Quang Le analyzes the CVS and minimarket retail landscape in Vietnam in 2021. CVS saw positive growth despite the pandemic, with notable brands like 7-Eleven and Circle K expanding. Minimarkets also grew, with Bach Hoa Xanh opening many new locations. Hanoi's market is dominated by Circle K and Vinmart+, while competition is heating up in Ho Chi Minh City. Both CVS and minimarkets are adapting to attract customers, such as offering prepared foods and delivery for minimarkets. Minimarkets are expected to continue fast growth through 2025.

1. CVS & Mini Market
The channels landscape in 2021 in Vietnam retail market
Quang (Stever) Le - March 2021

2. In this
report
• Definition of channels
• Overal market stage
• CVS trends
• Minimarket trends
• Market outlook

3. About him
Quang currently serves as the Marketing Executive of the
Korean brand – LocknLock.
He has in charge of promoting the LocknLock brand and
product to Vietnamese customers. By capitalizing on the rise of
an emerging market such as Vietnam, LocknLock came out with
positive growth regardless of the CV-19 pandemic.
He is also involved in market research activities. From various
researches, valuable insights are gathered to empower R&D
and promotion activities.
Graduated from HCM University of Economics, work has also
taken Quang to F&B, real estate, and now the home living
product industry. In addition, Quang also speaks fluent English
and Vietnamese.
Reach out to him via

4. Channel definition
Brief undersatnding of the retail model
CVS (Convenience Store) Minimart & Food Store
• CVS is a retail outlet that sells a limited range of FMCG. It could
include prepared and ready-to-eat foods, bottled and fountain
beverages, household staples, tobacco products and periodicals.
• Convenience stores are typically small in size, are open extended
hours, and, in most cases, are staffed by a relatively small team of
cashiers, stock workers, and managers.
• Notable names are 7 Eleven, Circle K, GS25…
• Minimart/ Food Store is a compact version of a supermarket. It
specializes in the selling of food, both fresh and prepackaged, as
well as nonfood household goods, such as paper towels, toilet
paper, cleaning products.
• A typical minimart store sells fresh produce, meats, dairy products
and, often, bakery goods alongside canned, frozen and prepared
foods. In addition, a minimart store could also sell a full range of
household, healthcare and personal care items.
• Notable names are Bach Hoa Xanh, King Food, Coop Food…

5. Market Stage
CVS and Minimarket expansion in 2021 is putted into a standtill due to the pandemic.
However it still record positive growth in FMCG comsumption, aspecitaly in wave 4th of the outbreak.
Number of CVS & Minimart store by year
1100
1821
2009
2077
467
620
877
878
113
566
2300
2259
1700
3007
5186
5214
2018
2019
2020
2021
Total Other Ha Noi Ho Chi Minh
% Value growth of FMCG by channel (Urban 4 key cities)
30.5
7.6
89.6
60.4
48.2
63.3
2020
H1'2021
12we P9'2021
Online CVS & Minimart
Source: Source: Q&Me Vietnam Retail Store Statistic Sep 2021 | Kantar Insight Collection 2022

6. Market Stage
Both CVS and Minimart model has 1-2 market leaders, that has signifiacly more stores than other competitors.
Foreign plays dominace in CSV market, while the opposite apply for minimart & food store channels.
Number of CVS stores by brand in 2021
4
28
55
88
108
144
153
293
Speed L
Cheers
7-Eleven
GS 25
B's Mart
Mini Stop
Family Mart
Circle K
Number of Minimart stores by brand in 2021
52
65
135
189
451
1751
2272
BRG Mart
K-Market
Co.op Smile
Satra Food
Co.op Food
Bach Hoa Xanh
VinMart +
Source: Nielsen Consumer - Retailers’ official website, data ending Jan-21

