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Vietnam's retail market forecast to see strong development this year

HANOI, Jan. 12 (Xinhua) -- Vietnam's retail sector remained strong thanks to the positive economic growth, strong recovery of local demand and rapid shift to digital platforms in 2022, local media reported on Thursday.

Retailers in the Southeast Asian country have invested heavily in technology and human resources to bring their products to trading platforms, especially social and e-commerce ones, which have developed strongly since the outbreak of the COVID-19 pandemic, online newspaper VietnamPlus cited Vu Thi Hau, chairwoman of Vietnam Retailers Association, as saying.

She said e-commerce and social platforms would be the trend in the retail sector in the upcoming time and forecast the sector would see strong development for both local and foreign invested retailers in 2023.

Foreign investors have announced their plans to expand investment in Vietnam, including Thailand's Central Retail and Japanese giant retailer Aeon Group.

A recent survey by Vietnam Report showed that over 53.8 percent of total retail firms enjoyed similar and higher business results compared to the pre-pandemic level.

Last year, Vietnam's total goods retail sales and consumer service revenues jumped 19.8 percent year-on-year to 5,679.9 trillion Vietnamese dong (240.5 billion U.S. dollars), according to the country's General Statistics Office.