Untitled + MINISTRY OF EDUCATION AND TRAINING UEH UNIVERSITY – SCHOOL OF ECONOMY, LAW AND STATE MANAGEMENT FINANCIAL FACILITIES ESSAY MICROECONOMICS TOPIC EARLY 2022 RETAIL MARKET CONDITIONS AND STRAT[.]
lOMoARcPSD|17838488 + MINISTRY OF EDUCATION AND TRAINING UEH UNIVERSITY – SCHOOL OF ECONOMY, LAW AND STATE MANAGEMENT FINANCIAL FACILITIES ESSAY MICROECONOMICS TOPIC EARLY 2022 RETAIL MARKET CONDITIONS AND STRATEGIES TO ASSIST WINMART AND WINMART + MAXIMIZE PROFITABILITY TEACHER: NGUYEN THANH TRIEU CODE: 22C1ECO50109704 Ho Chi Minh City, December 2022 Downloaded by hây hay (vuchinhhp3@gmail.com) lOMoARcPSD|17838488 MINISTRY OF EDUCATION AND TRAINING UEH UNIVERSITY – SCHOOL OF ECONOMY, LAW AND STATE MANAGEMENT FINANCIAL FACILITIES MEMBERS Full name MSSV Email Lê Châu Quỳnh Trúc Nguyễn Đặng Nam 3122102354 3122102350 3122102711 3122102583 3122102340 trucle.31221023545@st.ueh.edu.vn Contribut e content namnguyen.31221023504@st.ueh.edu.vn content cuongphung.31221027114@st.ueh.ed u.vn ngandinh.31221025832@st.ueh.edu.v n thynguyen.31221023400@st.ueh.edu content Phùng Minh Cường Đinh Bội Ngân Nguyễn Quỳnh Thy Downloaded by hây hay (vuchinhhp3@gmail.com) content content lOMoARcPSD|17838488 ACKNOWLEDGEMENT PREFACE REASON FOR CHOOSING THE TOPIC 4 METHODOLOGY RESEARCH OBJECTS SCOPE OF RESEARCH ON SPACE AND TIME CONTENT CHAPTER RETAIL MARKET IN VIETNAM AND THEORETICAL BASIS 1.1 Definition of retail market 1.2 Development environment of the retail market 1.3 General assessment of Vietnam's retail market 1.4 Supply and demand CHAPTER SITUATION OF THE RETAIL MARKET 2.1 In the world 2.2 In Vietnam 2.3 Winmart & Winmart+ 2.3.1 Definition of Vinmart 2.3.2 Winmart and Winmart+ 5 11 11 11 12 12 14 2.3.2.1 Winmart: 2.3.2.2 Winmart+ 15 16 CHAPTER RECOMMENDATIONS 3.1 Changing retail concept 3.2 Technology elements 17 17 19 CONCLUSION 21 REFERENCES 21 Downloaded by hây hay (vuchinhhp3@gmail.com) lOMoARcPSD|17838488 ACKNOWLEDGEMENT First of all, we would like to express our sincere thanks to Mr Nguyen Thanh Trieu - lecturer of Microeconomics The group has received the full attention and guidance of Mr in every step throughout the process You have helped us accumulate more knowledge and experience to have a more general view Since then, we have gradually answered the questions in life through the subject Through this essay, the group would like to present our findings and views on the topic Knowledge is infinite whereas the reception and transmission of information in each person is limited and exists in certain limitations Hence, in the process of developing the essay, my team ensures that errors cannot be avoided My group is looking forward to receiving your comments and suggestions to improve the essay Finally, my team would like to wish you happiness, good health and much success in your teaching career PREFACE REASON FOR CHOOSING THE TOPIC Vietnam's retail market in recent years is considered one of the most attractive retail markets in the world With a continuous economic growth rate of over 8% for many years, the population is increasingly young, the trend of shopping at supermarkets increases, opening up opportunities for Vietnamese retailers as well as retailers abroad is huge However, the implementation of commitments in the WTO also brings many challenges for Vietnamese retailers With the opening of the retail market, more and more foreign retail groups want to enter the Vietnamese retail market With many advantages in capital, technology, reputation, experience, etc., foreign retailers will easily beat Vietnamese retailers right in the Vietnamese market In fact, Vietnamese retail distribution enterprises still have their advantages, which are understanding about Vietnamese people's shopping habits and habits, the support of consumers as well as the Government of Vietnam If they know how to make good use of and promote their existing advantages while consolidating their weaknesses and with appropriate support policies of the State, Vietnamese retail enterprises will certainly improve their competitiveness to stand firm in this fierce competition Vincomerce General Trading Services Joint Stock Company, one of the 10 prestigious retailers in Vietnam in 2017, is a competitor in the retail market Winmart's convenience store chain, Winmart+, since its inception, has made remarkable progress, affirming its position in the industry However, compared to long-standing enterprises, Winmart and Winmart+ still have many weaknesses and inadequacies in the operation process and have been influenced by other objective Downloaded by hây hay (vuchinhhp3@gmail.com) lOMoARcPSD|17838488 factors Clearly identifying strengths, weaknesses and influencing factors is an important task of Winmart and Winmart+ at this time in order to propose an appropriate solution METHODOLOGY In this essay, our team mainly uses theoretical research methods More specifically, methods: the method of classification and theory systematization, analysis and synthesis methods and modeling methods By searching, synthesizing and summarizing the data and information available in prestigious scientific websites, newspapers, etc to make documents