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Viet Nam becomes attractive retail market (24/01)
06/08/2010 - 30 Lượt xem
Viet Nam will become a common playground of local and foreign businesses and also an attractive retail market for multinationals when it completely opens the distribution market in January 2009, said Deputy Minister of Industry and Commerce.
Speaking at a seminar, entitled “Vietnamese retail market: Opportunities and challenges” held in Ha Noi on January 23, Deputy Minister Le Danh Vinh urged local retailers to dynamically renew themselves, improve their competitive edge and capacity so as they can develop appropriate business strategies and apply modern management methods. Domestic businesses should also join hands with each others for mutual development on the basis of non-discrimination and equality, he added.
Pascal Billaud, General Director of Big C retail group, spoke of the great potential of the Vietnamese market, including the country’s high economic growth rate, dynamic labour force, young population and high education. However, he said, the country should address urgent challenges, including the poor logistic services and unequal infrastructure development between regions.
Pascal Billaud said cooperation with Vietnamese partners is a decisive factor for his business’s success in Viet Nam.
The rapid development of Vietnamese retail market in the recent past makes the country attractive to multinational distribution groups. The World Bank gave Viet Nam 74/100 marks in 2007 global retail development index of in 2007 and the country ranks fourth in the world after India , Russia and China.
According to the Viet Nam Retail Association, retail sales annually grew by 8-10 percent in the 1995-2002 period. The increase was 18-22 percent between 2003-2007, hitting 740 trillion VND last year or a 23 percent increase over the previous year.
Viet Nam currently houses about 140 supermarkets and hypermarkets, 20 trade centres and nearly 1 million square metres of floor areas are under construction for retail business.
Source: Vietnam Agency.
