The presence of foreign-invested enterprises in Vietnam's retail sector has increased competition among businesses, jointly regulating supply and demand in the domestic market.
Vietnamese firms are working to bring more products to the Japan to not only increase their presence at the over 125-million-strong market but also use their foothold there as a launch pad to reach other choosy markets in the world.
Maintaining reasonable prices, implementing promotion policies, and diversifying products are among the solutions to boost economic growth after COVID-19, according to insiders.
There is ample room for Vietnam to boost export and direct distribution of goods in foreign retail systems, heard a conference recently held by the Vietnamese Ministry of Industry and Trade (MoIT).
Work on Aeon Mall Hue, the seventh mall of Aeon in Vietnam and the first of its kind in the central region, began on February 11 in Thua Thien-Hue province.
Thanks to the campaign to encourage Vietnamese people to prioritise Vietnamese products, which has been carried out for years, and the stable quality of the products, made-in-Vietnam commodities have drawn increasing attention of consumers.
Hanoi should work harder to promote the added value and quality of trade, a key economic sector of the city, creating a driving force for the country's economy, according to experts.
The quality and supply of Vietnamese products have been improved over years, said Takao Kazaoka, deputy general director in charge of purchasing at AEON Vietnam, a branch of the Japanese conglomerate AEON Group.
The Vietnamese Product Exhibition Week opened at AEON shopping mall in Ho Chi Minh City on September 27 to introduce more Vietnamese goods to AEON supermarket chain.
The Vietnamese Goods Week 2022 is taking place at over 350 supermarkets and stores run by retail giant AEON across Japan and on its website until June 3.
AEON Mall Vietnam plans to build its first trading centre in the central region, AEON Mall Hue, covering a total 86,000sq.m, with an investment of 170 million USD in Thua Thien-Hue province’s An Van Duong new urban area.
Foreign retail businesses are adopting a multi-channel sales strategy as well as improved operations and delivery services to expand Vietnam operations despite pandemic impacts.
Nikkei Asia recently analysed foreign investment policies of Japanese retail groups, including retail giant AEON, noting that numerous groups plan to expand operations in the Vietnamese market.
The Hanoi Centre for Investment, Trade, and Tourism Promotion (HPA) and AEON Vietnam have coordinated to organise two big agricultural trade fairs in December with the aim to help farm produce businesses approach distribution systems abroad.
The AEON 1% Club Foundation, a member of Japanese retail and financial services corporation AEON, granted 60 scholarships to Vietnamese university students at an online ceremony on November 24.
The fourth outbreak of the COVID-19 pandemic starting from late April has had more negative impacts on daily life as well as socio-economic development than the previous waves in the country.
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