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

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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.

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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. 

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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.

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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.

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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/

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ST Engineering iDirect and MBSat Partner to Build Next-Generation Sovereign Connectivity Services Across Oman and the Middle East

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2 hours ago

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October 25, 2026

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Intuition ground system selected to support MBSat’s planned 2027 service launch, enabling accelerated deployment, dynamic resource management and scalable service growth

HERNDON, Va., Oct. 25, 2026 /PRNewswire/ — ST Engineering iDirect today announced a strategic partnership with Mohammed Al Barwani Satellite Company (MBSat), part of Mohammed Al Barwani Group, to provide the ground system technology foundation for MBSat’s next-generation satellite gateway and network operations across Oman and the wider Middle East region. Intuition will provide a flexible, software-defined foundation to support sovereign connectivity services, enabling efficient service deployment, dynamic resource management and scalable network operations.

Intuition will deliver a turnkey ground segment solution that accelerates deployment, simplifies operations and gives MBSat the flexibility to scale services as demand grows. The software-defined platform enables dynamic resource management, service automation and seamless integration with existing and future operational systems. The solution also includes Ka-band gateway infrastructure, service provisioning and management capabilities, open API integration frameworks, training and full-lifecycle support. Together, these capabilities will help MBSat launch and operate services efficiently while adapting to evolving market requirements.

The network will leverage capacity from MB Sat-1, a sovereign MicroGEO satellite, with planned service launch in 2027, to support flexible, scalable connectivity services across the region.

The partnership reflects growing investment in sovereign communications infrastructure across the Middle East as operators seek greater control over service delivery, network expansion and long-term technology evolution.

“This partnership represents an important milestone in our efforts to build an advanced satellite communications platform in Oman and the region,” said Ammar Al Rawahi, General Manager, MBSat. “Through our collaboration with ST Engineering iDirect, we are establishing the technical infrastructure required to launch services efficiently, respond to evolving customer needs and expand into new markets, supporting the sustainable long-term growth of our business.”

“We are providing MBSat with a flexible, software-defined ground platform that integrates with its existing operational environment,” said Sridhar Kuppanna, Chief Executive Officer, ST Engineering iDirect. “This enables more efficient service deployment and operations today, with the flexibility to scale, introduce new capabilities and evolve as requirements change.”

About ST Engineering iDirect

ST Engineering iDirect, a subsidiary of ST Engineering, is a global leader in satellite communications, providing technology and solutions that enable its customers to expand their business, differentiate their services and optimize their networks. Through its portfolio of ground infrastructure, intelligent networking and advanced satellite communications solutions, the company supports operators, service providers, governments and enterprises worldwide.

View original content to download multimedia:https://www.prnewswire.com/news-releases/st-engineering-idirect-and-mbsat-partner-to-build-next-generation-sovereign-connectivity-services-across-oman-and-the-middle-east-302918467.html

SOURCE ST Engineering iDirect

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Technology

ST Engineering iDirect and MBSat Partner to Build Next-Generation Sovereign Connectivity Services Across Oman and the Middle East

Published

2 hours ago

on

October 25, 2026

By

Intuition ground system selected to support MBSat’s planned 2027 service launch, enabling accelerated deployment, dynamic resource management and scalable service growth

HERNDON, Va., Oct. 25, 2026 /PRNewswire/ — ST Engineering iDirect today announced a strategic partnership with Mohammed Al Barwani Satellite Company (MBSat), part of Mohammed Al Barwani Group, to provide the ground system technology foundation for MBSat’s next-generation satellite gateway and network operations across Oman and the wider Middle East region. Intuition will provide a flexible, software-defined foundation to support sovereign connectivity services, enabling efficient service deployment, dynamic resource management and scalable network operations.

Intuition will deliver a turnkey ground segment solution that accelerates deployment, simplifies operations and gives MBSat the flexibility to scale services as demand grows. The software-defined platform enables dynamic resource management, service automation and seamless integration with existing and future operational systems. The solution also includes Ka-band gateway infrastructure, service provisioning and management capabilities, open API integration frameworks, training and full-lifecycle support. Together, these capabilities will help MBSat launch and operate services efficiently while adapting to evolving market requirements.

The network will leverage capacity from MB Sat-1, a sovereign MicroGEO satellite, with planned service launch in 2027, to support flexible, scalable connectivity services across the region.

The partnership reflects growing investment in sovereign communications infrastructure across the Middle East as operators seek greater control over service delivery, network expansion and long-term technology evolution.

“This partnership represents an important milestone in our efforts to build an advanced satellite communications platform in Oman and the region,” said Ammar Al Rawahi, General Manager, MBSat. “Through our collaboration with ST Engineering iDirect, we are establishing the technical infrastructure required to launch services efficiently, respond to evolving customer needs and expand into new markets, supporting the sustainable long-term growth of our business.”

“We are providing MBSat with a flexible, software-defined ground platform that integrates with its existing operational environment,” said Sridhar Kuppanna, Chief Executive Officer, ST Engineering iDirect. “This enables more efficient service deployment and operations today, with the flexibility to scale, introduce new capabilities and evolve as requirements change.”

