Connect with us

Technology

Vietnam Retail Market to Expand by USD 226.4 Billion (2024-2028), Driven by Rising Demand for Convenience Foods, AI Driving Market Transformation – Technavio

Published

on

NEW YORK, Nov. 25, 2024 /PRNewswire/ — Report with the AI impact on market trends – The retail market in vietnam size is estimated to grow by USD 226.4 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  13.64%  during the forecast period. Growing demand for convenience food products is driving market growth, with a trend towards emergence of urban lifestyles in Vietnam. However, issues related to logistics and supply chain operations  poses a challenge.Key market players include 7 Eleven Inc., AEON CO. LTD., Berli Jucker Public Co. Ltd., Central Group of Company, Central Retail Corp., Charoen Pokphand Foods PCL, Circle K, E Mart Co. Ltd., FPT Retail Joint Stock Co., Lotte Shopping Plaza Vietnam Co. Ltd., Masan Group, MM Mega Market Vietnam, Saigon Union of Trading Cooperatives, and SPAR International.

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF

Retail Market In Vietnam Scope

Report Coverage

Details

Base year

2023

Historic period

2017 – 2021

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 13.64%

Market growth 2024-2028

USD 226.4 billion

Market structure

Concentrated

YoY growth 2022-2023 (%)

11.74

Regional analysis

Vietnam

Performing market contribution

APAC at 100%

Key countries

Vietnam

Key companies profiled

7 Eleven Inc., AEON CO. LTD., Berli Jucker Public Co. Ltd., Central Group of Company, Central Retail Corp., Charoen Pokphand Foods PCL, Circle K, E Mart Co. Ltd., FPT Retail Joint Stock Co., Lotte Shopping Plaza Vietnam Co. Ltd., Masan Group, MM Mega Market Vietnam, Saigon Union of Trading Cooperatives, and SPAR International

Market Driver

Vietnam’s retail market is experiencing significant growth due to economic development. Traditional formats like brick-and-mortar stores, shopping malls, boutiques, and specialty stores coexist with modern retailing. The digital wave is transforming businesses with tech-savvy consumers preferring ecommerce platforms. AI, machine learning, IoT, and omnichannel strategies offer seamless shopping experiences, enhancing customer loyalty. Price sensitivity remains a key factor, with health, wellness products, fitness, and wellness supplements gaining popularity. Brands focus on brand awareness and shopping experience, offering diverse product ranges. Sustainability is a growing trend, with eco-friendly products, green technologies, and reduced plastic use. Mahindra, the Chairperson, sustainability and environmental awareness in the supply chain. Adaptation to changing consumer preferences, data analytics, and omnichannel experiences are essential for businesses. Urbanization increases the demand for modern retail, including department stores and organized sector growth. Traditional stores like Kirana shops and street vendors maintain their local connection and personalized service, offering lower operational costs. Cultural significance remains, with infrastructure improvements supporting the expansion of both modern and traditional retail sectors. 

Vietnam’s retail market is experiencing significant growth due to urbanization and changing consumer preferences among young urban customers. This shift is leading to the expansion of contemporary retail channels, including convenience stores and e-commerce. Online retail sales have seen substantial growth, with both established and private retailers effectively selling their products through digital platforms. The elimination of physical stores, merchandise, salespeople, and inventory requirements makes online sales an attractive option for retailers. Additionally, the increasing Internet and smartphone penetration in Vietnam provides retailers with an opportunity to expand their reach and offer their products online. 

Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution!

