Vietnam has been ranked sixth among the many world’s most tasty retail markets and has entered the highest 30 most profitable retail markets this yr, said Hoang Anh Tuan, deputy head of the Domestic Market Department of the Ministry of Industry and Trade (MoIT).
Tuan made the remarks on the Vietnam Retail Forum 2017 held in Hanoi on December 12 and organised by the Association of Vietnam Retailers (AVR).
Tuan said that in line with the Global Retail Development Index (GRDI), published in June this yr by US firm AT Kearney, the Vietnamese retail market has developed significantly lately and attracted numerous foreign sellers.
Many retail giants from Japan, Thailand, South Korea and France have increased their investments in Vietnam, demonstrating the attractiveness of the Vietnamese retail market, which enjoys a big and young population of over 90 million.
However, Tuan said that the retail market in Vietnam has change into more competitive, which is causing huge possibilities and challenges for domestic enterprises.
He added that the forum is a possibility for Vietnamese retailers and AVR members to recommend appropriate strategies to satisfy market demand and increase their market share.
Dinh Thi My Loan, chairwoman of AVR, said that over the past ten years, the Vietnamese retail community has managed to deal with the difficulties and the wave of foreign investment within the retail sector, noting that they’ve step by step adapted to the brand new situation and improved their competitiveness.
Ten years after Vietnam joined the World Trade Organization (WTO), Vietnam’s retail market is flourishing, becoming some of the attractive potential markets for foreign investors.
The wholesale and retail sector currently accounts for 14% of the country’s GDP.
Moreover, retail sales revenues increased significantly from $88 billion in 2010 to $158 billion in 2016, exceeding the statistics forecasted by many foreign market research firms.
Loan said that Vietnam’s retail sector should promote its growth through innovation and app technology in retail distribution, while helping domestic retailers bring Vietnamese goods to regional markets.
Source :TalkVietnam.com