7. Market Stage
Hanoi market is absolutely dominated by Circle K and Vinmart+. Mean while, the market in HCMC is heating
up with multitble brand competivting to expanse and gain market share.
Number of CVS stores by city in 2021
36
12
54
5
54
108
125
116
207
40
43
155
Cheers
T-Mart
7 Eleven
K-market
GS 25
B's Mart
Mini Stop
Family Mart
Circle K
Number of Minimart stores by city in 2021
7
4
38
189
294
534
652
13
10
17
54
723
King Food
Bac Tom
Hapro foods
Soi Bien
Zakkamart
Satra Foods
Co.op Food
Bach Hoa Xanh
Vinmart+
Source: Q&Me Vietnam Retail Store Statistic Sep 2021
Ho Chi Minh Hanoi

8. Convenience store
Both CVS and Minimart model has 1-2 market leaders, that has signifiacly more stores than other competitors.
Foreign plays dominace in CSV market, while the opposite apply for minimart & food store channels.
Change in store number
Jan-21 vs YA
Change of store number of major chains by months (Last 12 months)
Total CVS +75
Circle K +13 GS25 +37
Family Mart +2 7-Eleven +22
Ministop +4 Cheers -4
B’s Mart +1 Speed L 0
Source: Nielsen Consumer - Retailers’ official website, data ending Jan-21

9. CVS trends nowadays
CVS is changing to attract new customers. It offers localized products and services to meet customer demand.
To be more a standard CVS
• Convenience stores gradually became a popular
alternative for quick-service restaurants.
• Modern-day CVS not only sells packaged snacks and
ready-to-go beverages but also pushes for hot,
affordable foods in air-conditioned, Wi-Fi-covered
dine-in areas.
• CVS brands, such as Family Mart, Circle K, and 7-
Eleven, have been actively adding lots of food options
from microwaved sandwiches to cooked meals,
hotpot, and other local snacks to their menu to adapt
to Vietnamese consumers.

10. Minimart & Foodstore
While VinMart+ sringdown, Bach Hoa Xanh business is blooming as it rapidly open new location.
Other player focus on maintain their distribution system with minor change in number of store.
Change in store number
Jan-21 vs YA
Evolution of store number of major chains by months (Last 12 months)
Total Mimimart & Foodstore +215
Vinmart+ -616 Vissan -2
Bach Hoa Xanh +717 7-Eleven +22
Satra foods -37 CP mart -
Co.op Smile +33 Aeo Citimart -1
K Market - BRG Mart +49
Source: Nielsen Consumer - Retailers’ official website, data ending Jan-21

11. Minimart & Foodstore
Thank its proximity, Minimart thrived during the pandemic as customers tend to avoid large and crowded brick
and mortar retail such as wet markets and hyper/supermarkets
Minimart emerges as modernized proximity Minimart performance
Source: Worldpanel Division | Household Panel | Urban 4 key cities | Lifestyle Survey 2020 & FMCG excluding gifts
Monthly purchase behaviors in Minimart % Penetration- MAT Aug 21

12. Minimart trends nowadays
More categories are added to shoppers’ repertoire, further indicating minimart potential to be a place for
shoppers to fulfill various needs
16.9
11
3.9
15.8
12.4
5.4
Hyper/Super Minimart Online
P9'2020 P9'2021
Enhance the delivery services Offer more product category
With the push from the pandemic, minimart chains such as
Bach Hoa Xanh, Vinmart+ has improved their delivery
service and supported better online order.
Number of categories bought per year

13. The channels outlook to 2025
Minimart continues its fast-growing pace in recruiting buyers, promising to keep momentum post-Covid-19.
Even though having a small market share is expected to grow steadily, with a CAGR of 23,5% to 2025.
71%
+6% vs LY
15.1
+0.3 vs LY
105k
-19k vs LY (VND)
Penetration
Frequency
Ticket Value
Value Share % Main retail channels
55 53 53
45
9
9 7
6
7
7 6
10
14
15
13
13
5 6
8
12
3 4 5 9
FY 2019 FY 2020 YTD P9'21 2025F
Street Shops Wet market Specialty Stores Hyper & Super Minimartket Online
Source: Worldpanel Division | Household Panel | Urban 4 key cities | Lifestyle Survey 2020 & FMCG excluding gifts
Minimart performace in urban area