Vietnam’s growing retail service revenue and a big number of newly-established enterprises in the sector mirror the uptrend in local purchasing power and retail stores.
More Asian brands, particularly those from Southeast Asia, have been franchised to the Vietnamese market, with seven foreign franchises licensed in Vietnam this year.
Convenience stores and mini supermarkets have been witnessing a growth rate of 200% in the last three years.
Foreign investors are rushing to open convenience store chains in Vietnam, which is forecast to become the fastest-growing convenience store market in Asia by 2021.
The appearance of big foreign retail chains like CircleK, Shop&Go, FamilyMart and Aeon and the strong rise of Vietnamese chains Vinamart, Co-op and The Gioi Di Dong have fostered the development of consumer credit in Vietnam, according to the State Bank of Vietnam.
VOV.VN - The rising number of single-person households in conjunction with rising incomes in the larger metropolitan areas of Vietnam is helping to fuel a boom in neighbourhood convenience stores.
The Vietnamese retail market, which is promising and lucrative, has its problems, as many retail giants have gained big success in other markets, but not in Vietnam.
Foreign retailers are showing huge appetite for a slice of the convenience store business pie in Vietnam as their investment spree will not be over anytime soon.
VOV.VN - A growing number of Japanese retailers are moving into the Vietnam retail market hoping to carve out a profitable niche in the nation’s sizable consumer market some 90 million strong.
Four companies that run the biggest chains of convenience stores in Japan are considering plans to either expand or start their business in Vietnam, local media have reported, citing a Japanese business group.
Domestic and foreign retailers are mulling over plans to develop a range of convenience store chains across Vietnam, in hopes of meeting rising consumer demand with this high-potential business model.
Vietnamese consumers are making their way from traditional markets into air-conditioned, brightly-lit convenience stores.
Retailers have been opening up more convenience stores to attract youth and students.
Vietnamese retailers have withdrawn from the convenience store market after a long period of incurring losses, leaving the market more open to foreign retailers, who have been expanding their chains.