Ngành Bán lẻ | Báo cáo ngành Bán lẻ Việt Nam 2019

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Retail

  Trong những năm gần đây, Việt Nam đã trải qua sự tăng trưởng bán lẻ nhanh chóng. Từ 2013-2018, ngành bán lẻ ghi nhận tốc độ tăng trưởng kép hàng năm (CAGR) là 10,97%. Tổng doanh thu bán lẻ cũng dự kiến sẽ đạt 180 tỷ USD vào năm 2020, tương đương mức tăng 26,6% từ năm 2018. Với dòng vốn đầu tư vào lĩnh vực này, nó đã sẵn sàng để chứng kiến sự tăng trưởng hơn nữa trong tương lai gần... --- https://smartretail.vn/ https://smartretail.com.vn/
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  • 1. Retail in Vietnam Navigating the digital retail landscape February 2019
  • 2. 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
  • 3. 03 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
  • 4. 04 Retail in Vietnam | Navigating the digital retail landscape 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 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 85 94 103 115 126 142 180 13% 11% 10% 11% 10% 13% 27% 0% 5% 10% 15% 20% 25% 30% 0 30 60 90 120 150 180 210 2013 2014 2015 2016 2017 2018 2020 Revenue, USD billion Growth rate
  • 5. 05 Retail in Vietnam | Navigating the digital retail landscape 4 General Statistics Office, https://www.gso.gov.vn/default.aspx?tabid=621ItemID=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 MA 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/ Figure 2: Key statistics on Vietnam’s retail sector USD 142 billion Retail sales in 2018, the highest ever recorded4 #1 The fastest-growing market for convenience stores in Asia by 20216 #3 Rank of the retail sector in terms of total investment inflows in 20188 10.97% CAGR of retail sales from 2013-20185 #2 Rank of the consumer and retail sector in terms of mergers and acquisitions (MA) deal value in Vietnam for the 2016-2017 period7 USD 15 billion Estimated size of e-commerce market in 2025, second only to Indonesia in the Southeast Asia region9
  • 6. 06 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 of origin First outlet in Vietnam Number of stores (updated on Jan 2019) Operation format Note 1.PHYSICAL STORE 1.1 Domestic players 1. BiBoMart Vietnam 2006 140 BabyMom Specialty Store 2. FPT Retail FPT Shop Vietnam 2012 473 Electronics Specialty Store Studio by FPT chain Vietnam 2012 13 Authorised Apple Products 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 BabyMom Specialty Store 7. Media Mart Vietnam 2008 95 Home appliance, Electronics Specialty Store 8. Nguyen Kim Vietnam 1992 64 Home appliance, Electronics Specialty Store In 2015, Central Group 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 (Mobile World) Thegioididong. com Store Vietnam 2004 1,058 Electronics Specialty Store In early 2018, Thegioididong completed the acquisition of electronics retailer Tran Anh Digital Bach Hoa Xanh Vietnam 2015 384 Grocery Store Dien May Xanh Vietnam 2010 724 Home Appliance Specialty Store
  • 7. 07 Retail in Vietnam | Navigating the digital retail landscape No. Name of retail owner/store Country of origin First outlet in Vietnam Number of stores (updated on Jan 2019) Operation format Note 13. Vingroup VinMart Vietnam 2014 67 Supermarket In 2017, Vinroup’s retail arm, Vincom Retail JSC. raised US$ 740 million in its IPO10 . In 2018, Vingroup acquired supermarket chain FiviMart and electronics store chain Vien Thong A. VinMart+ Vietnam 2014 1,700 Convenience Store VinPro Vietnam 2015 36 Electronics Specialty Store VinCom Vietnam 2004 46 Shopping Mall (4 Vincom Center, 3 Vincom Mega Mall, 30 Vincom Plaza and 9 Vincom+) 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- Japan 1994 26 Supermarket Since AEON purchased 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.
