provide convenience for customers when looking for information and
purchasing its products.
Oriflame faces little competition within beauty and personal care direct selling. The other
major player selling beauty and personal care products is third-placed Amway, which did not
perform well over the review period as a whole, losing considerable value share. However,
Oriflame still faces significant competition from the increasing number of beauty specialist
retailers. Therefore, the company will need to continue to evolve and follow market trends in
order to resume growth over the forecast period, especially as full recovery in current value
sales of beauty and personal care direct selling is not expected until 2025.

CHANNEL DATA
Table 160 Direct Selling by Category: Value 2016-2021

VND billion
2016 2017 2018 2019 2020 2021

- Apparel and Footwear - - - - - -

Direct Selling
- Beauty and Personal 1,193.1 1,342.0 1,537.4 1,654.4 1,351.3 1,570.6
Care Direct Selling
- Consumer Electronics - - - - - -
Direct Selling
- Consumer Health 3,565.7 5,026.4 6,776.6 8,690.9 10,316.9 11,642.7
Direct Selling
- Consumer Appliances - - 52.8 77.0 74.2 105.6
Direct Selling
- Food and Drink Direct 98.4 124.2 156.3 202.7 237.5 254.4
Selling
- Home Care Direct 184.4 219.2 255.0 295.2 350.2 411.2
Selling
- Home Improvement and - - - - - -
Gardening Direct Selling
- Homewares and Home - - - - - -

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Furnishings Direct
Selling
- Media Products Direct - - - - - -
Selling
- Personal Accessories - - - - - -
and Eyewear Direct
Selling
- Pet Care Direct Selling - - - - - -
- Traditional Toys and - - - - - -
Games Direct Selling
- Video Games Hardware - - - - - -
Direct Selling
- Other Direct Selling 4,380.4 3,040.0 2,058.0 1,654.7 2,952.2 2,000.0
Direct Selling 9,422.0 9,751.8 10,836.0 12,575.0 15,282.3 15,984.5
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 161 Direct Selling by Category: % Value Growth 2016-2021

% current value growth, retail value rsp excl sales tax

2020/21 2016-21 CAGR 2016/21 Total

- Apparel and Footwear Direct Selling - - -

- Beauty and Personal Care Direct 16.2 5.7 31.6
Selling
- Consumer Electronics Direct Selling - - -
- Consumer Health Direct Selling 12.9 26.7 226.5
- Consumer Appliances Direct Selling 42.3 - -
- Food and Drink Direct Selling 7.1 20.9 158.5
- Home Care Direct Selling 17.4 17.4 123.0
- Home Improvement and Gardening - - -
Direct Selling
- Homewares and Home Furnishings - - -
Direct Selling
- Media Products Direct Selling - - -
- Personal Accessories and Eyewear - - -
Direct Selling
- Pet Care Direct Selling - - -
- Traditional Toys and Games Direct - - -
Selling
- Video Games Hardware Direct Selling - - -
- Other Direct Selling -32.3 -14.5 -54.3
Direct Selling 4.6 11.2 69.7
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 162 Direct Selling GBO Company Shares: % Value 2017-2021

% retail value rsp excl sales tax

Company 2017 2018 2019 2020 2021

Herbalife Nutrition Ltd - 26.9 29.0 35.1 31.3

New Image Group Ltd 12.0 12.1 11.6 14.1 11.6
Nu Skin Enterprises Inc 5.0 9.7 12.1 11.5 10.5
Amway Corp 15.0 11.1 11.3 11.5 10.3
Oriflame Cosmetics SA 12.0 13.0 13.2 9.9 8.4

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Tiens Group Co Ltd 7.6 6.3 6.2 5.2 4.5

Forever Living Products 6.0 5.1 5.5 4.3 3.8
International LLC
bHIP Global 2.1 1.8 - - -
Sophie Martin Indonesia 1.1 0.8 - - -
PT
Herbalife Ltd 25.6 - - - -
Avon Products Inc - - - - -
Thien Ngoc Minh Uy Co Ltd - - - - -
Others 13.5 13.1 11.1 8.5 19.5
Total 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 163 Direct Selling GBN Brand Shares: % Value 2018-2021

% retail value rsp excl sales tax

Brand Company (GBO) 2018 2019 2020 2021

Herbalife Nutrition Herbalife Nutrition Ltd 26.9 29.0 35.1 31.3

New Image New Image Group Ltd 12.1 11.6 14.1 11.6
Nu Skin Nu Skin Enterprises Inc 9.7 12.1 11.5 10.5
Amway Amway Corp 11.1 11.3 11.5 10.3
Oriflame Oriflame Cosmetics SA 13.0 13.2 9.9 8.4
Tiens Tiens Group Co Ltd 6.3 6.2 5.2 4.5
Forever Forever Living Products 5.1 5.5 4.3 3.8
International LLC
bHIP bHIP Global 1.8 - - -
Sophie Paris Sophie Martin Indonesia PT 0.8 - - -
Avon Avon Products Inc - - - -
Herbalife Nutrition Herbalife Ltd - - - -
Thien Ngoc Minh Uy Thien Ngoc Minh Uy Co Ltd - - - -
Others 13.1 11.1 8.5 19.5
Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 164 Direct Selling Forecasts by Category: Value 2021-2026

VND billion
2021 2022 2023 2024 2025 2026

- Apparel and Footwear - - - - - -

Direct Selling
- Beauty and Personal 1,570.6 1,720.3 1,848.7 1,976.2 2,101.6 2,235.0
Care Direct Selling
- Consumer Electronics - - - - - -
Direct Selling
- Consumer Health 11,642.7 12,832.1 13,989.6 15,102.1 16,221.9 17,303.1
Direct Selling
- Consumer Appliances 105.6 105.9 126.9 147.8 166.7 192.8
Direct Selling
- Food and Drink Direct 254.4 270.0 287.0 302.0 316.0 329.0
Selling
- Home Care Direct 411.2 467.6 530.0 599.3 678.6 768.4
Selling
- Home Improvement and - - - - - -

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Gardening Direct Selling

- Homewares and Home - - - - - -
Furnishings Direct
Selling
- Media Products Direct - - - - - -
Selling
- Personal Accessories - - - - - -
and Eyewear Direct
Selling
- Pet Care Direct Selling - - - - - -
- Traditional Toys and - - - - - -
Games Direct Selling
- Video Games Hardware - - - - - -
Direct Selling
- Other Direct Selling 2,000.0 1,800.0 1,700.0 1,600.0 1,500.0 1,171.7
Direct Selling 15,984.5 17,195.9 18,482.3 19,727.3 20,984.8 22,000.0
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms.

