Vietnam: Retail Foods

Despite COVID-19's widespread impacts on Vietnam for most of 2021, total retail sales were estimated at approximately $172 billion, marginally up 0.2 percent over 2020, according to Vietnam’s General Statistical Office (GSO). The fourth and largest wave of COVID-19 started on April 29, 2021, and rapidly spread across Vietnam, severely affecting all industries, including the retail food sector. Global exports of consumer-oriented products to Vietnam in 2021 remained the same as the previous year at approximately $13.1 billion. U.S. exports of consumer-oriented products increased by 8 percent over 2020 to over $1 billion and expanded their market share to 8 percent in 2021. The Government of Vietnam (GVN) lowered import tariff rates on corn, wheat, pork, and planting seeds and reduced the value added tax (VAT) from 10 percent to 8 percent. Rising prices for both fuel and production inputs could result in high inflation and affect retail food growth in 2022.