Viet Nam''s retail market has recently recorded strong growth and its excitement is also reflected via the successful deals of injecting capital from foreign investors into potential domestic retailers.
The local retail market is forecast to grow at a double-digit rate in 2021, so domestic retailers have rushed to open new stores across the country to expand their market share since the beginning of the year.
Competition between domestic and foreign retailers was likely to remain fierce this year, requiring Vietnamese businesses to co-operate in order to maintain their market shares, said an official from the Ministry of Industry and Trade
Domestic retailers must improve competitive ability as the sole way to compete with foreign retailers for their survival in the future, according experts in the retail industry.
More than 70 per cent of domestic retailers have avoided participating in the policy-making process and are indifferent to reviews of existing policies, even those that directly impact their businesses, said the Association of Viet Nam Retailers (AVR).
Domestic retailers should join hands and set up Vietnamese brands to
compete with foreign rivals, experts said at a seminar on opportunities
and challenges in the international economic integration process.
Viet Nam will be opening its retail market in 2015 in line with its commitments to the World Trade Organisation.This is expected to challenges for the domestic retail market, as
well as opportunities for the domestic retail property market. Ngo Thi
Huong...
Rural areas are a promising market for domestic retailers as they face
intense competition from foreign businesses, especially given the full
opening of the retail market from next year.
Domestic retailers have called for policy support to help them exploit
their potential better, especially as they have to face fierce
competition from foreign counterparts.