Table 165 Direct Selling Forecasts by Category: % Value Growth 2021-2026

% constant value growth, retail value rsp excl sales tax

2021/2022 2021-26 CAGR 2021/26 Total

- Apparel and Footwear Direct Selling - - -

- Beauty and Personal Care Direct 9.5 7.3 42.3
Selling
- Consumer Electronics Direct Selling - - -
- Consumer Health Direct Selling 10.2 8.2 48.6
- Consumer Appliances Direct Selling 0.3 12.8 82.6
- Food and Drink Direct Selling 6.1 5.3 29.3
- Home Care Direct Selling 13.7 13.3 86.9
- Home Improvement and Gardening - - -
Direct Selling
- Homewares and Home Furnishings - - -
Direct Selling
- Media Products Direct Selling - - -
- Personal Accessories and Eyewear - - -
Direct Selling
- Pet Care Direct Selling - - -
- Traditional Toys and Games Direct - - -
Selling
- Video Games Hardware Direct Selling - - -
- Other Direct Selling -10.0 -10.1 -41.4
Direct Selling 7.6 6.6 37.6
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms.

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HOMESHOPPING IN VIETNAM -
CATEGORY ANALYSIS
KEY DATA FINDINGS

▪ Retail value sales rise by 4% in current terms in 2021 to AED290 million

▪ Retail sales are set to grow at a current value CAGR of 5% (2021 constant value CAGR of
1%) over the forecast period to VND1.5 trillion

2021 DEVELOPMENTS

Sales growth accelerates as pandemic keeps consumers at home

In 2021, homeshopping was able to register positive growth given consumers’ home
seclusion from May onwards due to COVID-19. The extended time at home paved the way for a
greater number of products to be purchased from TV channels, especially those from the largest
category of consumer health, as the Vietnamese became more vigilant over their personal
health and wellbeing.
In contrast to the negligible presence of catalogue mail order, TV shopping continues to be
the most popular homeshopping format in Vietnam, thanks to its infomercials and its scope for
better interactions with customers.
However, homeshopping remains a small channel in Vietnam retailing due to the strong
development of e-commerce in the country. The target market of homeshopping, which mainly
comprises housewives, are becoming more and more internet-savvy and know how to shop on
websites or social media. Besides this, e-commerce provides other benefits that homeshopping
does not have, such as a wider range of products and the availability of customer reviews,
which can help potential buyers to decide whether the products suit their needs.

Leading sales baton passed on frequently in homeshopping

Consumer appliances began the review period as the most valuable area of homeshopping,
supported by the communication of information about products and affordable pricing. However,
consumer appliances had a mixed performance over the review period and lost share to other
homeshopping channels, as it faced increasing competition from e-commerce and store-based
specialists. Consumer health was the largest area of homeshopping at the end of the review
period (although it is likely to soon be overtaken by “other” homeshopping), supported by rising
consumer health-awareness. However, consumer health homeshopping is likely to experience
stiffer competition from store-based channels, e-commerce and direct selling over the forecast
period.

Lack of brand identity characterises homeshopping

Homeshopping remained very fragmented in 2021 with no clear leading player. There are
many small- and medium-sized businesses selling products that are imported from China, with
no clear information about the manufacturer or brand. While big players, such as SC Media by
Saigon Union of Trading Cooperatives, have a presence in the channel, they have no major
competitive advantage over other players due to the general lack of brand awareness and
loyalty in homeshopping. Consequently, it is extremely difficult to build value share.

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PROSPECTS AND OPPORTUNITIES

Deceleration in current value sales growth predicted

Over the forecast period, homeshopping is expected to register steady current value sales
growth, but at a lower level than over the review period. This slowdown will occur because
homeshopping faces rising competition from other channels such as e-commerce. A lack of
consumer trust in the homeshopping channel will also continue to negatively affect sales. In the
past, many consumers encountered scams. Compared with the rest of the forecast period, 2022
is likely to see the strongest performance from homeshopping, with consumer health sales
continuing to strengthen alongside another boom in growth for “other” homeshopping.
The homeshopping channel is likely to remain very fragmented with no clear sales leader,
which will see erratic performances at times from some product categories. The most well-
known and reliable brand is currently Co.op Home Shopping from Vietnamese retailing giant
Saigon Union of Trading Cooperatives.

Online purchases likely to become more prevalent

In the coming years, many homeshopping players are projected to expand into e-commerce
as a way to maintain their growth amidst the slowdown of the overall homeshopping channel.
Having an e-commerce arm also helps customers who prefer to have time to make their
purchase decision after watching an infomercial, as they can go online and place an order. Key
brands that follow this strategy include SCJ TV Shopping, Co.op Home Shopping and Lotte Dat
Viet Home.

TV homeshopping platform to keep driving sales

Catalogue mail order homeshopping is expected to remain negligible in Vietnam over the
forecast period, with TV homeshopping continuing to be the primary homeshopping method.
There are many homeshopping TV channels on which retailers can run infomercials. The
capacity to convey a large amount of information in an accessible way also contributes to the
popularity of TV homeshopping. Housewives and older consumers also prefer to watch TV
rather than reading catalogues as it is more interactive and entertaining. Dovetailing TV
homeshopping with the possibility of ordering online, not just by phone, is the next step for
players to master in the channel.

