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Retail in Vietnam Navigating the Digital Retail Landscape February 2019

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Retail in Vietnam Navigating the Digital Retail Landscape February 2019 Retail in Vietnam Navigating the digital retail landscape February 2019 Foreword 03 Drivers of growth 04 The new retail landscape 13 Deloitte’s retail survey 19 1. Purchasing channels 20 2. Digital behaviours 24 Looking ahead 27 Contact us 28 Retail in Vietnam | Navigating the digital retail landscape Foreword With the fastest-growing middle class in Southeast Asia, Vietnam has been experiencing phenomenal growth rates in its retail sector. This trend looks set to continue into the future, given its relatively young population demographics and robust consumer spending behaviours. Indeed, the rise of e-commerce and digital retail channels in Vietnam is one of the top trends to watch: by 2025, Vietnam’s e-commerce market size is expected to be second only to Indonesia in the Southeast Asia region. In this report, we explore the drivers of growth in Vietnam’s retail sector, and take a look at some of the defining features of its new retail landscape. In particular, we examine the rise of Modern Trade channels in Vietnam, including commercial centres, convenience stores, and digital platforms. Later, we also highlight some of the findings from Deloitte’s latest retail survey, which was conducted across nearly 700 households in the two metropolitan cities of Hanoi and Ho Chi Minh City in late 2018. There are several key takeaways. Firstly, although Vietnam’s retail sector holds immense potential for growth, the level of competition is intense. Across different retail formats, such as commercial centres, convenience stores and electronics chain stores, we are witnessing domestic and foreign retail giants engaged in a battle for dominance as they embark on aggressive expansion strategies. As online shopping begins to take off in Vietnam, a similar story is also playing out across digital platforms, where players are attempting to build scale amidst the proliferation of new players in the market. Secondly, despite the rise of digital channels, physical channels continue to dominate the retail scene in Vietnam. For companies, this underscores the importance of developing omni-channel strategies, and the need for them to curate coherent and seamless consumer experiences that integrate both online and offline consumer journeys across all their touchpoints. Finally, companies will also need to address several impediments that remain for online shopping, such as concerns relating to payments and data security, and find innovative ways to provide a differentiated consumer experience in this new digital retail landscape. Nguyen Vu Duc Consumer Industry Leader Deloitte Vietnam 03 Retail in Vietnam | Navigating the digital retail landscape Drivers of growth In recent years, Vietnam has been experiencing rapid retail growth. From 2013-2018, the retail sector recorded a compound annual growth rate (CAGR) of 10.97%1. Total retail revenue is also expected to reach USD 180 billion by 2020, which would represent an increase of 26.6% from 2018 (see Figure 1)2. With the influx of investments into the sector, it is poised to witness further growth in the near future (see Figure 2). Figure 1: Retail revenue and growth in Vietnam (2013-2020)3 210 30% 180 180 27% 25% 150 142 126 20% 115 120 103 85 94 15% 90 13% 13% 11% 11% 10% 60 10% 10% 5% 30 0 0% 2013 2014 2015 2016 2017 2018 2020 Revenue, USD billion Growth rate 1 Deloitte analysis 2 “Hoi thao ‘Thi truong ban le Viet Nam- Co hoi va Thach thuc’”. Vien Nghien cuu Thuong mai. 20 May 2016. http://www. viennghiencuuthuongmai.com.vn/tin-tuc/tin-noi-bat/hoi-thao-201cthi-truong-ban-le-viet-nam-co-hoi-va-thach-thuc201d 3 General Statistics Office, https://www.gso.gov.vn/default.aspx?tabid=621 04 Retail in Vietnam | Navigating the digital retail landscape Figure 2: Key statistics on Vietnam’s retail sector illin Retail sales in 2018, the 4 10.97% highest ever recorded CAGR of retail sales from 2013-20185 #1 The fastest-growing #2 market for Rank of the consumer convenience stores in and retail sector in terms Asia by 20216 of mergers and acquisitions (MA) deal value in Vietnam for the 7 #3 2016-2017 period Rank of the retail sector in terms of total investment 8 illin inflows in 2018 Estimated size of e-commerce market in 2025, second only to Indonesia in the Southeast Asia region9 4 General Statistics Office, https://www.gso.gov.vn/default.aspx?tabid=621&ItemID=19037 5 Deloitte analysis 6 IGD Research, https://www.igd.com/about-us/media/press-releases/press-release/t/igd-vietnam-tipped-to-be-asias-fastest-growing- convenience-market/i/16565 7 M&A Vietnam Forum Report 2017 8 Foreign Investment Agency, Ministry of Planning and Investment, http://fia.mpi.gov.vn/tinbai/6110/Tinh-hinh-thu-hut-Dau-tu-nuoc-ngoai- nam-2018 