Market Challenges

In Vietnam’s retail market, economic development brings new opportunities but also challenges. Traditional formats like brick-and-mortar stores face competition from modern retailing and ecommerce platforms. Tech-savvy consumers prefer seamless shopping experiences, digital technologies like AI and machine learning, and omnichannel strategies. Businesses must adapt to the digital wave and offer convenience, customer loyalty, and eco-friendly practices to stay competitive. Price sensitivity remains a key factor, with health, wellness products, fitness, and wellness supplements popular. Brands aim for increased awareness and better shopping experiences through payment options, infrastructure, and personalized service. Sustainability is a growing concern, with green technologies, ecofriendly products, and reduced plastic use gaining importance. The organized sector, including department stores and modern retail, competes with the unorganized sector, including traditional stores, kirana shops, and street vendors, which offer local connection and lower operational costs. Mahindra’s Chairperson sustainability and environmental awareness in the retail sector’s supply chain. Urbanization and changing consumer preferences drive e-commerce expansion and adaptation to an omnichannel experience. Data analytics plays a crucial role in understanding consumer behavior and adapting to their evolving needs.In Vietnam’s retail market, back-end supply chain management processes are intricate due to the developing infrastructure. Functions include product acquisition, warehouse management, packaging, inventory, distribution, and merchandising. Costs entail IT support, infrastructure, and customer service. Managing transportation and multiple retail stores adds complexity, with potential product damage risks. Retailers face challenges in optimizing these processes for efficiency and cost savings. Effective supply chain management is crucial for retailers to remain competitive in Vietnam’s market.

Discover how AI is revolutionizing market trends- Get your access now!

Segment Overview 

This retail market in Vietnam report extensively covers market segmentation by  

Distribution Channel1.1 Offline1.2 OnlineType 2.1 Grocery2.2 Electronics and appliances2.3 Home and garden2.4 Health and beauty2.5 OthersGeography 3.1 APAC

1.1 Offline-  The retail market in Vietnam offers significant growth opportunities, yet faces intense competition among domestic and international retailers. Supermarkets, with their wide range of daily necessities and convenient one-stop shopping experience, remain popular among consumers. These stores provide food, non-food items, and household appliances, as well as in-house bakeries and cafes. Traditional retailers continue to dominate due to their extensive availability, lower prices, and fresh produce offerings. Convenience stores, offering everyday essentials, are strategically located near highways and busy roads. Department stores or commercial centers provide a broad selection of consumer goods, shaping urban shopping habits. Despite the rise of digital channels, physical retail channels continue to dominate the Vietnamese retail landscape.

Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics

Research Analysis

Vietnam’s retail market is experiencing rapid growth due to the country’s economic development. Traditional formats like street markets and mom-and-pop stores continue to coexist with modern retailing, offering a diverse shopping experience. The economy’s digital wave has brought about a tech-savvy consumer base, leading businesses to adopt digital technologies such as AI, machine learning, and IoT for omnichannel strategies. Ecommerce platforms and brick-and-mortar stores are merging to provide seamless shopping experiences. Shopping malls, boutiques, and specialty stores cater to various consumer needs, from health and wellness products to fitness and wellness supplements. The organized sector, including department stores and brand awareness, is expanding, offering a wider range of products at competitive prices. Price sensitivity remains a key factor, making affordability a priority for many businesses. Overall, Vietnam’s retail market is an exciting space to watch as it continues to evolve and adapt to consumer demands.

Market Research Overview

Vietnam’s retail market is experiencing significant growth due to the country’s economic development. Traditional formats are evolving as modern retailing gains popularity among tech-savvy consumers. The digital wave is transforming businesses with ecommerce platforms and AI, machine learning, IoT, and omnichannel strategies offering seamless shopping experiences. Convenience, customer loyalty, and environmental impact are key considerations. Indian consumers are price-sensitive and prefer health, wellness products, fitness products, and wellness supplements. The organized sector, including department stores and modern retail, is expanding, while the unorganized sector, including traditional stores, Kirana shops, and street vendors, maintains a local connection and offers personalized service at lower operational costs. Sustainability and environmental awareness are increasingly important, with eco-friendly products, green technologies, and plastic use reduction becoming priorities. Urbanization and changing consumer preferences are driving the adoption of digital technologies and infrastructure development. Adaptation to these trends is essential for businesses to thrive in this dynamic market. Mahindra, the Chairperson, the importance of sustainability and environmental awareness in the retail sector. Supply chain optimization and brand awareness are also crucial factors in the shopping experience, with payment options and infrastructure development playing a significant role in the success of both physical stores and online platforms.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