CHANNEL DATA
Table 166 Homeshopping by Category: Value 2016-2021

VND billion
2016 2017 2018 2019 2020 2021

- Apparel and Footwear - - - - - -

Homeshopping
- Beauty and Personal - - - - - -
Care Homeshopping
- Consumer Appliances 275.9 249.7 295.0 350.3 376.0 427.5
Homeshopping
- Consumer Electronics 55.6 140.9 156.5 165.0 191.6 202.9
Homeshopping

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- Consumer Health 311.5 330.6 334.1 334.1 347.4 351.2

Homeshopping
- Food and Drink 0.2 0.3 0.4 0.6 0.8 1.9
Homeshopping
- Home Care Homeshopping - - - - - -
- Home Improvement and - - - - - -
Gardening Homeshopping
- Homewares and Home - - - - - -
Furnishings Homeshopping
- Media Products - - - - - -
Homeshopping
- Personal Accessories - - - - - -
and Eyewear Homeshopping
- Pet Care Homeshopping - - - - - -
- Traditional Toys and - - - - - -
Games Homeshopping
- Video Games Hardware - - - - - -
Homeshopping
- Other Homeshopping 213.8 223.1 236.9 199.5 199.8 184.5
Homeshopping 857.0 944.6 1,022.9 1,049.6 1,115.7 1,168.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 167 Homeshopping by Category: % Value Growth 2016-2021

% current value growth, retail value rsp excl sales tax

2020/21 2016-21 CAGR 2016/21 Total

- Apparel and Footwear Homeshopping - - -

- Beauty and Personal Care Homeshopping - - -
- Consumer Appliances Homeshopping 13.7 9.2 54.9
- Consumer Electronics Homeshopping 5.9 29.5 264.8
- Consumer Health Homeshopping 1.1 2.4 12.7
- Food and Drink Homeshopping 128.5 61.5 997.1
- Home Care Homeshopping - - -
- Home Improvement and Gardening - - -
Homeshopping
- Homewares and Home Furnishings - - -
Homeshopping
- Media Products Homeshopping - - -
- Personal Accessories and Eyewear - - -
Homeshopping
- Pet Care Homeshopping - - -
- Traditional Toys and Games - - -
Homeshopping
- Video Games Hardware Homeshopping - - -
- Other Homeshopping -7.7 -2.9 -13.7
Homeshopping 4.7 6.4 36.3
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 168 Homeshopping Forecasts by Category: Value 2021-2026

VND billion
2021 2022 2023 2024 2025 2026

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- Apparel and Footwear - - - - - -

Homeshopping
- Beauty and Personal - - - - - -
Care Homeshopping
- Consumer Appliances 427.5 351.9 370.7 384.9 400.6 409.2
Homeshopping
- Consumer Electronics 202.9 218.1 243.3 272.3 306.4 346.2
Homeshopping
- Consumer Health 351.2 353.5 295.4 265.8 244.6 160.0
Homeshopping
- Food and Drink 1.9 3.1 4.5 6.1 7.9 10.3
Homeshopping
- Home Care Homeshopping - - - - - -
- Home Improvement and - - - - - -
Gardening Homeshopping
- Homewares and Home - - - - - -
Furnishings Homeshopping
- Media Products - - - - - -
Homeshopping
- Personal Accessories - - - - - -
and Eyewear Homeshopping
- Pet Care Homeshopping - - - - - -
- Traditional Toys and - - - - - -
Games Homeshopping
- Video Games Hardware - - - - - -
Homeshopping
- Other Homeshopping 184.5 258.9 287.0 286.2 269.2 315.3
Homeshopping 1,168.0 1,185.5 1,200.9 1,215.3 1,228.7 1,241.0
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms.

Table 169 Homeshopping Forecasts by Category: % Value Growth 2021-2026

% constant value growth, retail value rsp excl sales tax

2021/2022 2021-26 CAGR 2021/26 Total

- Apparel and Footwear Homeshopping - - -

- Beauty and Personal Care Homeshopping - - -
- Consumer Appliances Homeshopping -17.7 -0.9 -4.3
- Consumer Electronics Homeshopping 7.5 11.3 70.6
- Consumer Health Homeshopping 0.7 -14.5 -54.4
- Food and Drink Homeshopping 61.8 39.8 434.7
- Home Care Homeshopping - - -
- Home Improvement and Gardening - - -
Homeshopping
- Homewares and Home Furnishings - - -
Homeshopping
- Media Products Homeshopping - - -
- Personal Accessories and Eyewear - - -
Homeshopping
- Pet Care Homeshopping - - -
- Traditional Toys and Games - - -
Homeshopping
- Video Games Hardware Homeshopping - - -
- Other Homeshopping 40.3 11.3 70.8
Homeshopping 1.5 1.2 6.2

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Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms.

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VENDING IN VIETNAM - CATEGORY

ANALYSIS
2021 DEVELOPMENTS

▪ The presence of vending is negligible in the country. As small family-owned stores, street
vendors and convenience stores can be easily found all around the country, market demand
for vending machines is thus insignificant. Moreover, the maintenance of vending machines is
quite challenging in Vietnam because the machines might be stolen or damaged without the
proper protection.

