Retail industry aims at 15.5 percent GDP by 2025

The Ministry of Industry and Trade has issued a commerce development strategy by 2025, setting up the target that retail field will contribute to 15.5 percent of the country’s Gross Domestic Product by 2025.

A convenient store in HCMC (Source: SGGP)

A convenient store in HCMC (Source: SGGP)

The retail trade revenue will reach VND419 trillion (US$18.44 billion) by 2020 and VND700 trillion ($31 billion) by 2025.
According to the strategy, total retail sale of goods and services will post the annual growth rate of 13 percent to approximate VND5.8 trillion by 2020, jumping to 14 percent to hit VND11 trillion in the phase of 2021-2025.
The country now has 8,660 traditional markets where goods volume accounts for 35-40 percent.
Modern retail channel has strongly developed with the establishment of supermarket chains and convenient stores. The network of supermarkets and trade centers last year hiked 2.1 times compared to 2006, present in 62 out of 63 provinces and cites in the country.

By GIA BAO – Translated by Hai Mien

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