Distribution ChannelOfflineOnlineTypeGroceryElectronics And AppliancesHome And GardenHealth And BeautyOthersGeographyAPAC

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/vietnam-retail-market-to-expand-by-usd-226-4-billion-2024-2028-driven-by-rising-demand-for-convenience-foods-ai-driving-market-transformation—technavio-302314029.html

SOURCE Technavio

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

SMASHIFY LAUNCHES BETA PLATFORM TO REWRITE THE STREAMING EXPERIENCE FOR ARTIST AND FANS

Published

on

By

The Way the World Streams Music Is About to Change

LOS ANGELES, April 21, 2026 /PRNewswire/ — Smashify announced today the launch of its beta music platform, introducing a new approach to streaming designed to create stronger alignment between artists, fans, and platform activity.

Built as a music technology platform, Smashify is focused on developing a more transparent and participatory streaming ecosystem. At the center of the platform is a model designed to better support artists while also recognizing the importance of listeners and fans in driving discovery, engagement, and long-term music value.

According to the company’s model, artists on Smashify are positioned to earn on average up to ten times more than they typically would through conventional streaming platforms. Smashify says this reflects its broader effort to create a more favorable economic structure for music creators in an industry where many artists have long expressed concern over limited payout models.

Smashify also places special emphasis on fans and listeners, which the company considers the most important part of its platform ecosystem. Through its participation model, Smashify is building a system intended to share a portion of company-generated revenue with listeners, recognizing the role fans play in supporting music discovery, engagement, and platform growth.

Rather than limiting value creation to the platform level alone, Smashify is building an ecosystem intended to broaden participation across artists, fans, and digital communities. The company says its beta launch marks the next step in rethinking how music is experienced, supported, and monetized in the digital era.

The platform incorporates blockchain infrastructure as part of its long-term technology framework, with an emphasis on transparency, accountability, and future utility across the Smashify ecosystem. As the company expands, Smashify plans to introduce additional features designed to support platform activity, artist promotion, fan engagement, marketplace functionality, and advertiser participation.

“The next wave of innovation in music will come not only from discovery, but from building stronger economic alignment across the ecosystem,” said 7 Ghosts, the team behind Smashify. “We believe artists deserve better economics, and we also believe fans deserve to be recognized as an essential part of the value chain. Smashify is being built to support both.”

Currently in beta, Smashify is focused on platform rollout, user growth, product development, and strategic expansion. The company says its mission is to build a next-generation music platform that reflects the changing expectations of both artists and audiences in a digitally native economy.

ABOUT SMASHIFY
Smashify is a music technology company developing a streaming ecosystem designed to deepen participation between artists, fans, and digital communities. With a focus on transparency, engagement, and long-term platform innovation, Smashify is building tools and infrastructure intended to support music discovery, artist visibility, user participation, and new forms of value creation within the streaming experience. Headquartered in Panama City, Panama, Smashify is focused on global platform growth and continued product development.

KEEP UP WITH SMASHIFY
APP WEBSITE 
WEBSITE
INSTAGRAM
FACEBOOK
TELEGRAM
X

For All Press & Media Inquiries Contact:
The Formula
info@theformulaent.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/smashify-launches-beta-platform-to-rewrite-the-streaming-experience-for-artist-and-fans-302749421.html

SOURCE Smashify

Continue Reading

Technology

TCL Launches its First UltraThin Designer Series Soundbar

Published

on

By

Big Cinematic Sound in a Small Elegant Form

IRVINE, Calif., April 21, 2026 /PRNewswire/ — TCL®, one of the world’s best‑selling consumer electronics brands, is redefining how great sound looks at home with the launch of its first UltraThin Designer Series Soundbar, the TCL A65K. A perfect match for TCL slimmest TVs, the A65K delivers room‑filling 3.1.2 Dolby Atmos® sound in a low-profile design that blends seamlessly into any space.

