Retail sales of goods and services in Vietnam 2010-2021

In 2021, the total sales value of goods and services reached approximately 4,657 trillion Vietnamese dong (VND), indicating a decrease compared to the previous year. This figure included the sales value of the retail sector, accommodation and catering service, traveling service, and other services.

Retail channels in Vietnam

Independent small grocers generated the highest retail sales value in Vietnam and have dominated the retail landscape in Vietnam for a long time. However, in a recent survey on retail purchasing behaviors, consumers in Vietnam preferred modern trade channels the most. Recent figures also indicated that there has been a shift towards modern trade channels. In Vietnam, foreign brands had a larger share of convenience stores while domestic brands dominated the commercial centers, supermarkets, and minimarkets sector.

Impact of the COVID-19 pandemic

The contribution of accommodation and catering services, as well as travel services to total retail sales, decreased significantly in the past few years due to the negative impacts of the COVID-19 pandemic. As Vietnam was closed to international tourists for over two years, starting from the beginning of 2020, the sales of these sectors mostly came from domestic consumers. The removal of COVID-19-related restrictions in early 2022 was expected to revive the Vietnamese tourism industry, as well as boost the recovery of the retail sector.