Experts have forecast a tough time ahead for the domestic retail, with many store owners struggling to pay rent after being hit hard by the COVID-19 pandemic.

VietNamNet Bridge - Saigonese often advise travelers to go to central business districts if they want to find traditional markets, and to the suburbs for modern shopping malls.

VietNamNet Bridge - The concern about the number of retail premises in HCM City became more intense after Parkson Paragon closed. 

VietNamNet Bridge - The high rent for retail premises in large cities, especially HCM City, has forced retailers to give up their business.

VietNamNet Bridge –  The so-called “Lotte phenomenon” is a phrase on the lips of many businesspeople, reflecting the presence of the South Korean investor in many business fields in Vietnam.

Traditionally, Vietnamese love shopping to prepare for the Lunar New Year as they believe new things will bring luck in the new year. This year, people seem more likely to buy only necessities rather than goods they don’t really need.

 VietNamNet Bridge – High-end food chains are choosing shopping center food courts to set up shops and, while other popular shops are moving away from streetfront locations.

 VietNamNet Bridge - Located on prime real estate, the largest and most modern shopping malls in Hanoi like Lotte, The Garden, Parkson and IPH are quiet despite many new promotions and discounts.

 VietNamNet Bridge – While a lot of shopping malls in Hanoi and HCM City are deserted with idle premises, big retail chains have been fully occupied, though the business of some tenants does not go well.

In the second quarter, three shopping malls closed the doors in HCM City, five brands gave back the premises, while 60 shops in Hanoi shut down. In the third quarter, two retail projects stopped operation in Hanoi.

VietNamNet Bridge – The two giants Openasia Group and IPP have been competing vehemently in the battle of distributing branded goods. However, in the eyes of outsiders, they have been coexisting in peace.

A lot of high end shopping malls have closed down after the failed efforts to drag out their existence.

The owners of well known brands have been flocking to the central area of HCM City, thus making the war for retail premises in the area scorching hot.