  • 8. 08 Retail in Vietnam | Navigating the digital retail landscape No. Name of retail owner/store Country of origin First outlet in Vietnam Number of stores (updated on Jan 2019) Operation format Note 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 Korea 2018 5 Convenience Store GS25 Vietnam is a joint venture between Korea’s GS Retail and Vietnam’s Son Kim Group 23. Guardian (owned by Dairy Farm) Singapore 2011 79 Health Beauty Specialty Store 24. Lotte Lotte Mart Korea 2008 14 Supermarket Lotte Hanoi Department Store Korea 2014 1 Department Store Lotte Duty Free Korea 2017 2 Duty-free store The duty-free stores are opened at Da Nang and Nha Trang International Airport 25. MM Mega Market Thailand 2002 19 Supermarket After being acquired by 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. ShopGo Singapore 2005 95 Convenience Store 29. Takashimaya Japan 2017 1 Department Store 30. Watson Hong Kong 2019 1 Health Beauty Store
  • 9. 09 Retail in Vietnam | Navigating the digital retail landscape No. Name of retail owner/store Country of origin First outlet in Vietnam Number of stores (updated on Jan 2019) Operation format Note 2. ONLINE STORE 2.1 Domestic players 31. Adayroi Vietnam 2015 B2C E-commerce site of VinGroup 32. ChoTot.com Vietnam 2012 C2C 33. Thegioididong. com Bach Hoa Xanh.com Dienmayxanh. com Vietnam 2004 B2C E-commerce sites of Thegioididong 34. Shopee.vn Vietnam 2016 C2C 35. Sendo.vn Vietnam 2012 C2C E-commerce site of FPT 36. Tiki.vn Vietnam 2010 B2B2C In 2016, VNG Corporation purchased 38% stake in Tiki11 2.2 Foreign players 37. AeonEshop. com Japan 2017 B2C 38. Lazada.vn Germany 2012 B2B2C Lazada Vietnam is part of Lazada Group. In 2016, Allibaba acquired controlling stake of South East Asia’s Lazada12 39. Lotte.vn Korea 2016 B2C 40. Robins.vn (formerly known as Zalora) Thailand 2017 B2B2C Zalora merged with Central-owned fashion brand Robins to become Robins.vn13 Note: The list is in alphabetical order for each category, not necessarily reflecting the business scale/importance B2C = Business to Customer Model; C2C = Customer to Customer Model; B2B2C = Business to Business to Consumer Model Source: Compiled from the companies’ websites, companies’ annual reports, public sources (as of January, 2019) 11 “Vietnam’s VNG buys 38% stake in ecommerce platform Tiki for $17m”. TechinAsia. 17 May, 2016. https://www.techinasia.com/vietnams- vng-buys-stake-in-ecommerce-platform-tiki 12 “Alibaba buys control of Lazada in $1 billion bet on SE Asia ecommerce”. Reuters. 12 April, 2016. https://www.reuters.com/article/us- lazada-m-a-alibaba/alibaba-buys-control-of-lazada-in-1-billion-bet-on-se-asia-ecommerce-idUSKCN0X90HT 13 “Zalora Vietnam becomes Robin.vn”. Vietnam Economic Times. 17 May, 2017. http://vneconomictimes.com/article/business/zalora- vietnam-becomes-robin-vn
  • 10. 10 Retail in Vietnam | Navigating the digital retail landscape 14 “Vingroup to focus on its retail business”. BDG Vietnam. 9 August 2016. http://bdg-vietnam.com/en/about/news/details/items/vingroup-to- focus-on-its-retail-business/ 15 “Thailand's Central Group wins Vietnam's Big C for $1bn”. Nikkei Asian Review. 29 April 2016. https://asia.nikkei.com/Business/Thailand-s- Central-Group-wins-Vietnam-s-Big-C-for-1bn 16 “Thailand’s TCC Holding acquires METRO Cash Carry’s Vietnamese ops for $711m”. DealStreetAsia. 7 January 2016. https://www. dealstreetasia.com/stories/thailands-tcc-holding-steps-in-acquiring-metro-vietnam-cash-carry-26128/ 17 “ACA Investments takes 20% stake in Vietnamese baby product retailer Bibomart”. DealStreetAsia. 