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E-COMMERCE (GOODS) IN VIETNAM -

CATEGORY ANALYSIS
KEY DATA FINDINGS

▪ Retail value sales grow by 27% in current terms in 2021 to VND142 trillion
▪ 3rd Party Merchants is the leading player in 2021, with a retail value share of 17%
▪ Retail sales are set to rise at a current value CAGR of 20% (2021 constant value CAGR of
16%) over the forecast period to VND354 trillion

2021 DEVELOPMENTS

Boom in e-commerce as pandemic keeps consumers indoors

The arrival of COVID-19 caused Vietnamese e-commerce to accelerate in 2020 and this
continued in 2021. Due to the repetitive lockdowns and ongoing social distancing, many more
consumers have been doing their shopping online. In 2021, current value sales rose by nearly a
third in the channel, boosted by the convenience factor as well as lower viral transmission risk
compared with shopping in a physical store. Unsurprisingly, food and drink e-commerce
recorded the greatest jump in sales, though the largest channel consumer electronics also made
strong gains, picking up the slack from store-based electronics and appliance specialist
retailers, which registered a decline in 2021.
Online promotions such as Black Friday, 11/11 or 10/10 are highly popular in Vietnam and
many consumers buy goods during these periods.
Livestream platforms have been introduced by e-commerce players in Vietnam to increase
website traffic and consumer engagement. Examples include Tiki’s TikiLive, Shopee’s Shopee
Feed and Sendo’s SenLive. In 2021, the Vietnamese government supported e-commerce
players in selling fresh food. Consequently, Tiki launched TikiNgon in May 2021, while Lazada
added fresh food to its assortment of products.

Apparel and footwear increasing its online share

Consumer electronics is the largest product area in e-commerce by value sales, supported by
young tech-savvy consumers who are not only the most prominent online shoppers, but also the
most interested in new consumer electronics products. Indeed, younger people in Vietnam often
see personal electronics such as smartphones and smartwatches as a way to express social
status. Therefore, many young urban consumers like to replace their electronics regularly in
order to have the latest products.
Younger consumers’ interest in fashion also contributes to the rising importance of apparel
and footwear to e-commerce. Digital channels, particularly social media, play an important role
in driving fashion trends amongst younger consumers, and it is a short step for them to
purchase fashionable apparel and footwear online. Moreover, consumers can also compare
prices between different online retailers in order to make the most affordable purchases.
Targeting this demand, many digital fashion players distribute trendy clothing at low prices
imported from neighbouring countries such as Thailand, Cambodia and China. Over the forecast
period, apparel and footwear is on course to overtake food and drink as the second-leading
channel in e-commerce.

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Amongst e-commerce players, Shoppee gains most in value share

Amongst e-commerce players, Shoppee gained most in value share during 2020 and 2021.
Shoppee is also the platform that recorded the highest number of visits during 2020 and 2021. It
is no surprise therefore that in 2021 3rd party merchants take over leadership in the sales
channel. In 2021, the company restructured its e-commerce site to adapt to consumer shopping
behaviour.

PROSPECTS AND OPPORTUNITIES

Vietnam being primed for long-term e-commerce growth

While sales growth rates in Vietnamese e-commerce are likely to be lower over the forecast
period compared with the review period, they will remain very strong, with channel performance
supported by government policy. In May 2020, the government approved a master plan for
national e-commerce development through to 2025. It expects that 55% of the population will
participate in online shopping by 2025 and for Vietnam to rank among the top three countries in
Southeast Asia in terms of its e-commerce development. The government will support and
promote the widespread use of e-commerce in businesses and the community as part of its
master plan. In addition, it will try to build a healthy, competitive and sustainable e-commerce
channel.
Over the forecast period, the Vietnamese government aims to narrow the gap between major
cities and less populated areas in terms of e-commerce development. Such efforts to harmonise
internet access and infrastructure will boost key brands such as Lazada and Tiki.vn, which in
turn will be better able to increase their sales in other cities besides Ho Chi Minh and Hanoi.

Third party payment services modernise e-commerce transactions in

Vietnam
Cash on delivery (COD) remains one of the most common payment methods for online
businesses in Vietnam. COD allows consumers shopping online to inspect products before
making payment. Many consumers feel safer using this method, as online fraud is still prevalent
in Vietnam and many consumers are cautious about using financial cards on e-commerce
websites. Furthermore, COD allows small businesses to set up their shops quickly, as they do
not have to invest in an online payment system.
The rise of third party electronic wallet services, such as Momo and Zalo Pay, is giving e-
commerce players and consumers another choice of payment method. As these companies
focus on financial services, they are perceived to provide high levels of security and
trustworthiness. Therefore, many consumers are more willing to use their bank accounts or
financial cards through these third party services, rather than directly on an e-commerce
website. To raise awareness of these services, many retailers collaborate with the service
providers to launch promotions. For example, Tiki and Zalo Pay give customers discounts and
shopping vouchers. Payment by e-wallet is likely to keep increasing in popularity over the
forecast period as Vietnam moves towards creating a cashless society.

Omnichannel strategy on the rise in Vietnam

More players in e-commerce are expected to develop an omnichannel strategy in order to
maximise their reach and appeal. With the high popularity of social media platforms such as
Facebook and Instagram in Vietnam, it is becoming easier and cheaper for small and new
businesses to set up online shops in the country. The majority of players now allow customers

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to place orders via direct message without the need of a proper online shopping system.
However, many retail operators maintain both brick-and-mortar stores and online shops to give
customers the flexibility of the omnichannel experience. Customers can browse through the
products in the various physical stores, and then place an order on the shop’s website if they
wish to purchase. Vice versa, customers can search and compare product information on the
website, and then go to the stores to touch and feel the products in person before making their
final decision. Many players such as Mobile World and FPT Corp have already seen success
with this strategy.

