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Retail market size to hit $350 bln by 2025
By Dat Nguyen January 3, 2021 | 04:00 pm GMT+7
A person shops in a supermarket in District 9, Ho Chi Minh City on March 26, 2020. Photo by VnExpress/Quynh Tran.
An expanding middle class and increased incomes will see Vietnam’s retail and services revenues rise 1.6 times from that of 2020 to $350 billion by 2025.
The revenues reached VND5,060 trillion ($219.6 billion) in 2020 and is set to record a growth rate of 9-9.5 percent in the 2021-2025 period, analysts with stock brokerage VNDirect say in a report, citing projected growth figures from the Ministry of Industry and Trade.
Vietnam’s nationwide social distancing period in 2020 lasted only 22 days, considerably shorter than other countries, and this has reduced pressure on domestic consumption growth, the report says.