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.
Many consumers have opted for online shopping, convenience stores, shopping centres, and supermarkets, rather than traditional markets. (Photo: VNA)
Hanoi (VNA) - Despite a raft of difficulties facing Vietnam’s retail market,economists and insiders are still optimistic about the outlook for the sectorin the time ahead, according to the Vietnam Report JSC.
In a recentsurvey, Vietnam Report found that nearly 42 percent of Vietnamese retail companieshave been seriously impacted by COVID-19, while half said the impact has notbeen too serious and 8 percent experienced only minor effects.
Many people have hadto cut their spending after becoming jobless or having their wages reduced dueto the pandemic. Retail companies, meanwhile, have had to face a shortage ofcapital and disrupted supply chains.
However, Vu DangVinh, General Director of Vietnam Report, said economists and insiders remain optimisticabout the sector’s outlook.
In following COVID-19prevention and control regulations, many consumers have opted for onlineshopping, convenience stores, shopping centres, and supermarkets, rather than traditionalmarkets.
Vinh pointed to theincreased popularity of multi-channel marketing, both online and in-person, whileadding that thanks to quick changes, many retail businesses, including giantslike Lotte Mart, have posted online sales growth of 100 to 200 percent, especiallyin Hanoi and HCM City.
Mergers and acquisitions(M&As) are also expected to boom in Vietnam’s retail market in the timeahead, he said, explaining that more than 60 percent of local retailers are of smalland medium-size and have significant demand for capital, so are ready to enterinto partnerships.
Analysts also saidthe mini-supermarket model has proven superior amid the pandemic, as it canlimit large gatherings.
Retailers have thereforepoured more investment into this model while introducing more changes to bettermeet customer demand./.
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.
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Many consumers have opted for online shopping, convenience stores, shopping centres, and supermarkets, rather than traditional markets. (Photo: VNA) 
