VIETNAM retail market
Latest News about VIETNAM retail market
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.
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.
The departures of the 24-hour convenience store chain Shop & Go, the e-commerce site Robins.vn and now the supermarket chain Auchan mirror the fierce competition in Vietnam’s retail market.
For a long time, Vietnam has been considered as a potential retail market thanks to crowded population and strong purchasing power but not every retailer is able to succeed in doing business here.
Mergers and acquisitions are on the upswing in the crowded Vietnamese retail market, bolstered by local retailers expanding their presence amid fierce competition.