CHANNEL DATA
Table 170 E-Commerce (Goods) by Channel and Category: Value 2016-2021

VND billion
2016 2017 2018 2019 2020 2021

- Mobile E-Commerce 12,305.5 23,278.8 30,641.8 39,303.5 57,255.1 73,840.0

(Goods)
- Cross-Border E- 39,695.0 54,136.7 68,092.8 83,624.4 112,264.9 142,000.0
Commerce (Goods)
-- Foreign E-Commerce 8,296.3 10,935.6 13,278.1 15,888.6 20,881.3 26,128.0
(Goods)
-- Domestic E-Commerce 31,398.8 43,201.1 54,814.7 67,735.8 91,383.6 115,872.0
(Goods)
- E-Commerce (Goods) by 39,695.0 54,136.7 68,092.8 83,624.4 112,264.9 142,000.0
Product Category
-- Apparel and Footwear 3,872.3 5,365.0 6,752.7 8,393.0 11,266.8 14,329.3
E-Commerce
-- Beauty and Personal 1,821.1 2,362.4 2,823.1 3,289.7 4,320.7 5,581.1
Care E-Commerce
-- Consumer Appliances 4,520.5 5,500.5 6,296.8 7,364.2 8,968.3 11,668.1
E-Commerce
-- Consumer Electronics 13,397.6 17,922.2 20,864.4 22,416.4 28,779.5 32,609.7
E-Commerce
-- Consumer Health E- 1,544.1 1,819.5 2,114.0 2,507.3 2,859.6 3,216.9
Commerce
-- Food and Drink E- 543.3 1,183.1 2,862.2 5,573.8 12,609.1 16,500.0
Commerce
-- Home Care E-Commerce 304.6 496.9 876.4 1,521.6 2,913.9 3,521.8
-- Home Improvement and - - - - - -
Gardening E-Commerce
-- Homewares and Home - - - - - -
Furnishings E-Commerce
-- Media Products E- 407.2 503.9 613.5 868.6 946.7 1,152.5
Commerce
-- Personal Accessories - - - - - -
and Eyewear E-Commerce
-- Pet Care E-Commerce 14.5 18.0 22.5 29.3 39.7 52.3
-- Traditional Toys and - - - - - -
Games E-Commerce
-- Video Games Hardware - - - - - -
E-Commerce
-- Other E-Commerce 13,269.9 18,965.0 24,867.2 31,660.6 39,560.7 53,368.3
E-Commerce (Goods) 39,695.0 54,136.7 68,092.8 83,624.4 112,264.9 142,000.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

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Note: Mobile e-commerce (goods) and cross-border e-commerce (goods) not included in e-commerce (goods)
total to avoid double counting.

Table 171 E-Commerce (Goods) by Channel and Category: % Value Growth 2016-2021

% current value growth, retail value rsp excl sales tax

2020/21 2016-21 CAGR 2016/21 Total

- Mobile E-Commerce (Goods) 29.0 43.1 500.1

- Cross-Border E-Commerce (Goods) 26.5 29.0 257.7
-- Foreign E-Commerce (Goods) 25.1 25.8 214.9
-- Domestic E-Commerce (Goods) 26.8 29.8 269.0
- E-Commerce (Goods) by Product Category 26.5 29.0 257.7
-- Apparel and Footwear E-Commerce 27.2 29.9 270.0
-- Beauty and Personal Care E-Commerce 29.2 25.1 206.5
-- Consumer Appliances E-Commerce 30.1 20.9 158.1
-- Consumer Electronics E-Commerce 13.3 19.5 143.4
-- Consumer Health E-Commerce 12.5 15.8 108.3
-- Food and Drink E-Commerce 30.9 97.9 2,937.2
-- Home Care E-Commerce 20.9 63.2 1,056.2
-- Home Improvement and Gardening E- - - -
Commerce
-- Homewares and Home Furnishings E- - - -
Commerce
-- Media Products E-Commerce 21.7 23.1 183.0
-- Personal Accessories and Eyewear E- - - -
Commerce
-- Pet Care E-Commerce 31.6 29.2 260.7
-- Traditional Toys and Games E-Commerce - - -
-- Video Games Hardware E-Commerce - - -
-- Other E-Commerce 34.9 32.1 302.2
E-Commerce (Goods) 26.5 29.0 257.7
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources
Note: Mobile e-commerce (goods) and cross-border e-commerce (goods) not included in e-commerce (goods)
total to avoid double counting.

Table 172 E-Commerce (Goods) GBO Company Shares: % Value 2017-2021

% retail value rsp excl sales tax

Company 2017 2018 2019 2020 2021

Sea Ltd 1.7 4.2 7.6 11.4 12.5

Tiki JSC 1.4 4.3 6.4 7.1 6.3
Mobile World JSC 10.5 15.5 15.1 8.4 6.2
Alibaba Group Holding Ltd 6.3 5.2 4.7 6.7 5.6
FPT Corp 3.7 3.7 4.7 4.6 4.1
Central Retail Corp 0.2 0.2 1.4 1.0 0.7
Pico JSC 0.6 0.5 0.5 0.3 0.2
Masan Group Corp - - 1.2 - -
Nguyen Kim Trading JSC 1.8 1.6 - - -
VinGroup JSC - 1.2 - - -
Vien Thong A Import 1.3 - - - -
Export Trading
Production Corp
Rocket Internet AG - - - - -
Others 72.5 63.5 58.4 60.5 64.4

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Total 100.0 100.0 100.0 100.0 100.0

Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 173 E-Commerce (Goods) GBN Brand Shares: % Value 2018-2021

