Update on Vietnam Retail market – Q4/2025

16Mar2026

B&Company

B&Company is the first Japanese company specializing in market research and investment consulting in Vietnam since 2008.

In this section “Vietnam Briefing”, young researchers of B&Company will provide timely information of Vietnam’s industrial trends, consumer trends, and social movements.

This article is written in English and automatic translation is used for other language versions. Please refer to the English version for accurate content. Although we strive to ensure the accuracy of the original information, please check separately for each information. Interpretations and future prospects are the personal opinions of each researcher.

Vietnam’s retail market continued to expand strongly in 2025, driven by rising consumer demand, rapid digitalization, and the growing presence of both domestic and international retailers. Total retail sales of goods and services reached approximately USD 270 billion, while the e-commerce market grew to around USD 31 billion, reflecting the increasing adoption of omnichannel retail models[1]. During Q4 2025, the sector experienced significant developments, including strategic M&A activities, the expansion of modern retail chains, new retail infrastructure investments, and strong growth in e-commerce sales. At the same time, the government introduced new policies such as the Retail Market Development Strategy to 2030 and nationwide stimulus programs to support consumption and digital transformation. These factors collectively reinforced Vietnam’s position as one of the most dynamic retail markets in Southeast Asia.[2]

Consumers at vegetable counter in a supermarket in Vietnam

Source: Government News

Investment updates

In Q4 2025, Vietnam’s retail market experienced notable investment and strategic shifts, reflecting a strong transformation among both domestic and international companies as they adapted to evolving consumer behavior.

M&A transactions and strategic restructuring initiatives

In late 2025, Thailand’s Central Retail divested its entire stake in the Vietnamese electronics retail chain Nguyễn Kim, selling it to Pico Holdings for approximately USD 36 million. As a result, Central Retail recorded an asset impairment loss of about USD 186.7 million in its Q4 2025 financial results. The divestment reflects the company’s strategy to refocus resources on its core businesses in Vietnam, particularly the food retail and real estate segments.[3]

An electronics retailer in Vietnam

Source: The Saigon Times

The expansion of modern retail chains

In 2025, several major retailers expanded their operations across Vietnam. On November 28, 2025, Bách Hóa Xanh (MWG) opened 20 stores simultaneously in Ninh Bình, marking its first expansion into Northern Vietnam after nearly a decade focusing on the South and Central regions. By the end of the year, the chain had grown to around 2,000 stores nationwide.

WinCommerce (Masan) also accelerated its rural expansion, with the WinMart/WinMart+ network reaching nearly 4,500 stores by the end of 2025; notably, about 75% of newly opened stores were the WinMart+ rural model, driving a 47% increase in rural revenue.

Meanwhile, FPT Retail continued to expand its pharmaceutical business by opening 500 additional Long Châu pharmacies in 2025, bringing the total to 2,343 pharmacies and 226 vaccination centers, reinforcing its position as Vietnam’s largest pharmacy chain.

AEON Group maintained steady growth as well, operating 8 shopping malls and 180 convenience stores in Vietnam by the end of 2025. On December 15, 2025, AEON Vietnam also launched the “Companion with Enterprises” program in Ho Chi Minh City to support local suppliers in joining modern retail supply chains. [4]

Investment in new retail infrastructure and real estate

In Q4 2025, new retail developments were launched in major cities, including Hanoi Centre in Hanoi, the green-certified MM Mega Market Supercenter in Da Nang, and Bcons City Mall in Binh Duong. At the same time, major retailers such as AEON, Lotte Mart, and Vincom are expanding beyond core metropolitan areas, increasing investments in satellite cities and industrial provinces like Quang Ninh, Thai Nguyen, and Hung Yen to take advantage of larger land availability and lower rental costs.[5]

E-commerce growth

Retail E-commerce Growth Rate (2014–2025)

Unit: USD billion

Source: Vietnam E-commerce White Book

Vietnam’s retail e-commerce market achieved strong growth in 2025, reaching approximately USD 31 billion, a 24% increase compared to 2024. The fourth quarter recorded the highest contribution, generating USD 4.71 billion, up 19.43% from the previous quarter, marking the strongest sales period of the year.[6]

In addition, several major promotional events in Q4 helped stimulate consumption and investment, including National E-commerce Week (Online Friday 2025) held from November 13–17, and Phase 2 of the National Concentrated Promotion Program, launched on December 1, 2025.[7]

Policy update

In Q4 2025, Vietnam’s retail market experienced significant policy and regulatory developments, particularly with the introduction of a long-term development strategy and nationwide stimulus programs aimed at boosting consumer demand.

