Vietnam’s mass grocery retail spending to grow 10.8% annually to 2026

This is due to the country’s border reopening.

Vietnam’s mass grocery retail (MGR) sector spending is expected to grow 10.8% annually over 2022 and 2026 to reach $68.4b ($1,562.3t) as the country sets to open its borders, according to Fitch Solutions.

In a report, Fitch said Vietnam is finalising plans to reopen its country fully to international tourists on 15 March 2022, a sector which contributes 10% to the gross domestic product in 2019.

The earnings in tourism would begin in2022 and may exceed pre-pandemic figures by 2025, contributing $12.53b.

“The return of international tourism is also expected to spur growth in other sectors, supporting the wider recovery of the Vietnamese economy,” it said.

“Mass grocery retail is expected to be one of the fastest retail sectors to recover in Vietnam,” it added.

The 10.8% annual average growth on mass grocery retail spending is higher than the figure between 2017 to 2021 at 7.2%, which suggests “that the growth potential for mass grocery retail in Vietnam is higher now than prior to the pandemic.”

Read more: Vietnam's mass grocery retail spending to reach $44.7b in 2022

$1 = VND22,830.01