At just 50mm (less than 2-inches) thin, the TCL A65K was designed alongside TCL UltraThin TVs, to deliver a punch from a sleek, minimalist aesthetic. It sits flush beneath the screen, creating a clean, modern look that enhances your décor instead of competing with it. No visual clutter, just a perfectly matched pairing of picture and sound.

“To address the growing demand for sound systems that combine harmonized aesthetics with immersive sound, TCL created the new Designer Series A65K Soundbar,” said Scott Ramirez, Vice President of Product Marketing and Development, TCL North America. “TVs are meant to be seen, while soundbars are meant to be heard. So, the A65K is designed to put you in the movie with room-filling sound, yet you’ll forget it’s even there.”

Don’t let the UltraThin design fool you. Inside the A65K is a powerful 3.1.2‑channel Dolby Atmos system with nine speakers, including up‑firing drivers that push sound above and around you for a truly immersive experience. From explosive action scenes to quiet dialogue, the A65K fills the room with rich, detailed audio while keeping your living space open and stylish. Acoustically tuned with Audio by Bang & Olufsen, the A65K delivers premium sound quality, clarity, and balance typically found in much larger systems. With its wireless subwoofer and auto room calibration, you get cinematic sound without sacrificing simplicity.

With the A65K, TCL brings together bold audio performance and minimized décor-oriented design – creating a soundbar that looks as good as it sounds.

TCL A65K Designer Series Dolby Atmos Soundbar – “The Art of Sound”

NEW 3.1.2 Channel System with 9 speakers and 240W peak powerNEW UltraThin Depth DesignBuilt-in Center Channel SpeakerUp-Firing Atmos DriversWireless SubwooferChorusSoundDolby Atmos & DTS:XAi Sonic Auto Room CalibrationDialog EnhancerHDMI 2.0TCL TV ReadyCustom three-way acoustic architecture with racetrack drivers and honeycomb diaphragm technologyAudio by Bang & Olufsen

The TCL A65K Designer Series Soundbar is available now for $699.99 MSRP on Amazon and at Best Buy.

About TCL
TCL Electronics specializes in the research, development and manufacturing of consumer electronics including TVs, mobile phones, audio devices, smart home products and appliances. Combining thoughtful design and innovative technology to inspire greatness, our lineup delivers must-have features and meaningful experiences. As one of the world’s largest consumer electronics brands, our vertically integrated supply chain, and state-of-the-art display panel factory help TCL deliver innovation for all.

For additional product information, please visit www.tcl.com for the full portfolio.

TCL is a registered trademark of TCL Corporation. All other trademarks used herein are the property of their respective owners.

View original content to download multimedia:https://www.prnewswire.com/news-releases/tcl-launches-its-first-ultrathin-designer-series-soundbar-302749426.html

SOURCE TCL North America

Continue Reading

Technology

Johnny Lieberman of Harbor IT named Entrepreneur Of The Year® 2026 New York finalist by EY US

Published

on

By

NEW YORK, April 21, 2026 /PRNewswire/ — Johnny Lieberman, founder and CEO of Harbor IT, has been named a finalist for the Entrepreneur Of The Year 2026 New York Award by Ernst & Young LLP (EY US). Now in its 41st year, the Entrepreneur Of The Year program celebrates the bold leaders who disrupt markets through the world’s most ground-breaking companies, revolutionizing industries and uplifting communities. The program honors entrepreneurs whose innovations drive economic growth and help shape the future of business.

An independent panel of judges selected Johnny among 33 finalists based on their entrepreneurial spirit, purpose, company growth and lasting impact in building long-term value.

“We set out to build Harbor differently than everyone else building at our scale – one fully integrated company, with real specialization and technical depth that most MSPs weren’t willing to build. Cyber-first, focused on the customers that are hardest to serve: multi-site healthcare providers who can’t afford a clinical system going down; manufacturers dealing with OT and CMMC; PE-backed companies going through rapid change. These customers need specialists who’ve actually done the hard work and understand these complex environments. Most MSPs have shied away. We’ve leaned in. And none of it is possible without the almost 400 people who show up every day – the engineers, the founders who joined us and never left, and every person who chose Harbor and helped us build something none of us could have built alone. Our mission hasn’t changed: go where it’s hardest. If we can solve those problems, we can solve anything,” said Johnny Lieberman, founder and CEO of Harbor IT.

