Due to falling demand, communication and technology (ICT) firms had to sacrifice profits to stimulate demand as well as promote other product segments to compensate for the losses.

Vietnamese companies are expanding their retail system to maintain their home turf advantage and market share.

The moderate situation at these supermarkets in Hanoi reflects the dim landscape of Vietnam’s retail and consumption.

The nation is becoming an attractive retail market for companies globally with many regional and global FDI investors recently revealing their plans to increase capital and expand distribution networks here.

Tech retail chains are experiencing the toughest days in their history. They have had to sell products at a loss and negotiate with landlords on slashing rent.

Central Retail is one of the big players in the retail industry willing to spend big money to buy retail empires. Rumor has it that it is negotiating to acquire a large shopping mall chain in Vietnam.

Central Retail Corporation (CRC), the largest retailer of Thailand, has announced its biggest investment in Vietnam at 50 billion THB (US$1.45 billion) in the 2023-27 period to accelerate its market presence in the country.

The scale of the domestic retail market is expected to increase from 142 billion USD at present to 350 billion USD by 2025, contributing 59% of the national GDP, according to the Ministry of Industry and Trade (MoIT).

Although 2023 is forecast to see many difficulties, experts expect this is a recovery year of the retail sector after COVID-19 pandemic as there are many signs showing the return of investors and higher demands.

The retail market in Vietnam is estimated to increase by $163.5 billion at a compound annual growth rate of 11.4 per cent between 2022 and 2027.

More retail brands have opened in large cities and existing brands have expanded their networks in Vietnam.

Retail stocks have entered a recovery phase following the general market's upward trend, given their bright long-term prospects.

Vietnam will complete policies to develop commercial infrastructure to meet the national socio-economic development needs.

Vietnam is becoming increasingly more and more attractive in the eyes of foreign retail giants.

Retailers in Vietnam have drawn up sales plans and rolled out promotional programmes to better meet year-end purchasing power of local people.

Vietnam’s competitive advantages and its strong recovery has attracted foreign retailers.

Retail stocks, in general, are expected to produce positive business results this year, especially in the third quarter.

As one of the most dynamic economies in the region, Vietnam's retail market is attractive for many foreign investors, but it can also be challenging at the same time.