29 May 2017. https://www. dealstreetasia.com/stories/aca-investments-takes-20-vietnamese-baby-product-retailer-bibomart-73612/ Investment trends To promote the growth of Vietnam’s retail sector, the government has introduced a number of new regulations to attract investments and enhance the linkages between local enterprises and global markets (see Figure 4). Figure 4: Timeline of regulations As a result of the favourable investment climate, both local and foreign retailers have been scaling up their operations in Vietnam through the adoption of various expansion strategies, including MA, franchising, and other partnership models. Local player Vingroup, for example, has been acquiring smaller competitors – including Fivimart and Vien Thong A, in addition to its earlier acquisitions of Ocean Mart, MaxiMark, and Vinatexmart – in a bid to grow its retail revenues, which are expected to contribute up to 50% of the conglomerate’s total revenues, up from its current 20%14 . At the same time, foreign investors have also successfully secured a number of MA deals to further their expansion plans in the market. Several high-profile transactions include the purchase of a 49% stake in Nguyen Kim and acquisition of Big C Vietnam by Central Group15 ; acquisition of METRO Cash Carry Vietnam by TCC Group16 ; and purchase of a 20% stake in Bibo Mart by ACA Investments17 . 2014 2015 2016 2017 2018 New Law on Investment introduced to increase the ease of doing business in Vietnam by relaxing certain rules for foreign investors As part of its commitment to the World Trade Organisation, Vietnam officially allowed foreign retailers to establish 100% owned businesses Decision No. 1513/QD-TTg was made to approve the scheme promoting Vietnamese enterprises’ direct participation in foreign distribution systems until 2020 Decision No. 1563/QD-TTg was made to approve the e-commerce development plan for the 2016-2020 period Decree 09/2018/ND-CP on the Law on Commerce and the Law on Foreign Trade Management was issued to incorporate several favourable changes for retailers establishing or expanding their businesses in areas pertaining to the trading of goods by foreign investors and enterprises 54 out of 63 provinces issued their specific e-commerce development plans for the 2016-2020 period
  • 11. 11 Retail in Vietnam | Navigating the digital retail landscape Consumption trends Vietnam’s retail sector is benefiting from the rise of the fastest-growing middle class in Southeast Asia – its middle class population is expected to reach 33 million by 2020, up from 12 million in 201218 – whose growing affluence is driving increasing expenditures. At the same time, it also possesses a relatively young population, with 40% of its population below the age of 2419 . With their greater propensity for digital technology, many of these younger consumers are driving the rapid expansion of Vietnam’s e-commerce market, as they spend more time shopping on their digital devices than in physical stores. Ranked 6th globally in terms of revenue in 201820 , Vietnam’s e-commerce market is well-poised to witness further growth. Currently, online Business-to-Consumer (B2C) sales account for a modest 3.6% of total retail sales nationwide21 . This figure, however, is expected to soar to 5% in 2020, with a total value of USD 10 billion (see Figure 5)22 . Notably, Consumer-to-Consumer (C2C) or social commerce channels, are also becoming increasingly popular. Typically hosted on social media platforms such as Facebook, Instagram, and Zalo, these platforms offer buyers the ability to interact directly with their sellers, and to share information, such as photos, reviews or recommendations with one another in real-time. Figure 5: Online B2C sales in Vietnam 0.7 2.2 2.97 4.07 5 6.2 10 0.7% 1.8% 2.1% 2.8% 3.0% 3.6% 5.0% 0% 2% 4% 6% 0 4 8 12 2012 2013 2014 2015 2016 2017 2020* Online B2C sales, USD billion % of total retail sales 18 “ASEAN Connected”. HSBC. https://www.business.hsbc.com.au/-/media/library/markets-selective/australia/pdf/campaign-asean-asean- connected-final-report.pdf 19 “The World Factbook”. Central Intelligence Agency. https://www.cia.gov/library/publications/the-world-factbook/fields/2010.html 20 “Vietnam ranks sixth globally in ecommerce revenue in 2018: report”. TuoitreNews. 20 January 2019. https://tuoitrenews.vn/news/ business/20190120/vietnam-ranks-sixth-globally-in-ecommerce-revenue-in-2018-report/48620.html 21 E-commerce Vietnam White book 2018, MoIT, http://www.idea.gov.vn/?page=document 22 E-commerce Vietnam White book 2018, MoIT, http://www.idea.gov.vn/?page=document