and draw conclusions for the research issue RESEARCH OBJECTS The object of research is the theory of competitiveness of convenience store chains; current competitiveness of Winmart and Winmart+ convenience store chains in the Vietnam market SCOPE OF RESEARCH ON SPACE AND TIME The thesis researches and analyzes the characteristics of the retail market in Vietnam with the specific participation of the Winmart and Winmart+ convenience store chain The essay was made from November 2022 CONTENT CHAPTER RETAIL MARKET IN VIETNAM AND THEORETICAL BASIS 1.1 Definition of retail market The retail market is a collection of individual customers who have a need for a product and need to be satisfied with that need with products that bring the highest value when consumed Retailers and individual consumers are the two main actors of the retail market Retailers (individuals, organizations) and consumers conduct activities to buy and sell goods and services on the basis of the relationship of demand and form retail market prices Sellers and buyers operating in the retail market must comply with the legal regulations of the country in which the retailer is located and conducts its retail business Vietnam's retail market is a collection of individual customers who have needs for goods and services that need to be met throughout the territory of Vietnam Vietnam has a large population, more than 13 million households are living in rural and urban areas The demand of the retail Downloaded by hây hay (vuchinhhp3@gmail.com) lOMoARcPSD|17838488 market in Vietnam is very large and rich in terms of quantity and quality of products and methods of response Vietnam's retail market is also covered by manufacturers, who directly distribute their products through the manufacturer's distribution system by commercial enterprises, who carry out retail activities act of buying and selling as distribution intermediaries (marketing intermediaries) 1.2 Development environment of the retail market The development of the retail market depends on its operating environment Environmental factors affect both the supply and demand sides of the retail market The economy is in the development stage, the income of consumers increases, leading to an increase in consumption spending This creates opportunities for the purchasing power of residential consumption to increase and leads to an increase in the size of the retail market As the retail market enters a growth period, businesses in the retail industry quickly exploit the growth opportunities of the business environment, capital, labor and technology will be invested in the service industry Retail services lead to the retail distribution network having the opportunity to increase in both quantity and quality In addition to economic factors, the development environment of the retail market includes other factors namely population, the role of the state in the development of the retail service economy, social factors, and technology Environmental theory was born and studies the impact of environmental factors on the growth of the retail market According to Davies, one of the pioneers of environmental theory, environmental factors create opportunities as well as threats for the development of the retail market These factors include: ● Size and distribution of the population ● Consumer income and norms ● Structural characteristics of the population in reference to age distribution ● State regulation ● Retail technology ● Urbanization These factors combine with each other depending on the characteristics of each country, which creates an environment affecting the development of the retail market (Davies, 1998) Economic development set the stage for the development of retail services by creating new supply and demand The process of modernization and industrialization of the country affects the needs and tastes of consumers, thereby promoting the development of the retail distribution network Not only in terms of scale, this development also affects the change in the nature of retail services System elements and modernity gradually developed in the retail network Professionalism in retail operations is enhanced Following the ongoing trend of world economic integration, a country's Downloaded by hây hay (vuchinhhp3@gmail.com) lOMoARcPSD|17838488 retail system participates in the global value chain and therefore, modernizing retail services in Vietnam is essential Environmental theory shows that for the retail market to develop, it is necessary to have favorable economic environment factors, in which, the economic growth factor, population size and consumer income are very important factors Consumer norms directly affect the size of the selling market In practice, quotas for consumer consumption are often limited to tea-only capabilities, also known as budget constraints When consumers consider how much to spend and how much to save, they need to be reminded of the intertemporal budget constraint, which means the total budget available for current or future spending (Mankiw, 2010) 1.3 General assessment of Vietnam's retail market According to the assessment of the Department of Domestic