% retail value rsp excl sales tax

Brand Company (GBO) 2018 2019 2020 2021

3rd Party Merchants Sea Ltd 4.1 7.5 11.2 12.3

Tiki.vn Tiki JSC 4.3 6.4 7.1 6.3
Mobile world Mobile World JSC 15.5 15.1 8.4 6.2
3rd Party Merchants Alibaba Group Holding Ltd 4.5 4.1 6.2 5.1
FPT Shop FPT Corp 3.7 4.7 4.6 4.1
Nguyenkim - Saigon Central Retail Corp - 1.4 1.0 0.7
Shopping Center
Lazada Alibaba Group Holding Ltd 0.7 0.6 0.5 0.5
Pico Pico JSC 0.5 0.5 0.3 0.2
Shopee Sea Ltd 0.1 0.1 0.2 0.2
Vien Thong A Masan Group Corp - 1.2 - -
Nguyenkim - Saigon Nguyen Kim Trading JSC 1.6 - - -
Shopping Center
Vien Thong A VinGroup JSC 1.2 - - -
Robins Central Retail Corp 0.2 - - -
3rd Party Merchants Rocket Internet AG - - - -
lazada Rocket Internet AG - - - -
Zalora Rocket Internet AG - - - -
Vien Thong A Vien Thong A Import - - - -
Export Trading
Production Corp
Others 63.5 58.4 60.5 64.4
Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 174 Forecast E-Commerce (Goods) by Channel and Category: Value 2021-2026

VND billion
2021 2022 2023 2024 2025 2026

- Mobile E-Commerce 73,840.0 90,100.0 107,460.0 125,950.0 145,600.0 166,440.0

(Goods)
- Cross-Border E- 142,000.0 170,000.0 199,000.0 229,000.0 260,000.0 292,000.0
Commerce (Goods)
-- Foreign E-Commerce 26,128.0 30,940.0 35,820.0 40,767.0 45,760.0 51,100.0
(Goods)
-- Domestic E-Commerce 115,872.0 139,060.0 163,180.0 188,239.1 214,240.0 240,900.0
(Goods)
- E-Commerce (Goods) by 142,000.0 170,000.0 199,000.0 229,000.0 260,000.0 292,000.0
Product Category
-- Apparel and Footwear 14,329.3 16,778.0 19,051.6 21,438.7 23,975.2 26,275.9
E-Commerce
-- Beauty and Personal 5,581.1 6,823.3 8,090.8 9,459.0 10,812.9 12,360.7
Care E-Commerce
-- Consumer Appliances 11,668.1 12,659.7 13,556.0 14,541.6 16,266.0 18,200.0
E-Commerce
-- Consumer Electronics 32,609.7 35,888.5 37,554.9 41,103.4 45,168.2 52,335.9

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E-Commerce
-- Consumer Health E- 3,216.9 3,528.5 3,840.3 4,165.8 4,483.4 3,809.8
Commerce
-- Food and Drink E- 16,500.0 17,287.5 18,957.4 20,673.7 22,863.2 25,100.0
Commerce
-- Home Care E-Commerce 3,521.8 3,990.1 4,691.1 5,340.1 5,966.7 6,666.8
-- Home Improvement and - - - - - -
Gardening E-Commerce
-- Homewares and Home - - - - - -
Furnishings E-Commerce
-- Media Products E- 1,152.5 1,290.8 1,432.8 1,576.0 1,717.9 1,872.5
Commerce
-- Personal Accessories - - - - - -
and Eyewear E-Commerce
-- Pet Care E-Commerce 52.3 69.4 89.0 114.7 150.6 199.7
-- Traditional Toys and - - - - - -
Games E-Commerce
-- Video Games Hardware - - - - - -
E-Commerce
-- Other E-Commerce 53,368.3 71,684.3 91,736.1 110,587.0 128,595.9 145,178.7
E-Commerce (Goods) 142,000.0 170,000.0 199,000.0 229,000.0 260,000.0 292,000.0
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note 1: Mobile e-commerce (goods) and cross-border e-commerce (goods) not included in e-commerce (goods)
total to avoid double counting.
Note 2: Forecast value data in constant terms.

Table 175 Forecast E-Commerce (Goods) by Channel and Category: % Value Growth
2021-2026

% constant value growth, retail value rsp excl sales tax

2021/2022 2021-26 CAGR 2021/26 Total

- Mobile E-Commerce (Goods) 22.0 17.7 125.4

- Cross-Border E-Commerce (Goods) 19.7 15.5 105.6
-- Foreign E-Commerce (Goods) 18.4 14.4 95.6
-- Domestic E-Commerce (Goods) 20.0 15.8 107.9
- E-Commerce (Goods) by Product Category 19.7 15.5 105.6
-- Apparel and Footwear E-Commerce 17.1 12.9 83.4
-- Beauty and Personal Care E-Commerce 22.3 17.2 121.5
-- Consumer Appliances E-Commerce 8.5 9.3 56.0
-- Consumer Electronics E-Commerce 10.1 9.9 60.5
-- Consumer Health E-Commerce 9.7 3.4 18.4
-- Food and Drink E-Commerce 4.8 8.8 52.1
-- Home Care E-Commerce 13.3 13.6 89.3
-- Home Improvement and Gardening E- - - -
Commerce
-- Homewares and Home Furnishings E- - - -
Commerce
-- Media Products E-Commerce 12.0 10.2 62.5
-- Personal Accessories and Eyewear E- - - -
Commerce
-- Pet Care E-Commerce 32.7 30.7 281.8
-- Traditional Toys and Games E-Commerce - - -
-- Video Games Hardware E-Commerce - - -
-- Other E-Commerce 34.3 22.2 172.0
E-Commerce (Goods) 19.7 15.5 105.6

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Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note 1: Mobile e-commerce (goods) and cross-border e-commerce (goods) not included in e-commerce (goods)
total to avoid double counting.
Note 2: Forecast value data in constant terms.

