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The retail market has entered a new growth phase driven by stable consumer demand, urbanization, and rapid digitalization. Modern trade formats such as convenience stores, minimarts, supermarkets, and drugstores are expanding beyond major cities. Meanwhile, traditional channels retain significant influence in everyday shopping. E-commerce (EC) and social commerce are changing how consumers select products, make payments, and receive goods, making omnichannel the standard strategy.
The regulatory environment is gradually liberalizing. Since 2009, 100% foreign ownership has been possible following WTO commitments.
However, while opening the first store is relatively unrestricted, expanding retail locations requires passing an Economic Necessity Test (ENT). Under current regulations (particularly Decree 09/2018/ND-CP), foreign investors must undergo ENT review for stores beyond the first, creating a significant disadvantage compared to domestic firms. Exceptions apply for stores under 500 m2 located within commercial centers, provided they are not convenience stores or mini supermarkets.
The ENT was scheduled to be abolished for investments from the 10 CPTPP member countries starting January 2024. However, due to delays in legal implementation, the ENT remains required at present. Nevertheless, the Ministry of Industry and Trade (MOIT) draft decree from August 2025, scheduled to take effect on January 1, 2026, is expected to finally abolish the ENT for CPTPP member countries (including Japan).
The retail market is supported by a growing middle class. It expanded at an average annual rate of approximately 10% from 2010 to 2024, with the value added by Wholesale and Retail Trade (including repair of motor vehicles and motorcycles) accounting for about 10% of GDP in 2024.
According to B&Company’s database, total corporate sales in the retail industry grew at an annual rate of about 10% between 2017 and 2023, reaching 59 billion USD in 2023. However, a significant portion, such as individual shops, is not counted in corporate sales, and the total retail market size is estimated to be several times larger.
Retail Market
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The report provides an overview of Vietnam’s computers and telecommunications equipment retail, for investors, electronics retailers and brands, etc.
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