Market (Ministry of Industry and Trade), Vietnam's retail market in 2018 had a sharp increase in both size and speed when growing 11.6% compared to 2017 Businesses Vietnamese retailers have been entering a fierce competition when the wave of foreign retail floods in In fact, in recent times, a series of mergers and acquisitions made by the hands of foreign retail giants have made the retail industry in the country "wake up" many times Worries about domestic retail businesses at risk of losing their home ground have existed However, with the current developments in the retail market, many businesses and experts in the retail industry say that domestic retailers have many advantages and opportunities to break through and win back market share in 2019 According to statistics of the Ministry of Industry and Trade, in the fast-moving consumer goods (FMCG) group alone, the market share of domestic retailers (as of the third quarter of 2018) accounted for 73%, while foreign sales chains were only 27 % Considering the main markets where foreign retailers choose to a lot of business (including Ho Chi Minh City, Hanoi, Da Nang and Can Tho), the market share of foreign retailers increased only about 32% while the retail chain domestic retail sales reached 68% Meanwhile, foreign investors' modern retail chains account for only 16% while domestic modern retailers account for 84% Thus, the sales channel of domestic enterprises still accounts for three-quarters of the current retail market share Notably, although accounting for a small proportion, domestic enterprises mainly dominate the supermarket and mini supermarket model, while in the hypermarket model, foreign retailers account for 92% Convenience store segment also belongs to foreign investors with 80% market share Downloaded by hây hay (vuchinhhp3@gmail.com) lOMoARcPSD|17838488 However, modern retail models such as mini supermarkets, convenience stores, etc are increasingly developing strongly in Vietnam, and this is also considered an opportunity for foreign retail businesses home to regain market share, breakthrough in the coming time By 2019, nearly 42% of businesses were severely impacted by the Covid-19 pandemic; 50% of enterprises rated the impact as moderately severe and more than 8% of enterprises had little or no significant impact (according to the survey results of Vietnam Report Joint Stock Company (Vietnam Report) for businesses in the retail industry) The main reason affecting the reduction in spending of the majority of workers when they have to leave work due to the outbreak of the disease, leading to a decrease in income Moreover, there are internal difficulties of each enterprise such as lack of business capital, supply chain disruption when most of the sources of goods and raw materials for production are from China, etc causing many retail businesses to fall into a difficult situation In the context that average income has not kept pace with current inflation, Vietnam Report's survey shows that consumers have to cut spending on most non-essential goods If inflation continues to increase, they will also cut spending on essential goods such as food, beverages, fast-moving consumer goods, etc In the period of 2020 - 2021, the extraordinary income of the population increases thanks to the hot growth of the stock market and real estate, so the sudden demand for luxury and non-essential goods also increases sharply In the period of 2022 - 2023, these needs may return to normal and grow more stably 1.4 Supply and demand Supply and demand, in economics, is the relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy This is the price model used in economic theory The price of a commodity is determined by the interaction of supply and demand in the market The resulting price is called the equilibrium price and represents an agreement between the producer and consumer of goods In equilibrium, the quantity supplied by the producer equals the quantity demanded by the consumer Downloaded by hây hay (vuchinhhp3@gmail.com) lOMoARcPSD|17838488 Figure 1: Demand curve chart Law of Demand: Provided other factors remain unchanged The relationship between price and quantity demanded has the following rule: - Price (P) increases, quantity demanded (Qd) decreases - Price (P) decreases leading to an increase in Quantity demanded (Qd) - Thereby, we find that Price (P) and Quantity demanded (Qd) are inversely related to each other Market demand and individual demand: Individual demand is understood as the demand of each consumer for a particular type of goods or services Market Demand is the sum of all individual Demands for a good or service in that case Quantity demanded: The quantity demanded of a good is the quantity that people can and are willing to pay Figure Market demand curve (rightmost) is synthesized from individual demand curves A and B Factors affecting the demand: Consumer income - When income increases, the demand for a good increases which is a normal good - When income increases, the demand for a good decreases, it is a secondary good Figure Ordinary goods (left) and secondary goods (right) Prices of complementary and