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MOBILE E-COMMERCE (GOODS) IN

VIETNAM - CATEGORY ANALYSIS
KEY DATA FINDINGS

▪ Retail value sales grow by 29% in current terms in 2021 to VND73.8 trillion
▪ Retail sales are set to increase at a current value CAGR of 22% (2021 constant value CAGR
of 18%) over the forecast period to VND202 trillion

2021 DEVELOPMENTS

Most consumers in Vietnam now use their mobiles for e-commerce

Mobile e-commerce continued to record strong and accelerated sales growth in 2021 as a
result of the national lockdown and ongoing wariness of visiting physical stores, in response to
COVID-19. In addition, with smartphone ownership continuing to rise in Vietnam, more
customers were able to access online shops from their mobile phones as the number of mobile
internet subscriptions surged. During the COVID-19 pandemic, mobile became the biggest
generator of e-commerce value sales in Vietnam and is expected to strengthen its share over
the forecast period.
There is a high percentage of consumers using mobile shopping apps, which leads to higher
purchasing frequency and spending among those who shop online. Many players tried their best
to make their mobile apps attractive to enhance consumers’ experience and engagement. For
example, Shoppee introduced various games in its apps to increase consumer interaction.
Other prominent mobile e-commerce players are Tiki and Lazada.
The fast development of mobile wallets such as Momo, Zalo Pay and ViettelPay is further
supporting the strong growth of mobile e-commerce in Vietnam. Moreover, during the COVID-19
pandemic, these mobile wallets, particularly Momo and Grab, expanded into mobile e-
commerce.

High smartphone ownership fuelling strong performance of mobile e-

commerce
The ongoing rise in smartphone possession in Vietnam is supporting the development of
mobile e-commerce in the market, with almost every household in the country now having at
least one mobile phone. The expansion of electronics and appliance specialist retailers such as
The Gioi Di Dong and the growing number of cheap smartphone models are allowing more and
more consumers from different social classes and geographical areas to use smartphones.
Over the forecast period, thanks to affordable deals and economic recovery likely to be swift,
smartphone ownership is set to continue to rise. With smartphones becoming ever more deeply
embedded in consumers’ daily lives, and hectic schedules enhancing the value of convenience,
consumers will be increasingly more likely to shop on mobile devices rather than on their home
computers.

Mobile World benefits from wide coverage

Mobile World JSC maintained a strong position in mobile e-commerce in 2021. The company
employs a multi-channel strategy, and emphasises its renowned customer service across all

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platforms, including bricks-and-mortar stores, e-commerce sites and mobile apps. With a
widespread network of physical outlets spanning all 63 provinces and cities of Vietnam, Mobile
World JSC is able to provide strong customer service and efficient delivery to consumers
throughout the country. For example, it can deliver products within one hour of the customer
placing the order on its website or mobile app.

PROSPECTS AND OPPORTUNITIES

Government to support mobile channel expansion in Vietnam

Over the forecast period, mobile e-commerce in Vietnam is expected to keep rising rapidly, in
line with government efforts to help strengthen overall e-commerce in the country. The
Vietnamese government is committed to providing the requisite infrastructure for a healthy,
competitive and sustainable mobile e-commerce channel, through levelling up internet access
and quality in areas that are currently lacking compared with the busiest urban zones.
Indeed, in 2021, mobile e-commerce was still concentrated in big cities such as Ho Chi Minh
and Hanoi where there is the highest smartphone possession rates. One factor hindering the
further development of mobile e-commerce in Vietnam is the high cost of creating a mobile app
and improving it over time. This poses a problem especially for smaller retailers in the country.
However, over the forecast period, mobile e-commerce is projected to have a stronger presence
in smaller cities such as Da Nang or Can Tho. Overall, mobile e-commerce is predicted to keep
outperforming all other sources of online purchasing, eg home computer.
Over the forecast period, following the success of Shoppee Games, more players will try to
integrate games or many extra services into their mobile apps to attract more consumers and
increase brand interaction.

Attractive offers from e-wallet providers provide further impetus for

growth
Besides government support, the continued development of electronic payment options will
also facilitate the expansion of mobile e-commerce during the forecast period. Mobile wallets
continued to rise in popularity at the end of the review period, with players such as Momo, Zalo
Pay, and Air Pay using a variety of tactics to expand their consumer bases, including increasing
partnerships with banks and retailers. Collaboration between mobile wallet players and retailers
can provide consumers with online-exclusive discounts and promotions, which encourage them
to shop via their mobile devices and pay by mobile wallets more often. Such initiatives will be
supported by further dynamic rises in the number of mobile internet subscriptions in the country
over the forecast period.

Apps likely to be leveraged further for stronger consumer engagement

As well as more consumers being able to access e-commerce opportunities from their
smartphones, retailers are increasingly developing mobile-friendly websites or smartphone apps
to provide greater convenience for consumers. Retailers creating their own mobile apps to give
consumers a better shopping experience on their mobile devices include key e-commerce
players such as Tiki, The Gioi Di Dong, Lazada and Shopee. The mobile apps of such players
also incorporate reminders and sale alerts to encourage customers to spend more during
special events.

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CHANNEL DATA
Table 176 Mobile E-Commerce (Goods): Value 2016-2021

VND billion
2016 2017 2018 2019 2020 2021

- Mobile E-Commerce 12,305.5 23,278.8 30,641.8 39,303.5 57,255.1 73,840.0

(Goods)
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 177 Mobile E-Commerce (Goods): % Value Growth 2016-2021

% current value growth, retail value rsp excl sales tax

2020/21 2016-21 CAGR 2016/21 Total

- Mobile E-Commerce (Goods) 29.0 43.1 500.1

Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 178 Mobile E-Commerce (Goods) Forecasts: Value 2021-2026

VND billion
2021 2022 2023 2024 2025 2026

- Mobile E-Commerce 73,840.0 90,100.0 107,460.0 125,950.0 145,600.0 166,440.0

(Goods)
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms.

Table 179 Mobile E-Commerce (Goods) Forecasts: % Value Growth 2021-2026

% constant value growth, retail value rsp excl sales tax

2021/2022 2021-26 CAGR 2021/26 Total

- Mobile E-Commerce (Goods) 22.0 17.7 125.4

Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms.

