Retail trade fuels Vietnam’s economic recovery

Hanoi, Jan 16 (Prensa Latina) The sustained advance in retail trade provided a great boost to the economic recovery of Vietnam during 2022 despite the uncertainties that still dominate the world scene.

January 16, 2023
07:51

According to the results of a survey conducted by Vietnam Report company, 53.8 percent of the country’s retail companies reported business performance equal to or higher than pre-COVID-19 pandemic levels.

However, despite the high pace of development, the scale and total sales of consumer goods and services in 2022 reached around 82 percent of the size of this sector before the outbreak, said Vice Minister of Industry and Commerce Do Thang Hai, as quoted by the VNA news agency.

Estimates from the Ministry of Industry and Commerce indicate that the value of retail trade in Vietnam is about 142 billion dollars, a figure that will exceed 350 billion dollars by 2025.

To that end, the Vietnam Retailers Association is developing the Digital Industry Transformation Project, which will help speeding up and automatize in-store payment, thereby improving service quality and customer experience.

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