According to Maybank IBG Research, Vietnam’s retail revenue in 2025 is projected to grow 9.3% year-on-year, although it remains lower than pre-pandemic levels. Consumer sentiment is weak due to global trade uncertainties and negative news locally. MSVN predicts an improvement in 2026 due to government stimulus policies and favorable macroeconomic conditions.
The listed retail sector experienced strong growth in Q3 2025 with profits rising by 96%. Major companies like MWG and MSN are expected to continue leading growth driven by increased consumption and stricter market management. The retail market is shifting from traditional to modern retail, reducing the competitiveness of informal small retailers. The government’s push for tax regulations and management of goods is creating advantages for larger players like MWG, MSN, PNJ, and FRT, providing opportunities for long-term growth.
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