A strong impetus for the Vietnamese retail market.

Decision No. 2326/QD-TTg is expected to be a strong impetus for the development of Vietnam's retail market, affirming its role as a pillar for growth.

Domestic growth drivers continue to thrive.

Retail is the "lifeblood" of goods circulation, directly linked to people's lives, making a significant contribution to GDP and creating jobs. Looking back at the period from 2015 to 2025, the retail market has experienced remarkable development. Retail sales of goods consistently account for a high proportion of total retail sales and consumer services. In 2024 alone, this figure reached approximately VND 6,391 trillion, accounting for 77%, demonstrating the leading role of the retail sector in domestic trade.

Policy dialogue forum on the development of Vietnam's retail market until 2030, with a vision to 2050. Photo: Thanh Tuan

Data from the General Statistics Office ( Ministry of Finance ) for the first 10 months of 2025 further reinforces this positive trend: Total retail sales of goods and consumer service revenue reached VND 5,772.9 trillion, an increase of 9.3% compared to the same period in 2024. Retail sales of goods reached VND 4,400.1 trillion, an increase of 8%, accounting for 76.2% of the total and spreading across many sectors: Food and beverages increased by 10%, clothing increased by 8.6%, household goods increased by 7.1%, etc.

The distribution system has changed rapidly, shifting sharply from a traditional to a modern model. Supermarkets, shopping malls, and convenience store chains are expanding not only in urban areas but also reaching many rural regions. E-commerce, digital payments, and smart logistics are shaping new shopping habits.

According to Mr. Nguyen Khac Quyen, Deputy Director of the Institute for Strategic Research and Policy in Industry and Trade, Ministry of Industry and Trade , developing the retail market is one of the important goals and driving forces of domestic trade growth as well as the country's economic growth. Retail is currently a pillar supporting domestic consumption in the context of many difficulties in exports.

Despite positive growth, the retail market has yet to meet the government 's target (10-12% annual growth). Regarding the reasons for this situation, a representative from the Institute for Strategic Policy Research in Industry and Trade stated: Domestic distribution businesses still have weak capabilities, lacking capital, technology, and high-quality human resources. Small-scale businesses still account for a large proportion in rural areas and lack professionalism.

The outdated commercial and logistics infrastructure drives up costs and reduces the competitiveness of Vietnamese goods. The weak linkages between production, transportation, and distribution create a vicious cycle of "bumper harvests leading to price drops." Ineffective market control allows counterfeit, imitation, and substandard goods to infiltrate the market, threatening consumer confidence. Adding to this is the increasing pressure from powerful foreign businesses with sophisticated strategies.

“ The competitiveness of domestic distribution businesses is still limited… the development of technical barriers has not met the requirements to protect the market ,” Mr. Nguyen Khac Quyen added.

Thus, it can be seen that without a sufficiently strong policy impetus, the domestic market share could easily fall into the hands of foreign retail corporations.

Expectations from the new policy

Despite existing bottlenecks, the Vietnamese retail market is seen by experts as having significant potential and room for growth. This is driven by the rapidly expanding middle class, projected to account for approximately 50% of the population by 2035, coupled with a growing demand for high-quality consumer goods and a focus on customer experience.

Furthermore, e-commerce is among the top 5 fastest-growing markets in the world, with a size exceeding $20 billion in 2024. Domestic and international retail corporations continue to accelerate their investments…

Dr. Lam Tuan Hung, from the Center for Training and Development of Industry and Trade, speaks at the seminar. Photo: Thanh Tuan

However, according to Dr. Lam Tuan Hung, from the Center for Training and Development of Industry and Trade, Ministry of Industry and Trade, potential can only truly be transformed into competitiveness when there is a comprehensive strategy. This is also one of the reasons why the Government issued Decision No. 2326/QD-TTg dated October 21, 2025, of the Prime Minister approving the Strategy for the Development of the Retail Market until 2030, with a vision to 2050. “ The development of the retail market must be linked to innovation, modernization of the market, and specialization in each segment, in order to ensure a sustainable connection between production and consumption ,” Dr. Lam Tuan Hung stated.

The strategy for developing Vietnam's retail market also sets out many major directions, such as: diversifying retail types; innovating business methods on digital platforms; developing sustainable distribution chains; promoting e-commerce transactions linked to localities; strengthening trade promotion and market strategies; attracting investment in modern commercial infrastructure; and improving the effectiveness of state management.

Along with that, seven key solutions have been implemented, directly targeting existing bottlenecks: infrastructure, logistics, fair competition, support for small and medium-sized enterprises, and strengthening market control…

The target of achieving an average annual retail sales growth of 10.5% by 2030 is challenging, but if implemented decisively and synchronously, it is entirely achievable.

The Vietnamese retail market is currently facing both opportunities and challenges. The newly issued strategy for the development of the Vietnamese retail market until 2030, with a vision to 2050, provides a foundation for the market to overcome challenges and develop more rapidly and strongly.

Decision No. 2326/QD-TTg dated October 21, 2025, of the Prime Minister approving the Retail Market Development Strategy to 2030, with a vision to 2050, is seen by many experts as a strong driving force for the development of Vietnam's retail market in the coming time.

Source: https://congthuong.vn/luc-day-manh-cho-thi-truong-ban-le-viet-nam-431245.html