Vietnam retail market in recent years has impressive growth. Notably, the luxury goods segment is gradually gaining dominance in the market and will be reflected in the 2019 High-Quality Product Supply Exhibition.
Impressive figures on the growth of Vietnam’s retail market
Vietnam retail market in 2018 has recently been relatively active with strong growth in the size of domestic and foreign enterprises.
According to the latest figures from the General Statistics Office, the retail sales of goods in 2018 were estimated at VND 3.3 million, an increase of 12.4% compared to 2017. This figure proved this part for a whole year of retail market growth.
In addition, Vietnam’s retail sales are expected to achieve growth rates of 11.9% to 2020, nearly 3 times higher than the next ranked country in Southeast Asia. In 2018, Vietnam ranked the second in the world in consumer confidence when the retail industry flourished.
Through the above figures, it can be seen that the potential of Vietnam’s retail market is huge. In the period of 2018-2021, the retail market is expected to grow steadily thanks to increased demand for entertainment (10% per year), modern grocery stores (9% per year) and garments (6%/year).
High-end product segment dominates the retail market in Vietnam
In addition to the obvious growth, the Vietnamese retail market also has a big change in goods segment. Up to now, the luxury goods segment is dominant in the retail market. Evidence is that the growth rate of the high-end segment in this category doubled compared to other segments.
This can be easily explained because creativity, innovation and quality are important factors that make these products appealing to consumers. Moreover, thanks to the strong improvement in income, Vietnamese consumers not only increase their consumption in quantity to satisfy their needs but also spend more on quality to enhance their value. living.
In addition to the high-end products from domestic enterprises, Vietnamese consumers are also interested in products from countries around the world, especially products from countries around the world such as Korea, Japan, Thailand, …
On the seller side, the import of high-end products not only to meet the needs of buyers but also helps to increase profit margins, because high-end products often have higher profit margins than universal products. common or ordinary. Therefore, high-class products currently dominate the retail market in Vietnam today.
True reflection of the market situation through the International Exhibition Supply of High-end Products for Vietnam Market VIPREMIUM 2019 from May 30 – June 2, 2019.
The exhibition brings together more than 190 manufacturing and trading enterprises, providing products from 5 markets of Korea, Vietnam, Singapore, Taiwan, and China, creating 280 stores with high-end products. The products are very diverse, all are high-end consumer products, have new features in areas such as food, catering services, cosmetics, fashion, accompanied accessories, home appliances, gift toys, electronic equipment – technology and many other products. It can be said that this is a golden opportunity for Vietnamese enterprises to find more suppliers of potential products and develop their business in the future.
In addition, at VIPREMIUM, free seminars help traders update high-end consumer goods trends in Vietnam and the world, online business trends, capture new administrative procedures in trade in food and trade in beauty products – health care.
More importantly, the Purchasing Department of large supermarkets and convenience stores in Vietnam will always be in the Buyer Zone area at the exhibition to meet with units wishing to offer to the supermarket channel.