9 Google Temasek’s E-conomy SEA 2018, https://www.thinkwithgoogle.com/intl/en-apac/tools-research/research-studies/e-conomy-sea- 2018-southeast-asias-internet-economy-hits-inflection-point/ 05 Retail in Vietnam | Navigating the digital retail landscape Figure 3: List of some retailers in Vietnam’s market No. Name of retail owner/store Country First Number Operation format Note of origin outlet in of stores Vietnam (updated on Jan 2019) 1.PHYSICAL STORE 1.1 Domestic players 1. BiBoMart Vietnam 2006 140 Baby&Mom Specialty Store 2. FPT Retail FPT Shop Vietnam 2012 473 Electronics Specialty Store Studio by FPT Vietnam 2012 13 Authorised Apple Products chain Store 3. Hapro Hapro Mart Vietnam 2006 6 Supermarket Hapro Food 2004 4 Grocery Store 4. Home Center Vietnam 2006 14 Home appliance, Electronics Specialty Store 5. Intimex Vietnam 2001 10 Supermarket 6. Kid’s Plaza Vietnam 2009 91 Baby&Mom Specialty Store 7. Media Mart Vietnam 2008 95 Home appliance, Electronics Specialty Store 8. Nguyen Kim Vietnam 1992 64 Home appliance, In 2015, Central Group Electronics Specialty Store purchased 49% stake of Nguyen Kim 9. Pico Vietnam 2007 23 Home appliance, Electronics Specialty Store 10. Saigon Co.Op Co.Op Smile Vietnam 2016 41 Convenience Store Co.Op Food Vietnam 2008 233 Grocery Store Co.Op Mart Vietnam 1996 102 Supermarket Co.OpXtra Vietnam 2013 3 Supermarket Co.OpXtra Plus Vietnam 2013 2 Hypermarket 11. Satra SatraMart Vietnam 2013 3 Supermarket Satra Food 2011 182 Grocery Store 12. Thegioididong Thegioididong. Vietnam 2004 1,058 Electronics Specialty Store In early 2018, (Mobile World) com Store Thegioididong completed the acquisition of electronics retailer Tran Anh Digital Bach Hoa Vietnam 2015 384 Grocery Store Xanh Dien May Xanh Vietnam 2010 724 Home Appliance Specialty Store 06 Retail in Vietnam | Navigating the digital retail landscape No. Name of retail owner/store Country First Number Operation format Note of origin outlet in of stores Vietnam (updated on Jan 2019) 13. Vingroup VinMart Vietnam 2014 67 Supermarket In 2017, Vinroup’s retail VinMart+ Vietnam 2014 1,700 Convenience Store arm, Vincom Retail JSC. raised US$ 740 million VinPro Vietnam 2015 36 Electronics Specialty Store in its IPO10. VinCom Vietnam 2004 46 Shopping Mall (4 Vincom Center, 3 Vincom Mega In 2018, Vingroup Mall, 30 Vincom Plaza and acquired supermarket 9 Vincom+) chain FiviMart and electronics store chain Vien Thong A. 1.2 Foreign players 14. 7- Eleven Japan 2017 24 Convenience Store Vietnam’s first 7-Eleven store was opened in Ho Chi Minh City in 2017. 15. AEON AEON Mall Japan 2013 4 Shopping Mall In 2019, AEON Mall will open the fifth mall in Ha Dong district, Ha Noi Aeonmall Hai Phong will go into operation in 2020. Mini Stop Japan 2011 115 Convenience Store AEON Citimart Vietnam- 1994 26 Supermarket Since AEON purchased Japan 49% stake of Citimart in 2014, Citimart has been renamed AEON- Citimart 16. Auchan France 2016 20 Supermarket 17. Big C France 1998 36 Supermarket In 2015, Central Group (Thailand) purchased Big C Vietnam with the deal value of US$ 1.05 billion 18. B’s Mart Thailand 2013 168 Convenience Store 19. Circle K US 2008 300 Convenience Store 20. E-Mart Korea 2016 1 Hypermarket 10 “Vietnam: Vincom Retail raises $740m from GIC, Templeton, HSBC, others in IPO”. DealStreetAsia. 7 November, 2017. 07 Retail in Vietnam | Navigating the digital retail landscape No. Name of retail owner/store Country First Number Operation format Note of origin outlet in of stores Vietnam (updated on Jan 2019) 21. Fuji Mart Japan 2018 1 Supermarket FujiMart Vietnam stores are operated by Fujimart Vietnam Retail - a joint venture between Sumitomo and local real estate conglomerate BRG Group 22. GS25 South 2018 5 Convenience Store GS25 Vietnam is a Korea joint venture between Korea’s GS Retail and Vietnam’s Son Kim Group 23. Guardian Singapore 2011 79 Health & Beauty Specialty (owned by Store Dairy Farm) 24. Lotte Lotte Mart Korea 2008 14 Supermarket Lotte Hanoi Korea 2014 1 Department Store Department Store Lotte Duty Korea 2017 2 Duty-free store The duty-free stores Free are opened at Da Nang and Nha Trang International Airport 25. MM Mega Thailand 2002 19 Supermarket After being acquired by Market TCC Group (Thailand) in 2016, METRO Cash & Carry Vietnam was renamed MM Mega Market 26. Parkson Malaysia 2005 6 Department Store 27. Robins Thailand 2014 2 Department Store 28. Shop&Go Singapore 2005 95 Convenience Store 29. Takashimaya Japan 2017 1 Department Store 30. Watson Hong 2019 1 Health & Beauty Store Kong 08 Retail in Vietnam | Navigating the digital retail landscape No. Name of retail owner/store Country First Number Operation format Note of origin outlet in of stores Vietnam (updated on Jan 2019) 2. ONLINE STORE 2.1 Domestic players 31. Adayroi Vietnam 2015 B2C E-commerce site of VinGroup 32. ChoTot.com Vietnam 2012 C2C 33.
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