Retail – Note – [NONRATED] – Next Chapter

In 2025F, we think that the retail sector would generally have a positive prospect. (1) ICT-CE and Jewelry retailers would continue to recover due to the recovery of consumer demand. (2) Minimarts would enter the new expansion phase after completing the value chain optimization. (3) For modern pharmacy retailers, we think that they are approaching the end of the rapid expansion phase, following by the consolidation of the market. (4) For vaccine centers, we believe that they would continue to expand due to the low vaccination rate of Vietnamese.