Since the end of last year, Vingroup had opened more than 93 Vinmart stores and recently planned to raise the number to 2,000 in 2016. — VNS Photo Nguyen Manh Ha

The retail market has great potential for growth, Richard Leech, executive director of CBRE Viet Nam was quoted by Nhip Cau Dau Tu (Investment Bridge) newspaper as saying.

He added that while the revenue of convenience stores accounted for around 20 per cent of the market, the rate of Viet Nam remained modest at below 10 per cent.

A survey by Nielsen, a market research company, found that currently around 20 per cent of Vietnamese consumers shopped frequently at convenience stores and this shopping trend was growing popular in a modern society.

Seeing the potential, many firms recently penetrated the retail market or had plans to penetrate the retail market with the development of convenience store chains.

Statistics showed that the number of mini marts increased rapidly by 260 per cent since 2012 to more than 530 units by the end of September.

Since the end of last year, Vingroup had opened more than 93 Vinmart stores and recently planned to raise the number to 2,000 in 2016.

In July, 7-Eleven announced plan to develop 7-Eleven store chain in Viet Nam. Japan's FamilyMart also planned to increase the number convenience stores to more than 200 in 2016.

Mobile World Investment Corporation recently announced the development of the retail store chain Bach Hoa Xanh following the model of Indonesia's Alfamart this year, first with between 30 and 50 outlets.

Dinh Thi My Loan, president of the Viet Nam Association of Retailers, said the competition would be harsh, not only among mini marts but also with other retail channels, especially online shopping outlets.

Nielsen Viet Nam forecast that mini marts and convenience stores would continue to expand in Viet Nam, and not just in big cities. — VNS