Retail market development strategy to 2030

The most notable event this quarter was the issuance of Decision No. 2326/QĐ-TTg on October 21, 2025, by the Prime Minister, approving the Strategy for the Development of Vietnam’s Retail Market to 2030, with a Vision to 2050. The strategy aims to build a modern, civilized, and sustainable retail market aligned with trends such as the digital economy, green economy, and sharing economy. It sets targets for total retail sales of goods and consumer service revenue to grow by 11–11.5% annually, while e-commerce revenue is expected to increase by 15–20% per year, accounting for 15–20% of total national retail sales. The strategy also prioritizes the development of modern retail models driven by digitalization, with a focus on omnichannel retail, mobile commerce, television commerce, and social commerce.[8]

Stimulus and consumer support policies in Q4 2025

Supermarket in a major city in Vietnam

Source: Vietnam.vn

To achieve year-end growth targets, several demand-stimulating policies were implemented simultaneously. The National Concentrated Promotion Program 2025 (Phase 2) was held nationwide from December 1, 2025, to January 18, 2026, encouraging large-scale promotional activities. In addition, Online Friday 2025, the National E-commerce Week organized by the Ministry of Industry and Trade from November 13 to 17, 2025, created a strong wave of online shopping. At the same time, local governments such as Hanoi and Ho Chi Minh City introduced price stabilization programs and initiatives to support domestic businesses in distributing Vietnamese products through modern retail systems, including AEON Vietnam’s “Accompanying Businesses” project launched on December 15, 2025.[9]

Overall, Vietnam’s retail market in Q4 2025 demonstrated strong resilience and transformation amid changing consumer behavior and increasing competition. Domestic companies played a more active role in investment and expansion, while international retailers continued to strengthen their presence through infrastructure development and supply chain partnerships. The rapid growth of e-commerce and the implementation of supportive government policies are expected to further accelerate the modernization of the retail sector. Looking ahead, continued digital integration, rural market expansion, and investment in new retail formats will remain key drivers shaping Vietnam’s retail landscape in the coming years.

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[1] Government News, The size of Vietnam’s retail market is approximately $269 billion (https://baochinhphu.vn/quy-mo-thi-truong-ban-le-viet-nam-dat-khoang-269-ty-usd-102251230111145424.htm )

[2] Vietnam.vn, Retail market expected to accelerate towards the end of the year (https://www.vietnam.vn/en/thi-truong-ban-le-ky-vong-but-toc-cuoi-nam )

[3] The Saigon Times, Retail Industry 2025: Shifting to Adapt to New Consumer Behavior (https://thesaigontimes.vn/nganh-ban-le-2025-chuyen-trang-thai-de-thich-nghi-voi-hanh-vi-tieu-dung-moi/ )

[4] The Saigon Times, Retail Industry 2025: Shifting to Adapt to New Consumer Behavior (https://thesaigontimes.vn/nganh-ban-le-2025-chuyen-trang-thai-de-thich-nghi-voi-hanh-vi-tieu-dung-moi/ ); Theinvestor.vn, Vietnam’s retail goods and services market value hits $270 bln in 2025, domestic chains dominate (https://theinvestor.vn/vietnams-retail-goods-and-services-market-value-hits-270-bln-in-2025-domestic-chains-dominate-d18032.html ); Vietnam.vn, Retail market expected to accelerate towards the end of the year (https://www.vietnam.vn/en/thi-truong-ban-le-ky-vong-but-toc-cuoi-nam )

[5] CafeF.vn, Overview of the Vietnamese Real Estate Market in 2025: A pivotal moment ushering in a new cycle (https://cafef.vn/toan-canh-thi-truong-bds-viet-nam-2025-ban-le-mo-ra-mot-chu-ky-moi-188260110165147278.chn ); The Saigon Times, Retail Industry 2025: Shifting to Adapt to New Consumer Behavior (https://thesaigontimes.vn/nganh-ban-le-2025-chuyen-trang-thai-de-thich-nghi-voi-hanh-vi-tieu-dung-moi/ )

[6] News.laodong.vn, Vietnam’s e-commerce revenue grew by more than 34% in 2025 (https://news.laodong.vn/cong-nghe/doanh-thu-thuong-mai-dien-tu-viet-nam-tang-truong-hon-34-nam-2025-1640668.ldo )

[7] Vietnam.vn, Retail market expected to accelerate towards the end of the year (https://www.vietnam.vn/en/thi-truong-ban-le-ky-vong-but-toc-cuoi-nam )

[8] Vietnam Investment Review, Vietnam’s retail market tops $269 billion in 2025 amid e-commerce boom (https://vir.com.vn/vietnams-retail-market-tops-269-billion-in-2025-amid-e-commerce-boom-143961.html ); Vietnam.vn, Retail market expected to accelerate towards the end of the year (https://www.vietnam.vn/en/thi-truong-ban-le-ky-vong-but-toc-cuoi-nam )

[9] Vietnam.vn, Retail market expected to accelerate towards the end of the year (https://www.vietnam.vn/en/thi-truong-ban-le-ky-vong-but-toc-cuoi-nam )