Update news LOTTE
The size of Vietnamese e-commerce market is likely to hit 13 billion USD this year thanks to a large percentage of young residents and internet subscribers, according to insiders.
Many combatants have become exhausted on the e-commerce battlefield as they have had to fight against competitors who have big money.
Local retail businesses should focus on developing their own brands, improving the product quality and diversifying products in order to enhance their competitiveness in the domestic market.
Vietnamese products are attractive to foreign distribution channels as lots of purchase departments of foreign distribution channels have arrived in Vietnam to speed up purchasing contracts with local enterprises.
Vietnam’s retail market is growing at an annual rate of 10.9% in the 2013 – 2018 period, while most leading names in the market come from the Republic of Korea (RoK) and Japan.
Hanoi continued to see fierce competition among retail properties during the first quarter of 2019, partially due to an additional 16,000 square meters from an inner-city project, reported Savills Vietnam.
VietNamNet Bridge - The HCM City cinema market has become much more competitive with the closure of Galaxy Nguyen Trai, one of the most important cinemas of Galaxy Cinema, and the rise of several newcomers.
South Korean conglomerate CJ’s movie theatre chain CGV is under suspicion of monopoly behaviour disadvantaging Vietnamese movie producers and distributors.
VietNamNet Bridge - Vietnam’s ranks highly in statistical reports about consumption of South Korean sweets, ginseng and cosmetics.
VietNamNet Bridge - Bloomberg reported that Lotte Group (South Korea), TCC Holding and Central Group (Thailand) have applied to participate in the auction for the Big C Vietnam chain.
VietNamNet Bridge – The so-called “Lotte phenomenon” is a phrase on the lips of many businesspeople, reflecting the presence of the South Korean investor in many business fields in Vietnam.
Once Vietnamese retail chains fall into the hands of “foreign sharks”, Vietnamese goods will be dislodged from the home market, while local production will become stagnant, experts have warned.