Harbor IT is a cyber-first managed services provider delivering integrated IT, cybersecurity, AI, and cloud solutions for organizations with complex, critical, and compliance-driven technology environments. Founded and led by CEO Johnny Lieberman, Harbor was built through a differentiated approach: raising $50 million from a curated network of entrepreneurs and business owners to create an operator-led alternative to traditional private equity rollups. Through nine strategic acquisitions, Harbor has been fully integrated into a single operating platform with a unified product line, including its own US-based SOC and proprietary MXDR platform. Harbor serves midmarket customers predominantly through three specialized vertical practices: private equity portfolio companies, critical infrastructure, and healthcare, each defined by complex operational, regulatory, or security requirements. With nearly 400 employees across 40 states, Harbor supports customers nationwide as their trusted technology partner.

For more information about Harbor IT, visit harborit.com.

Entrepreneur Of The Year honors business leaders for their ingenuity, courage and entrepreneurial spirit. The program celebrates original founders who bootstrapped their business from inception or who raised outside capital to grow their company, transformational CEOs who infused innovation into an existing organization to catapult its trajectory, and multigenerational family business leaders who reimagined a legacy business model to strengthen it for the future.

This year’s New York finalists represent New York and Connecticut across all industries, including technology, consumer products, manufacturing, finance life, sciences and more.

Regional award winners will be announced on June 16 during a special celebration in Manhattan and will become lifetime members of an esteemed community of Entrepreneur Of The Year alumni from around the world. The winners will then be considered by the national judges for the Entrepreneur Of The Year National Awards, which will be presented in November at the annual Strategic Growth Forum®, where high-growth CEOs, Fortune 1000 executives and investors converge to shape the future of business.

Sponsors
Founded and produced by Ernst & Young LLP, the Entrepreneur Of The Year Awards include presenting sponsors PNC Bank, Cresa, LLC, Marsh USA, SAP, and the Ewing Marion Kauffman Foundation. In New York, sponsors also include regional Platinum sponsor Donnelley Financial Solutions (DFIN), regional Gold sponsors ADP and DLA Piper, and regional Silver sponsor Stagedge.

About Entrepreneur Of The Year®
Founded in 1986, Entrepreneur Of The Year® has celebrated more than 11,000 ambitious visionaries who are leading successful, dynamic businesses in the US, and it has since expanded to nearly 80 countries and territories globally.

The US program consists of 17 regional programs whose panels of independent judges select the regional award winners every June. Those winners compete for national recognition at the Strategic Growth Forum® in November where national finalists and award winners are announced. The national overall winner represents the US at the World Entrepreneur Of The Year® competition. Visit ey.com/us/eoy.

About EY
EY is building a better working world by creating new value for clients, people, society and the planet, while building trust in capital markets. Enabled by data, AI and advanced technology, EY teams help clients shape the future with confidence and develop answers for the most pressing issues of today and tomorrow. EY teams work across a full spectrum of services in assurance, consulting, tax, strategy and transactions. Fueled by sector insights, a globally connected, multi-disciplinary network and diverse ecosystem partners, EY teams can provide services in more than 150 countries and territories All in to shape the future with confidence.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.

About Harbor IT
Harbor IT is a cyber-first managed service provider delivering integrated IT, cybersecurity, AI and cloud solutions for complex, critical, and compliance-driven organizations nationwide.

Media Contact 
Maya Adelstein
Maya.Adelstein@HarborIT.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/johnny-lieberman-of-harbor-it-named-entrepreneur-of-the-year-2026-new-york-finalist-by-ey-us-302749433.html

SOURCE Harbor IT

Continue Reading

Trending