substitute goods Hobbies and tastes Downloaded by hây hay (vuchinhhp3@gmail.com) lOMoARcPSD|17838488 Market size (number of buyers) Expectations Supply concept: The supply of a good or service is the quantity of the good goods that producers are willing to supply at a given price in a given period of time, particular time period, holding all other things constant Supply curve: a graph that shows the relationship between price and quantity supply of a good The supply curve shows how price affects the quantity supplied and other factors remain unchanged When one of these factors changes, the supply curve shifts (Figure Supply curve) - Law of Supply: As long as other factors are held constant, the relationship law between price and quantity supplied: - As price (P) increases, Quantity Supply (Qs) increases - Price (P) decreases, Quantity Supply (Qs) decreases - Price (P) and Quantity Supply (Qs) are the same Market Supply and Enterprise Supply: - The supply of each producer for a certain good or service is the business supply The market supply of a good or service is the sum of all of that type of good or service Figure Market supply chart (left) and business supply chart (right) Supply: The amount of goods that sellers can and are willing to sell Factors that affect Supply: Price of inputs (Pi) Technology level (Tec) Production scale of the industry (NS) Downloaded by hây hay (vuchinhhp3@gmail.com) lOMoARcPSD|17838488 Tax policy(t) and subsidy(s) Expected price Natural conditions CHAPTER SITUATION OF THE RETAIL MARKET 2.1 In the world The outbreak of the Russo-Ukrainian War in early March 2022 caused a global energy and food crisis, and caused the price of many input materials to rise, leading to manufacturers being forced to raise selling prices to offset the rising costs Along with that is the wave of massive interest rate increases from all governments in the world, causing the financial costs of businesses to increase, contributing to narrowing the profit margins of businesses It is the impact of rising prices and the difficult global economic context that household spending globally tends to decrease from the end of Q1/2022 and is expected to last until 2024 (Retail Sales MoM in the United States forecast (by Tradingeconomics) 2.2 In Vietnam As a part of the global economy, Vietnam has also suffered the effects of the Russia Ukraine conflict as well as the increase in interest rates by governments But due to the good regulation of the Vietnamese government, since the beginning of the year, these effects have not been too deep Downloaded by hây hay (vuchinhhp3@gmail.com) lOMoARcPSD|17838488 However, starting from the end of Q3 2022, we have noticed more clearly that it is not until the end of the year that companies start laying off employees due to a lack of orders With the characteristics of a country with high economic openness, revenues from exports to European countries and the US play a big role in GDP, and fluctuations in western countries will have a great impact on Vietnam And the two factors of high commodity prices along with declining incomes are likely to greatly affect the consumer demand of Vietnamese people and the retail market in the near future Retail Sales MoM in Vietnam forecast (by Tradingeconomics) 2.3 Winmart & Winmart+ 2.3.1 Definition of Vinmart Vinmart is a supermarket system lead by Vingroup (head of businessman Pham Nhat Vuong), Vietnam And mentioning Vinmart, it is impossible to forget VinMart+, Vinmart is a supermarket system and VinMart+ is a convenience store chain Until December 3, 2019, Vinmart was officially sold to Masan Group and owned Masan to the present On January 15, 2022, Vinmart and VinMart+ officially changed their names to WinMart and WinMart+.Woocommerce Trading Service Joint Stock Winmart 128 G/P margin 22,9 % Winmart+ 3,049 SG&A 5,437 (billion vnđ) Net revenue 21,936 (billion vnd) EBITDA 566 (billion vnd) Gross profit (G/P) 5,020 (billion vnd) EBITDA margin 2,6 % Downloaded by hây hay (vuchinhhp3@gmail.com) lOMoARcPSD|17838488 WinMart is one of the retail brands that Vietnamese customers choose when it comes to shopping There are more than 40,000 items of cosmetics, food, household electrical appliances, household appliances, toys, fashion, can fully meet the needs of your family On January 15, 2022, Vinmart and VinMart+ officially were renamed as WinMart and WinMart+ By January 2022, there are more than 132 Winmart supermarkets and nearly 3000 Winmart+ stores opened for shopping in Vietnam (source cafef) Downloaded by hây hay (vuchinhhp3@gmail.com) lOMoARcPSD|17838488 WinMart+ has the advantage of being knowledgeable about buying and selling and habits of customers Not only focusing on development in width, WCM also has a well -developed development strategy Masan Group (WCMs parent company) has found that the exact growth formula in the future is constantly expanding the scale and increasing the shopping experience for customers In parallel with the expansion of the number of stores, WCM applies a new layout, focusing on fresh products and speeding up the mini-mall model This is considered a strong growth motivation in the future In