In 7 months, retail sales hit $74 billion
Vietnam's retail sales increased 10% compared to 2016.
Fast growing economy and relaxed regulations are inviting foreign retailers to enter Vietnam's market.
Based on the data from the General Statistics Office (GSO), Vietnam's retail sales increased 10% to aroind $74 billion in the first seven months of 2017. The strongest growth was seen in food (10%), followed by clothing and footwear (9.7%), household appliances (8.9%) and transport (7.8%).
Similar to other emerging markets, essential goods are still on the top of an average Vietnamese consumer's shopping list, accounting for more than half of monthly budgets.
Experts in the field expect that VIetnam will see a 11.8% increase of retail sales year-on-year. With the strong increase trajectory, the country's trade ministry has projected the retail market value will reach $179 billion by 2020, an increase of more than 50% when compared to 2016.
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