Head of the Ministry of Industry and Trade’s Domestic Market Department Vo Van Quyen (Source: moit.gov.vn) Hanoi (VNA) – Market opening and mergers & acquisitions are a common trend in global integration, said head of the Ministry of Industry and Trade’s Domestic Market Department Vo Van Quyen in response to concern over intense competition from foreign rivals.
In a teleconference by the ministry in Hanoi on June 6, Quyen said foreign retailers’ revenue account for three fourths of the total, primarily in the supermarket segment.
Vietnam is committed to the World Trade Organisation (WTO) and Free Trade Agreement’s terms and will take measures allowed by the WTO to defend domestic trade, he said, adding that the department will continue providing incentives, support for investment, training and technological advances, expanding the distribution system and responding to the campaigns: “Vietnamese prioritise Vietnamese goods” and “Domestic trade promotion until 2020”,
Minister of Industry and Trade Tran Tuan Anh, for his part, called for building a retail strategy, that considers the characteristics of trade in rural and remote areas to submit to the Politburo, as well as working with associations and localities to find out about any shortcomings.
He said the ministry will do its best to manage the domestic market in terms of price and facilitate macro-economic adjustment, and urged domestic retailers to enhance their competitiveness and keep track of market movements, particularly monitoring law-abidance by foreign rivals and report it to the ministry and government.-VNA