addition, WCM also aims to increase profits through strengthening negotiations with suppliers, cutting logistics costs and improving distribution capacity With the desire to bring customers multi -experience, multi -utility in just one destination, WCM has integrated into WinMart stores+ services including: Techcombank automatic bank, tea and beverage Phuc Long, home Phano medicine, new network Reddi Vietnamese consumer and agricultural brands account for 90% of WinMart/WinMart+goods In particular, many Vietnamese agricultural products are localized, which are famous specialties from regions across the country WCM also selected and focused on building a brand and brand to raise Vietnamese agricultural goods such as Ngoc Nuong rice, Dam De Mer, Olala chicken eggs… (Source : https://chothuenhapho.vn/tat-tan-tat-ve-chuoi-sieu-thi-winm) 2.3.2 Winmart and Winmart+ During MSN's online investor meeting on 02/11, management provided more details about the company's business results for the first months of 2022 and business initiatives in Q4/2022 Overall, management remains confident in MSN's ability to grow, as well as its leverage ratio and access to capital in a difficult macroeconomic context In addition, MSN reassessed its business plan for 2022 to reflect updates on industry conditions According to management, WCM's improved profitability is driven by (1) improved profitability at stores opened before 2022 due to increased customer traffic per day, reaching 199 visits in Q3 2022 compared to 175 in Q1 2022, and (2) improved operating performance at newly opened stores in 9T 2022 However, the management said that the cost of renting space in Ho Chi Minh City increased compared to Hanoi while the revenue / m2 of WinMart+ in Ho Chi Minh City is only 70%-75% similar to Hanoi in 9T 2022, while total WinMart+ revenue in Ho Chi Minh City is only 90%-95% compared to Hanoi in 9T 2022 WCM expects that the new form of WIN store in Ho Chi Minh City with revenue/m2 equivalent to WinMart in Hanoi will be a successful model for Ho Chi Minh Downloaded by hây hay (vuchinhhp3@gmail.com) lOMoARcPSD|17838488 City and accelerate WCM's penetration in the South The 30 WIN stores that opened in 9T 2022 saw a roughly 20% increase in revenue compared to before the conversion, mainly due to increased store traffic Management expects to convert 50-90 WinMart+ stores into WIN stores in Q4 2022 In addition, management believes that the low penetration rate of modern department store retail in Vietnam compared to other Southeast Asian countries such as Indonesia, Malaysia, the Philippines and Thailand will create growth opportunities for WCM in the context of slowing consumer spending power Management expects to open 300 WinMart stores and launch 23 private label SKUs targeting price-sensitive customers in Q4 2022 (According to Masan Group's investor meeting report, compiled by VCSC) 2.3.2.1 Winmart: Positive factors: In the long term, a large population along with increasing consumer demand create an extremely potential market for retail businesses business in general consumer goods Consumer Spending in Vietnam forecast (by Tradingeconomics) Negative factors: - In the short term, the effect of reducing export activities in some key industries such as textiles and electronics, etc due to the negative outlook of the main export markets of Europe and the US, the disposable income of unskilled workers is affected (which is the main customer group of Winmart supermarkets) - Viet Nam Export value 11M 2022 (by Tradingeconomics) Downloaded by hây hay (vuchinhhp3@gmail.com) lOMoARcPSD|17838488 (Market share graph calculated on the number of stores based on self-collected data) The Russia-Ukraine war remains unknown, leaving global prices for basic commodities anchored at high levels The Chinese market is likely to open in the near future, which will lead to huge demand affecting commodity prices Direct competition from supermarket chains such as Bach Hoa Xanh, Chart Title Co.op mart Winmart Go Aeon Mega Market Lotte mart Lanchi Other 2.3.2.2 Winmart+ Winmart+ is having a hard time changing consumers' buying habits Vietnamese consumers often prefer to shop at traditional markets, as this is where they can shop at lower prices Winmart+ is trying to change this habit by creating solutions for online business, such as providing fast shipping services and reasonable prices (Source: VietNam Report) Downloaded by hây hay (vuchinhhp3@gmail.com) lOMoARcPSD|17838488 CHAPTER RECOMMENDATIONS 3.1 Changing retail concept Massan is a corporation founded by Vietnamese people, so it has the advantage of understanding the buying and selling habits and habits of customers Mr Nguyen Dang Quang - Chairman of the Board of Directors of Masan is known as the one who teaches the Russians to eat instant noodles, more than anyone else understands very well the customs and buying habits of domestic customers, from which there are the most suitable business strategy Unlike other countries, Vietnamese consumers still have the habit of daily shopping, not buying goods on the weekend to use for many days This is a big difference and Masan has been able