Despite the pandemic impact, foreign retailers are implementing a multi-channel sales strategy and enhancing operations and delivery services to enlarge their business in Vietnam.
According to Ho Chi Minh City’s Department of Industry and Trade, Vietnam is a fast-growing retail market with nearly 100 million people and an increasing number of middle-class consumers. It is expected that Vietnam will take a leading position in the Southeast Asian region in terms of the growth of the middle-class population in the next five to ten years, with a CAGR of 9.2%. With growing competition, foreign retailers are expected to have a better chance of dominating the market as they can optimize the shopping experience to retain customers through various sales process metrics.
In a digital era, several foreign retail companies are constantly developing their technological applications for collection, storage, management, and comprehensive data analysis based on cloud computing infrastructure. In 2021, leading retailers in Vietnam, such as MM Mega Market, Aeon, Lotte Mart, Central, and Emart, deployed e-payment systems for both online shopping and physical stores.
MM Mega Market has launched its multi-channel sales strategy alongside existing online sales solutions, such as website MM Click & Get, Zalo, and Telesales. Meanwhile, Aeon aims to open 30 shopping centers nationwide and other retail models, including malls, department stores, supermarkets, convenience stores, and specialized stores. Other Japanese and South Korean retailers also have plans to put into operation more shopping malls in Vietnam in the upcoming years to take advantage of the economic recovery after experiencing a low growth rate in 2021.