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FOOD AND DRINK E-COMMERCE IN

VIETNAM - CATEGORY ANALYSIS
KEY DATA FINDINGS

▪ Retail value sales rise by 31% in current terms in 2021 to VND16.5 trillion
▪ Retail sales are set to increase at a current value CAGR of 13% (2021 constant value CAGR
of 9%) over the forecast period to VND30.4 trillion

2021 DEVELOPMENTS

Pandemic pushes buying food and drink online further towards the
mainstream
In 2021, food and drink e-commerce sales continued to grow as the threat of COVID-19
continued to fuel consumers’ desire to limit their visits to physical grocers or avoid going
altogether. Also, grocery items took precedence over non-grocery products in the year, as the
financial uncertainty of the pandemic caused many consumers to focus on essentials only, thus
propelling food and drink e-commerce’s performance further. Value sales are also benefiting
from the strong development of overall e-commerce in Vietnam, with the government committed
to improving internet infrastructure in areas that still lag behind the major cities.
As many Vietnamese consumers are now familiar with shopping online and with online
transactions, they are tending to spend more on food and drink categories in their e-commerce
activity. Among all the types of food and drink e-commerce, soft drinks contribute the highest
value. Many customers tend to buy soft drinks in bulk as they drink them on a regular basis, or
to use during events though this was less the case in 2021. Buying soft drinks in bulk online
saves the customer carrying a heavy load from the grocery store to their home.
Players such as Tiki.vn or Lazada closely cooperate with key companies in food and drink
industries to run various promotional and discounting activities, in order to boost sales of their
food and drink e-commerce.

Organic-orientated players utilise social media to connect with their

audience
There is a growing number of small- and medium-sized players focusing on the niche clean-
label and organic food and drink segment. Due to their small scale, these players tend to sell
through social media channels such as Facebook. The social media platform also allows these
retailers to provide a background for their products and communicate their qualities to
consumers through activity such as displaying the agricultural process. This is particularly
important in Vietnam due to the lack of a local government body that can certify organic meat or
vegetables. As these players are mainly small and medium in size, many do not have physical
stores and only operate online.

Home delivery supported by strong outlet network gives best results

Key industry players, such as Vietnam Dairy Products JSC (Vinamilk), Saigon Union of
Trading Cooperatives and Mobile World JSC, employ the common strategy of operating in both

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RETAILING IN VIETNAM Passport 121

offline and online channels. These retailers have an extensive network of grocery stores, which
are also in charge of stocking and delivering goods when customers place an order via their
websites. Local delivery helps to reduce time and cost, and also provides a better customer
service experience. As a result, they achieve a much higher value share than pure food and
drink e-commerce players that do not have a widespread network of stores.

PROSPECTS AND OPPORTUNITIES

Channel to continue dynamic performance

Over the forecast period, while the skyrocketing growth rates of the review period are set to
soften, food and drink e-commerce is expected to keep increasing its sales percentage of total
e-commerce in Vietnam. This is based on the fact that players and manufacturers in food and
drink categories have started to see e-commerce as one of the critical channels for increasing
their sales as well as to strengthen their brands. Current value sales growth will remain strong in
food and drink e-commerce as more consumers, especially younger ones, will increasingly
appreciate the convenience of ordering groceries online as lifestyles become more hectic.

The freshness challenge likely to remain A barrier

Despite being projected to make further gains, the value share of food and drink e-commerce
is likely to remain low compared with other areas of e-commerce, such as apparel and footwear
as well as consumer electronics. This is because many consumers have yet to become
familiarised with the concept of purchasing groceries online and freshness is an important
feature of many food and drink products, meaning that consumers do not want to wait for
products to be delivered. In addition, in the case of fresh food, in particular, consumers tend to
prefer to see and feel products before purchasing. Therefore, the majority of food and drink e-
commerce is comprised of packaged products. Nonetheless, some players, such as Saigon
Union of Trading Cooperatives’ Co.opmart, offer fresh products to cater to very busy consumers
who want to cook at home but have little time for grocery shopping.

Bubble unlikely to burst for soft drinks, while players will look to
differentiate
Soft drinks are likely to remain the biggest contributors to the channel’s performance in the
forecast period, even though all types of food and drink e-commerce are predicted to grow
strongly. Consumers usually know the product or brand of soft drink they want to buy, which
makes the online buying process easy and convenient.
Meanwhile, key players such as Lazada and Tiki.vn are likely to remain active in launching
various promotions and discounts on their websites to boost sales. In addition, these players will
add imported and unique products to their ranges in order to differentiate themselves from
supermarkets and hypermarkets. In 2021, Tiki launched TikiNgon and Lazada expanded its
product assortment to include fresh food. The player delivers to consumers’ homes within a two-
hour timespan.

CHANNEL DATA
Table 180 Food and Drink E-Commerce: Value 2016-2021

VND billion

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RETAILING IN VIETNAM Passport 122

2016 2017 2018 2019 2020 2021

-- Food and Drink E- 543.3 1,183.1 2,862.2 5,573.8 12,609.1 16,500.0

Commerce
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 181 Food and Drink E-Commerce: % Value Growth 2016-2021

% current value growth, retail value rsp excl sales tax

2020/21 2016-21 CAGR 2016/21 Total

-- Food and Drink E-Commerce 30.9 97.9 2,937.2

Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources

Table 182 Food and Drink E-Commerce Forecasts: Value 2021-2026

VND billion
2021 2022 2023 2024 2025 2026

-- Food and Drink E- 16,500.0 17,287.5 18,957.4 20,673.7 22,863.2 25,100.0

Commerce
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms.

Table 183 Food and Drink E-Commerce Forecasts: % Value Growth 2021-2026

% constant value growth, retail value rsp excl sales tax

2021/2022 2021-26 CAGR 2021/26 Total

-- Food and Drink E-Commerce 4.8 8.8 52.1

Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms.

© Euromonitor International