to take advantage of choosing convenient business locations so that customers can visit regularly Masan has established a strong foundation for itself in the endeavor to serve customers by owning the largest system of supermarkets and convenience stores in the nation (Picture of winmart) "Masan is conducting extensive research across the country to improve both appearance, brand identity, and content, so that the retail chain can VinMart/VinMart+ can bring more satisfaction to customers," said Truong Cong Thang, Chairman of Masan Consumer Holdings and General Director of VinCommerce As a result, precise alterations to this retail system's brand name, positioning, product list, etc., will be revealed at the right time Downloaded by hây hay (vuchinhhp3@gmail.com) lOMoARcPSD|17838488 (Source: Vietnam Report) The data indicates that Masan has identified a winning formula for the biggest grocery chain in Vietnam after three years If Wincommerce's gross profit margin was just 15% in the second quarter of 2020, it grew to 23.4% by the third quarter of 2022 and continued its upward trajectory The third quarter of 2022 saw the highest level of gross profit ever, excluding the sales and profit that peaked in the third quarter of 2021 as a result of the necessity to stockpile during the pandemic Downloaded by hây hay (vuchinhhp3@gmail.com) lOMoARcPSD|17838488 (Source: Market life) Recently, Masan announced the opening of the "All You Need" WINLife ecosystem, which includes a chain of 27 WIN stores with sleek, attractive designs that pique the curiosity and excitement of many customers Although the typical multi-convenience store paradigm still applies, WIN stores feature a wider, more open, and younger interior design They still provide needs, medications, banking services, telecommunications, and Phuc Long water counters To distinguish between retail centers and pharmacies, different service zones are created according to their respective color bands, while nevertheless maintaining an uniform style for the entire structure That prison resolves consumers' problems with more stringent product selection standards following the outbreak 3.2 Technology elements The Group stated that it would create a multi-utility digital kiosk model in offline stores to offer a seamless solution, integrating shopping, telephony, and financial accounts in Masan's annual report in 2021 principally with a loyalty program With the introduction of digital kiosks in WIN stores, that strategy began to take shape Customers could place orders for Phuc Long coffee and tea and pay instantly on the digital kiosk Ms Thu Huong, District Tan Binh, a devoted WinMart client, enthusiastically reminisced about her first time ordering milk tea from a digital kiosk: "I ordered and paid straight on the digital kiosk I took advantage of the opportunity to choose fruits and meals while I waited for the water to boil Downloaded by hây hay (vuchinhhp3@gmail.com) lOMoARcPSD|17838488 (Phuc Long in WinMart) (WinMatt human resource) Masan invested USD 65 million in April 2022 to purchase 25% of Trusting Social Company, a fintech company that offers solutions for applying AI and ML to help banks and financial institutions deliver financial products to customers at scale This was done to improve customer comprehension ‘Masan won't turn into a digital giant like Google, but it will employ technology to address significant unmet needs and provide amazing benefits for consumers’ - Danny Le, CEO of the Masan Group CONCLUSION After analyzing the above topic, our team can conclude that Vietnam's retail market is generally stable after objective fluctuations in the past and will develop sustainably in the future Opportunities as well as challenges for retail businesses still abound when catching up with major trends Besides, to be able to maintain their position on this golden playground, retail businesses in general and the chain of Winmart and Winmart+ stores in particular need to anticipate the risks, make a scientific plan with the strategy healthy competition strategy, anticipating and creating trends Winmart and Winmart+ have also proven their position in the retail industry in Vietnam over the past time The retail market in general and the retail market of Winmart and Winmart+ in particular have a lot of aspects to analyze and take a long time to learn, so we are still incomplete in some other criteria: The data is still incomplete and inaccurate, focusing only on the competitive aspects of businesses Downloaded by hây hay (vuchinhhp3@gmail.com) ... On January 15, 2022, Vinmart and VinMart+ officially were renamed as WinMart and WinMart+ By January 2022, there are more than 132 Winmart supermarkets and nearly 3000 Winmart+ stores opened... anticipating and creating trends Winmart and Winmart+ have also proven their position in the retail industry in Vietnam over the past time The retail market in general and the retail market of Winmart and. .. the Winmart and Winmart+ convenience store chain The essay was made from November 2022 CONTENT CHAPTER RETAIL MARKET IN VIETNAM AND THEORETICAL BASIS 1.1 Definition of retail market The retail market