Increasingly smart consumers are giving rise to new business models.

According to the Vietnam Association of Realtors (VARS), retail is one of the most dynamic economic sectors in Vietnam, maintaining a continuous and impressive growth rate for decades. At the same time, it is one of the sectors with the clearest recovery rate despite being strongly affected by the COVID-19 pandemic.

Right from the beginning of 2022, after a long period of social distancing due to the COVID-19 pandemic, the retail industry quickly recovered. Major retailers in the world seized the opportunity, choosing good locations for long-term strategies in the Vietnamese market. New rental prices at that time began to increase slightly.

Increasingly smart consumers are giving rise to many new business models. (Photo: ST)

For the whole year of 2022, the total retail sales of goods and consumer service revenue is estimated at VND 5,679.9 trillion, up 19.8% over the previous year and up 15% over 2019 - the year before the COVID-19 pandemic.

Up to now, although it has not yet achieved double-digit growth as in the pre-pandemic period, the Vietnamese retail industry is still being assessed as having a positive recovery rate. It is forecasted that the Vietnamese retail real estate market is still attractive with a lot of room and potential for development.

Explaining this forecast, VARS said that consumers in Vietnam are becoming increasingly smart and have a need for shopping experiences. They not only look for quality products but also want convenience in shopping.

This creates opportunities for brands to sell new business models, including shopping malls that integrate dedicated shopping areas for entertainment, food and beverage, and product experience stores.

In addition, rapid population growth, urban development and rising incomes have created a huge demand for real estate, especially in the retail sector. Investment policies to improve transport infrastructure, including highway and urban railway projects, are making it easier to move into urban areas.

Developed tourist areas such as Phu Quoc, Nha Trang, Da Nang… are increasingly attracting the attention of investors and retail businesses. These factors will help the Vietnamese retail real estate market develop better in the future.

Source: https://www.congluan.vn/thi-truong-bat-dong-san-thuong-mai-ban-le-viet-nam-dang-hap-dan-voi-nhieu-du-dia-post295159.html