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Economists remind business of domestic market potential (16/03)
06/08/2010 - 9 Lượt xem
"The size of the Vietnamese retail market is large enough to accommodate all businesses and it is growing at 23 per cent annually," Truong Dinh Tuyen, a member of the National Monetary Policy Advisory Council, said while opening a conference titled "How to dominate the local market" in HCM City yesterday.
This year, companies would get enough help to conquer the local market in the form of low interest rates and the Government’s stimulus package, he said.
"If enterprises want to capture export markets, they must first be strong in their home market but few Vietnamese firms fulfill that condition," he said.
Deputy Minister of Industry and Trade Nguyen Thanh Bien said that greater effort must be made in developing distribution networks, a very important factor in helping local enterprises to sell their products here.
"Investment has mainly been in infrastructure and industry and not in developing distribution networks," Bien said.
To improve the situation, officials said enterprises should focus on the rural market where more than 70 per cent of the population lives.
"Businesspeople should remember that if farmers and rural residents have money, they immediately buy goods because demand is still very huge there," Tuyen said.
Bien pointed out that rural residents now had to travel to urban areas to buy goods.
Tuyen said this was an advantage for domestic firms as foreign investors had yet to set their sights on rural areas.
Dang Le Nguyen Vu, chairman of Trung Nguyen Coffee, called for a national movement to support local goods with a provision that manufacturers have the responsibility of providing safe and good products.
Tuyen suggested that to support enterprises the Government should focus on trade infrastructure, setting up a robust and modern distribution network.
"The Government should think about subsidising rural residents who buy Vietnamese products," he added.
Source: VietNamNet/VNS
