Vietnam ranks 6th on global retail development index

Vietnam has jumped five positions from 11th to 6th on the global retail development index (GRDI) compiled by the American consulting firm A.T. Kearney.

Vietnam is currently behind India, China, Malaysia, Turkey, and the United Arab Emirates.

According to A.T. Kearney, foreign retailers have reasons to be positive about Vietnam, thanks to favorable government policies, urbanization, a growing middle class, and a relatively young population.

Convenience stores and mini-marts are the fastest-growing segment, with Circle K and FamilyMart expanding aggressively since entering the market in 2009. FamilyMart plans to have more than 800 franchise stores in Vietnam by 2020.

7-Eleven plans to open its first store in Vietnam in 2018 and increase the number of stores to 1,000 over the next ten years. Other retailers from Japan and the Republic of Korea also have plans to open stores and expand their presence in Vietnam.

A.T. Kearney said that e-commerce is growing fast in Vietnam, with sales expected to increase 22% and account for 1.2% of total retail by the end of 2020.

Source: VOV5