Vietnam: Retail Foods

Vietnam's total retail sales in 2022 rose 13 percent year-on-year to $192 billion driven by a rebound in domestic consumption along with record-high gross domestic product (GDP) growth at 8.02 percent, according to Vietnam’s General Statistical Office. However, global exports of consumer-oriented products to Vietnam contracted 7 percent to $12.9 billion in 2022, partly due to the weakening purchasing power in the fourth quarter of the year. U.S. exports of consumer-oriented products maintained an 8 percent market share with export revenue reaching over $1 billion. Vietnam’s GDP growth in 2023 is forecast to drop to 6 – 6.5 percent due to numerous factors affecting consumer purchasing power, such as global market uncertainty, tightening Vietnam Government monetary policies, and the ongoing effects of the Russia-Ukraine conflict.