VIỆT NAM'S RETAIL MARKET AIMS FOR 11.5 PER CENT GROWTH BY 2030

The strategy sets a target for e-commerce sales to grow by an average of 15-20 per cent annually.

Shoppers buy goods at a retail store. — VNA/VNS Photo

HÀ NỘI — Deputy Prime Minister Bùi Thanh Sơn has signed a prime ministerial decision approving the Strategy for the Development of Việt Nam's Retail Market through 2030, with a vision towards 2050, aiming to transform the country’s retail sector and boost e-commerce growth.

The strategy sets a target for e-commerce sales to expand by an average of 15-20 per cent annually, accounting for 15-20 per cent of total retail sales of goods and consumer services by 2030. Around 40-45 per cent of small and medium-sized enterprises (SMEs) are expected to participate on e-commerce platforms.

It also projects an average annual growth rate of 11-11.5 per cent in total retail sales of goods and consumer service revenues, not adjusted for price factors, by 2030.

The strategic orientation encourages businesses across all sectors to participate in retail development in forms and scales suitable to their capacities, while establishing a core domestic distribution force through initial financial incentives and land policy support.

At the same time, the strategy calls for the creation of large corporations and enterprises in the distribution sector, primarily domestic businesses, including those with foreign investment. Private enterprises are recognised as the core driving force of the market, while SMEs, co-operatives, household businesses and individual traders are encouraged and supported to take part.

The strategy promotes modern retail models, omnichannel retail and e-commerce alongside traditional retail formats. It combines the sale of surplus goods with promotions to stimulate consumer demand and invests in comprehensive commercial-service centres, where traditional markets serve as the nucleus, combined with commercial streets to blend modernity with traditional business culture.

It aims to build supply chains connecting production with distribution, initially focusing on essential agricultural and food products to ensure stable supply and demand, effective quality management and food safety. The strategy also emphasises managing and operating efficient distribution systems for essential goods.

Sustainable production-distribution linkages are a priority, strengthening supply chain connections while ensuring compliance with quality standards, food safety, traceability and environmentally friendly practices with eco-labelling.

The strategy highlights the development of modern commercial models such as e-commerce and digital-based trading platforms, diversifying retail methods including mobile phone sales, TV sales and social media app sales, to meet future consumer demand.

It aims to foster a healthy, competitive and sustainable e-commerce market, expand consumption through e-commerce applications, encourage digital transformation in businesses and promote cross-border and border-area e-commerce transactions. — VNS

Source: VNS