About ST Engineering iDirect

ST Engineering iDirect, a subsidiary of ST Engineering, is a global leader in satellite communications, providing technology and solutions that enable its customers to expand their business, differentiate their services and optimize their networks. Through its portfolio of ground infrastructure, intelligent networking and advanced satellite communications solutions, the company supports operators, service providers, governments and enterprises worldwide.

View original content to download multimedia:https://www.prnewswire.com/news-releases/st-engineering-idirect-and-mbsat-partner-to-build-next-generation-sovereign-connectivity-services-across-oman-and-the-middle-east-302918467.html

SOURCE ST Engineering iDirect

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Global Security & Technology Summit Unveils Month-Long Program of Activities Ahead of December Event

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9 hours ago

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October 24, 2026

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RIYADH, Saudi Arabia, Oct. 24, 2026 /PRNewswire/ — The Organizing Committee of the Global Security & Technology Summit (GSTS) held an introductory session today at the Ministry of Interior’s headquarters in Riyadh, bringing together representatives from the government, private, and nonprofit sectors to introduce the program of activities leading up to the summit. The upcoming summit will be held in Riyadh under the patronage of HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, under the supervision of HRH Prince Abdulaziz bin Saud bin Naif bin Abdulaziz Al Saud, Minister of Interior, and organized by the Ministry of Interior in cooperation with Tuwaiq Academy.

During the session, the Organizing Committee presented the comprehensive GSTS program, comprising three key components: GSTS Month, running from November 1 to 30, 2026; the Global Security & Innovation Fair (SAIF), taking place from November 24 to 26, 2026; and the main Summit, scheduled for December 18 to 20, 2026, in Riyadh. Together, these events form an integrated program designed to advance security and technology innovation, strengthen national capabilities, and foster international cooperation.

GSTS Month will feature working groups, boot camps, training programs, knowledge-sharing sessions, and technical workshops across Saudi Arabia’s 13 administrative regions, delivered both in person and remotely in collaboration with specialized entities. The month-long program aims to develop national capabilities, identify emerging talent, enrich knowledge-sharing opportunities, and equip professionals with the knowledge and skills needed to develop innovative solutions to future security and technology challenges.

The main Summit will bring together global leaders, decision-makers, experts, and innovators to explore the future of security and technology, promote the integration of advanced technologies within the security sector, strengthen national capabilities, support innovation, and foster international cooperation, further positioning the Kingdom as a global hub for security and technology.

Showcasing the latest technological breakthroughs and security solutions, the summit will bring together government entities, private sector organizations, academic institutions, and research centers to facilitate knowledge exchange and collaboration across key fields, including cybersecurity, artificial intelligence (AI), the Internet of Things (IoT), smart security solutions, emerging technologies, and crisis management. The program will also feature main sessions, specialized discussions, and interactive exhibitions. Registration is available at gsts.sa.

Advisor to HRH the Minister of Interior and Chairman of the GSTS Organizing Committee, Ahmed Altowayan, stated that the summit builds on Saudi Arabia’s efforts to establish an advanced security and technology ecosystem focused on knowledge and innovation, keeping pace with rapid developments and future challenges.

Mr. Altowayan noted that the summit is a global platform for strengthening cooperation and exchanging expertise, anticipating future developments in security and technology, and developing strategic partnerships and innovative solutions that enhance the efficiency and readiness of security systems.

Vice Chairman of the GSTS Organizing Committee, Eng. Abdulaziz Alhammadi, said that the summit will offer a range of integrated programs and activities focused on enhancing national skills, encouraging innovation, and supporting international cooperation.

He added that GSTS Month will help build national capabilities, discover talent, and develop skills, with SAIF providing a platform for innovators and researchers from around the world to showcase leading technological solutions, while the main Summit will bring together leaders and experts to discuss the future of security and technology and explore new strategic partnership opportunities.

SAIF will take place at the Riyadh International Convention & Exhibition Center, bringing together innovators, researchers, technology talents, and industry experts from around the world to showcase promising innovations and projects across 14 fields of technology and innovation. The fair will provide opportunities to engage with project owners, including students, graduates, and entrepreneurs, and explore the different stages of innovation development through interactive zones, panel discussions on emerging security and innovation trends, and knowledge-sharing workshops led by specialists. Visitor registration is open to participants from within and outside the Kingdom through saifair.sa.

The introductory session also featured contributions from representatives of government, private, and nonprofit sector entities, alongside members of the media. Discussions focused on developing national capabilities in security and technology, strengthening students’ technical expertise, translating scientific research into practical solutions, and supporting Saudi companies in developing security and technology solutions and advancing digital transformation.

Organized by the Ministry of Interior in cooperation with Tuwaiq Academy, GSTS is produced by Tahaluf, with the Ministry of Education serving as Strategic Scientific Partner, Tahakom as Founding Partner, and Elm as Principal Partner.

Registration for participants from within and outside the Kingdom is available at gsts.sa.

Click here to view the media kit. 

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