Total retail sales reached 877.5 trillion VND (45 billion USD) in thefirst seven months of this year, a rise of 26.4 percent against the sameperiod in 2009.
The General Statistics Office'sseven-month retail report showed that foreign investment contributed25.2 trillion VND (1.3 billion USD) to the economy, 2.9 percent of totalretail sales, an increase of 43.4 percent over the corresponding periodin 2009.
State-run businesses saw an increase in retail sales of 41.5 percent, while non-State firms' growth was 42.2 percent.
Truong Quang Hoai Nam , head of the Domestic Market Department at theMinistry of Industry and Trade, said foreign investors considerVietnam as a promising investment destination.
Meanwhile, global ratings agency AT Kearney predicted that Vietnam 'sretail industry would grow over the next few years and that consumerspending would rise above its current level of 70 percent of ahousehold's income.
Nguyen Thi Hoang Thuy, director ofMutrap III Programme, said the retail and distribution industry hascontributed 14 percent towards the country's gross domestic productsince Vietnam became a member of WTO.
However, Thuysaid accession to the world trade body has not brought the anticipatedinflux of foreign retail investment. "A revision of [the retail] marketis needed," Thuy said.
Nam said the legal framework governing the retail industry is insufficient and has resulted in investor hesitancy.
On the other hand, he said domestic investors are almost gung-ho in their approach.
"The development of the domestic retail industry seems spontaneous," he said.
Vo Tri Thanh, deputy head of the Central Institute for EconomicManagement, was optimistic about Vietnam 's retail sector, which hepredicted would grow strongly over the next 10-15 years.
However, corporate competitiveness should be improved to achieve this growth .
In the first seven months of this year, retail sales from services wereworth 78.8 trillion VND (4.04 billion USD), up 22.1 percent over thesame period in 2009. Retail turnover in the hotel and restaurantindustry alone generated 96.03 trillion VND (about 5 billion USD).
The Ministry of Industry and Trade said it expects retails sales this year to grow 22 percent year on year to 78.9 billion USD./.
The General Statistics Office'sseven-month retail report showed that foreign investment contributed25.2 trillion VND (1.3 billion USD) to the economy, 2.9 percent of totalretail sales, an increase of 43.4 percent over the corresponding periodin 2009.
State-run businesses saw an increase in retail sales of 41.5 percent, while non-State firms' growth was 42.2 percent.
Truong Quang Hoai Nam , head of the Domestic Market Department at theMinistry of Industry and Trade, said foreign investors considerVietnam as a promising investment destination.
Meanwhile, global ratings agency AT Kearney predicted that Vietnam 'sretail industry would grow over the next few years and that consumerspending would rise above its current level of 70 percent of ahousehold's income.
Nguyen Thi Hoang Thuy, director ofMutrap III Programme, said the retail and distribution industry hascontributed 14 percent towards the country's gross domestic productsince Vietnam became a member of WTO.
However, Thuysaid accession to the world trade body has not brought the anticipatedinflux of foreign retail investment. "A revision of [the retail] marketis needed," Thuy said.
Nam said the legal framework governing the retail industry is insufficient and has resulted in investor hesitancy.
On the other hand, he said domestic investors are almost gung-ho in their approach.
"The development of the domestic retail industry seems spontaneous," he said.
Vo Tri Thanh, deputy head of the Central Institute for EconomicManagement, was optimistic about Vietnam 's retail sector, which hepredicted would grow strongly over the next 10-15 years.
However, corporate competitiveness should be improved to achieve this growth .
In the first seven months of this year, retail sales from services wereworth 78.8 trillion VND (4.04 billion USD), up 22.1 percent over thesame period in 2009. Retail turnover in the hotel and restaurantindustry alone generated 96.03 trillion VND (about 5 billion USD).
The Ministry of Industry and Trade said it expects retails sales this year to grow 22 percent year on year to 78.9 billion USD./.
