Vietnam’s high-value manufacturing is expected to grow, with the government intent on increasing manufacturing’s share of the economy from 25% to 30% by 2030 by attracting more high-value manufacturing investment, said the “Strength through Diversification: Opportunities across Asia Pacific” report by Cushman & Wakefield.

Vietnam’s total retail sales of consumer goods and services saw a year-on-year increase of 9.4% to more than VND5.1 trillion (US$207.8 million) during January – October, the General Statistics Office said.

About 70 Vietnamese handicraft and gift companies are exhibiting their products at the MEGA Show Hong Kong (China) 2023 which is taking place in the special administrative region from October 21-23.

Deputy Prime Minister Tran Hong Ha on September 12 said that Vietnam wants to join world-leading retailers like Walmart in forming comprehensive inclusive sustainable ecosystems with long-term commitment to benefit sharing in the consumer goods supply chain.

Total retail sales of consumer goods and services have increased 10.4% year on year to almost VND3.53 quadrillion (US$149 billion) in the first seven months of 2023, compared to a rise of 15.7% during the same period of 2022, reported the General Statistics Office (GSO).

Analysts believed that profits of almost domestic retailers hit their lowest point in the first half of this year, and the businesses are on the path to recovery.

Total revenue from retail sales of consumer goods and services in May was estimated at VND519 trillion (US$22.09 billion), an increase of 1.5% over the previous month and 11.5% year on year thanks to the long holidays in the beginning of the month, according to the General Statistics Office (GSO).

Consumers and businesses are called on to join authorities to curb counterfeit, fake, and smuggled goods on online shopping platforms, particularly as e-commerce has been thriving strongly in Vietnam.

Most of the respondents in a nationwide survey have declared they will pay a premium for high-quality Vietnamese products that meet specific standards, and are originally traceable, good for health, and environmentally friendly.

Following two years of low sales during Tet (the Lunar New Year), things are expected to look up for the fast moving consumer goods industry this time around since the Vietnamese economy has recovered and consumers have a positive outlook on economic prospects, according to market research company Kantar Worldpanel Vietnam.