  • 12. 12 Retail in Vietnam | Navigating the digital retail landscape Underpinning this rapid e-commerce growth are the Vietnamese consumer’s robust spending behaviours. In 2018, the average annual spending for an online shopper in Vietnam was USD 350, nearly double the figure of USD 186 in 201723 . In addition, online conversion rates, broadly defined as the proportion of visits to online websites that have been converted to sales, are high in Vietnam. According to one survey, Vietnam posted the highest conversion rates amongst six Southeast Asia markets, with a conversion rate that was 30% higher than the regional average24 (see Figure 6). Furthermore, the Vietnamese consumer is becoming accustomed to online payment solutions. Currently, 50% of all e-commerce expenditures are processed through card payments25 , and the uptake of new cashless methods is expected to accelerate: estimates suggest that e-wallet payments will make up 28% of the total e-commerce sales in Vietnam in 201926 . Figure 6: Online conversion index across six markets in Southeast Asia Note: The online conversion index represents a market’s performance relative to the overall average conversion rate across all six markets, which has been assigned a reference value of 1. 23 E-commerce Vietnam White book 2018, MoIT, http://www.idea.gov.vn/?page=document 24 “State of eCommerce in Southeast Asia 2017”. iPrice. https://iprice.ph/insights/stateofecommerce2017/ 25 “Vietnamese increasingly prefer electronic payments”. Vietnam Economic Times. 5 April 2017. http://vneconomictimes.com/article/ banking-finance/vietnamese-increasingly-prefer-electronic-payments 26 Statista. https://www.statista.com/outlook/243/127/ecommerce/vietnam#market-age 0.8 0.8 0.9 1.1 1.1 1.3 0 0.5 1 1.5 The Philippines Thailand Malaysia Singapore Indonesia Vietnam
  • 13. 13 Retail in Vietnam | Navigating the digital retail landscape In Vietnam, the retail landscape continues to be dominated by Traditional Trade channels, such as street shops, which are a vital part of the community and everyday life, especially in rural areas, where they account for 90% of the market. Even in urban areas, where Modern Trade channels, these channels continue to account for a significant 50% of the market27 (see Figure 7). Figure 7: Market share of different purchasing channels in rural and urban areas The new retail landscape 27 Kantar Worldpanel FMCG Report, Nov 2018. https://www.kantarworldpanel.com/vn/news/FMCG-Monitor-November-2018#download Medium-sized street shops Small street shops Wet markets Specialty stores Hypermarkets supermarkets Minimarts, convenience stores Online Others 2% 2% 11% 32% 23%9% 9% 14% 5% 6% 65% 15% 5% 2% Urban areas Rural areas
  • 14. 14 Retail in Vietnam | Navigating the digital retail landscape The rise of Modern Trade With the rise of Modern Trade retail formats in Vietnam, some of the most notable recent developments can be found in commercial centres, convenience stores, as well as digital platforms. Ho Chi Minh City, in particular, has emerged as a particular area of focus for many retail players in Vietnam. For instance, it has experienced a surge in the number of supermarkets in recent years, and now accounts for nearly one-fifth of the total number of supermarkets nationwide (see Figu
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