Vietnam’s retail real estate market is thriving with occupancy rates above 90% in major shopping centers, according to a report from the Vietnam Association of Realtors (VARS).
In 2022, it was estimated that total retail sales and consumer service revenue reached nearly US$223.1 million, up 19.8% year-on-year and 15% from 2019. Last year, total retail sales and consumer service revenue were estimated to reach a 9.6% increase from the previous year, and in the first quarter of this year, retail sales were projected to increase 8.2% over last year.
Vietnam’s retail real estate market has seen several international conglomerates enter the scene. Central Retail (Thailand) plans to expand to all 55 provinces and cities nationwide, while Aeon Group (Japan) aims to launch 16 projects, including several in Hanoi, by 2025.
The Japanese retailer will also introduce new retail concepts to meet customer needs and drive future growth.
Meanwhile, FujiMart Vietnam, a joint venture between BRG Group (Vietnam) and Sumitomo Corporation (Japan), targets 50 supermarkets by 2028. In addition, luxury and affordable fashion brands like Uniqlo, Muji, Dior, and Cartier have also made significant inroads.
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