The Thailand-based Central Retail Corporation Public Company Limited (CRC) plans to spend as much as THB35 billion (US$1.1 billion) on expanding its network in Vietnam over the next five years.

The Vietnam E-Commerce Association (VECOM) in partnership with Google and partners announced a series of Retail University activities to promote e-commerce for retailers this year.

AEON Mall, the Japanese retailer, will build a US$190-million shopping center in the northern province of Bac Ninh.

Catching up with new retail trends to bring a new shopping experience to customers will help Vietnamese retailers seize the lion’s share of the market, especially after a number of foreign players have shut up their shops, according to insiders.

While fashion fanatics will welcome the ever-increasing presence of international brands, the domestic consumer base has already lost a significant portion of its purchasing power amid the influence of the global health crisis on the economy, forcing domestic brands to face increased competition with new strategies to retain their business.

The Ministry of Industry and Trade has called for concerted solutions to maintain market stability, remove difficulties facing domestic firms, and increase the total retail sales of goods and services.

Modern and online shopping channels recorded strong growth last year and will continue to thrive this year, according to experts.

Despite a raft of difficulties facing Vietnam’s retail market, economists and insiders are still optimistic about the outlook for the sector in the time ahead, according to the Vietnam Report JSC.

VOV.VN - With the COVID-19 pandemic causing plenty of difficulties for production and business activities and the added value of the industrial sector in Q1 set to endure a slight fall, the Ministry of Industry and Trade (MoIT) is striving to help the sector achieve a growth rate of 9.45% and export growth of up to 5%.

The local retail market is forecast to grow at a double-digit rate in 2021, so domestic retailers have rushed to open new stores across the country to expand their market share since the beginning of the year.