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BUSINESS REPORT

Footprints to grow

Despite facing myriad di!culties in 2023, major retailers still have belief in Vietnam
and head into 2024 with high hopes that business conditions will improve.

| By VIET AN

ata from the General Statistics rapidly-expanding middle class,” Mr. Furu- which would see it accounting for 59 per
Office of Vietnam reveals that the sawa Yasuyuki, General Director of AEON cent of the country’s GDP.
D retail sale of consumer goods and Vietnam, told VET. “Consequently, con- Agreeing with Mr. Yasuyuki on the
services at current prices was estimated at sumer demand for better, more advanced potential of Vietnam’s retail market, Mr.
$256 billion in 2023, up 9.6 per cent year- products and enhanced services is on the Olivier Langlet, CEO of Central Retail Viet-
on-year but down on the 20 per cent rise. Vietnam’s retail market therefore pres- nam, was quoted in a recent interview as
increase posted in 2022. ents a range of opportunities for develop- saying that despite the world’s unstable
Despite a strong start in the first half, ment over the next five years.” situation, Vietnam’s economy continues to
when an increase of 10.9 per cent was All retailers, he believes, must continually grow and so does its middle class. These
seen, the growth in retail sales of consumer innovate and transform to meet customer elements, coupled with a population of
goods and services in Vietnam came in at needs and expectations, and AEON has more than 100 million, the development
single digits for the year as a whole. determined that Vietnam will become its of modern retail distribution channels, and
Though facing signs of slowing growth, second hub, besides Japan. “We will con- the increasing number of international
major retailers, both foreign and domestic, tinue accelerating our investment in Viet- tourists, make Central Retail confident
continue to express confidence in the long- nam, to contribute to providing sustainable about continuing to expand in the country.
term prospects Vietnam’s retail sector holds. and prosperous lives to people wherever Along with affirming his belief in Vietnam,
AEON operates,” he added. Mr. Yasuyuki also guaranteed that with each
OPTIMISTIC OUTLOOK The Ministry of Trade and Industry new shopping mall opening, AEON Vietnam
“Vietnam’s economic potential shows a has estimated that Vietnam’s retail market strives to build an ecosystem that will benefit
lot of promise, fueled by a dynamic and can reach the $350 billion mark by 2025, its suppliers, local manufacturers, tenants,

28 | VIETNAM ECONOMIC TIMES | MARCH 2024 en.vneconomy.vn