VIETNAM retail market
Latest News about VIETNAM retail market
The increasing presence of foreign giants has put great pressure on domestic retailers.
Vietnamese corporations have asserted their position and strength after many large acquisition deals. Big names are confident about holding onto the domestic market, even knocking out foreign retail giants.
Within a few hours of offering to sell vegetables online, Thanh Truc sold out her stocks and had to refuse orders.
Vietnamese have turned the tables to become dominant in the retail market, while many foreign giants have had to leave.
The rise of local retailers via mergers and acquisitions is expected to transform the competitive landscape of Vietnam’s retail market, which used to be dominated by foreign investors, and help domestic equivalents complete their ecosystems.
The Vietnamese market had a spectacular leap in scale last year, becoming one of the 16 most successful emerging economies in the world. In which, the retail sector was extremely attractive and full of potentials, with lots of room for development.
After the lockdown this year, shopping malls began to be busy again in the 'new normal' situation caused by the COVID-19 pandemic.
The export of Vietnamese goods via the distribution networks of foreign retailers has proven to be an effective and sustainable channel, Deputy Minister of Industry and Trade Do Thang Hai told a recent conference in Hanoi.
With a market size of more than $60 billion and double-digit growth each year, Vietnam’s retail industry continues to heat up the race between domestic and foreign investors.
The Ministry of Industry and Trade (MoIT) plans to consolidate traditional markets in rural areas while developing a large number of convenience stores and diversifying types and methods of modern business.
With high revenue of tens of trillions of dong a year and an ROI (return on investment) of 30 percent, Saigon Co-op has drawn the interest of many investors.
Foreign retailers set to make a debut in Vietnam may find themselves in a harsh competitive landscape after the global health crisis.
Big C has reported a 67 percent increase in the number of transactions during the Covid-19 period, while Vinmart saw a 30 percent and Co-opmart 16 percent increase.
Vietnamese retail companies are in pole position to seize the lion’s share of the market, especially after some foreign businesses have left the country.
The 2018 retail landscape in Vietnam was more challenging than ever, and the major market chains were trying to adapt quickly to changes to remain relevant.
The retail sales of goods and services totaled VND2.804 quadrillion (US$120.57 billion) during the first seven months of this year, a leap of 11.6 per cent on year, according to the General Statistics Office of Vietnam.
Contrary to all predictions, Vietnamese retailers are competing on an even footing with foreign counterparts in the domestic market.
Vietnam now has to ensure fair competition, national treatment for foreigners and nationals equally as well as no quantitative restrictions in foreign trade.