“Vietnam Retail Sector Market” report 2019-2024 provides detailed summary of company competition, market demand, regional forecast, marketing price and new investment feasibility analysis is included of Vietnam Retail Sector market. It also covers approximate CAGR, key-players, scope of the report, regional analysis, major market factors of Vietnam Retail Sector market, reasons of buying this report and complete TOC of report.
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There are 4 key segments covered in this Vietnam Retail Sector Systems Market report:
- Competitor segment
- Product type segment
- End-use/application segment
- Geography segment
Vietnam Retail Sector Market by Key Players:
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Scope of the Report:
Key Market Trends:
Growth of Convenience Stores Market
In 2018, nearly 74.7% of the total market share went to retailing of products bought for use. Other sectors took up a share of the retail market, including accommodation, catering, and travel services.
The growth of modern trade (fast-moving consumer goods) has been greater than traditional retail, owing to broad factors, such as the growing economy, increasing urbanization, a younger population, and rising incomes.
Nearly 40% of the population of Vietnam is under 25 years of age, and their average income per capita has been growing at a rate of around 30% every couple of years.
This age bracket of consumers shows increasing confidence in spending patterns. In 2017, over 63% of Vietnam chose to use spare cash for savings, which was down from 76% in 2016. More consumers are spending on clothing, consumer electronics, vacations, and urban out-of-home entertainment.
The growing middle and affluent classes and the younger population value convenience and comfort. There is growth in the convenience store market, due to the expansion of companies, such as Circle K, which is expanding across Hanoi, and already has a strong foothold in Ho Chi Minh City.
The increasing presence of local players, such as Vinmart+, which has nearly 900 stores all over the country, and the recently introduced Bach Hoa Xanh by Mobile World, which plans to have about 1000 stores in Ho Chi Minh city, are helping expand the retail market of Vietnam.
The Food Retail Industry in Vietnam is Dominated by Traditional Retailers
Revenue in the food and beverage sector is expected to grow annually by 3.0% (2019-2024).
The food retail industry in Vietnam is dominated by traditional retailers. As of 2018, the traditional retailers accounted for 94% of the retail grocery sales, and the remaining 6% sales contributed to modern retail sales.
According to industry experts, modern retail sales are expected to reach 18% of the total food retail sales by 2024.
The highly-dominated food landscape of the country, with wet markets and small businesses, is witnessing tremendous growth in the concept of the modern retail trade, with a growing number of convenience stores, hypermarkets, and supermarkets.
Traditional retailers, with lower rental and operational costs, have flexibility with packaging sizes and competitive prices. These traditional stores are ideal for purchasing small quantities at higher frequencies, so that fresh produce can be obtained.
With more than half of the young population, the consumption of food and beverages in the country is witnessing huge growth. Also, as of 2016, the annual growth of the country’s population was 1.1%, which indicated an increase in customers, as food is an essential item.
According to GSO, the sales of food and foodstuffs increased by 11.1%, in 2017.
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Vietnam Retail Sector Market Covers Following Points in TOC:
- Chapter 1: Vietnam Retail Sector Market Definition
- Chapter 2: Research Methodology of Vietnam Retail Sector Market
- Chapter 3: Vietnam Retail Sector Market Executive Summary
- Chapter 4: Vietnam Retail Sector Market Overview Includes Current Market Scenario, Porter’s Five Forces Analysis, Bargaining Power of Suppliers and Consumers, Threat of New Entrants and Substitute Product and Services
- Chapter 5: Market Dynamics Covers Drivers, Restraints, Opportunities and Challenges
- Chapter 6: Vietnam Retail Sector Market Segmentation by Types, End-User, and Applications Forecast to 2024
- Chapter 7: Vietnam Retail Sector Market Segmentation by Geographical Regions
- Chapter 8: Competitive Landscape of Vietnam Retail Sector Market Includes Mergers & Acquisition Analysis, Agreements, Collaborations, and Partnerships, New Products Launches
- Chapter 9: Key Players for Vietnam Retail Sector Market
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