Keyword: "retail industry"

Vietnam’s retail industry is experiencing a period of remarkable growth, fuelled by favourable economic conditions and evolving consumer behaviour.

The Department of Industry and Trade of Ho Chi Minh City on August 28 announced the launch of a programme to boost the sale of branded goods named “CITY SALE 2024”, which offers discounts of up to 80%.

An influx of cheap imports from China is posing a serious threat to Thai manufacturers, according to Thai Kasikorn Research Centre (KResearch).

According to the Ministry of Industry and Trade, the scale of the retail e-commerce market in Vietnam hit 16.4 billion USD last year, accounting for 7.5% of the total retail sales of goods and consumer services nationwide.

According to General Statistic Office, in the first six months of 2021, total retail sales of goods and services went up 4.9 percent compared to the same period in 2020 to 2,463.8 trillion VND (over 107 billion USD), of which goods retail revenue hit 1,985.4 trillion VND, up 6.2 percent.

Against global recession and financial crisis, Vietnam’s retail industry has cemented its position in the economy as an effective bridge between producers and consumers, actively orienting buyers towards domestic products.

The retail industry has changed dramatically in the digital age where everything is connected, requiring retailers to continue to innovate to better serve customers’ diverse needs, speakers have said at a one-day summit held in Ho Chi Minh City.

The local retail community has asked the Government to develop policies to help the industry compete with foreign counterparts as a more liberal trade environment has intensified competition recently.