With a young population and increasing number of people visiting commercial centres, the country's retail industry holds huge potential.
Big retailers from Japan, Thailand, France and Germany have poured into the retail market, creating fierce competition.
The Economist Intelligence Unit also announced its report on the prospects of various sectors in 2016.
It said the retail sector's revenue could see stable growth of 2.7% this year.
It added that the liberalisation of the retail industry would help Vietnam become an extremely attractive market, especially in e-commerce.