The opening of the domestic market as committed in the EU – Vietnam Free Trade Agreement (EVFTA) will lead to the strong penetration of foreign businesses to expand their retail chains in the country.
Vietnam’s food processing and packaging industry has expanded by 15-20 percent annually over the past several years and is likely to grow further in the coming years, according to the Association of Vietnam Retailers (AVR).
The Association of Vietnam Retailers (AVR) held a business matching programme in Hanoi on August 27 to connect Russian businesses with local partners, and to introduce Russian goods to local retailers.
To bring goods to modern retail systems, agricultural production facilities need to meet all requirements such as business registration, food safety and hygiene, and test papers.
Future trends of the Vietnamese retail market, including the use of digital and AI, were discussed by more than 400 retail experts at a seminar organised in HCM City on February 28 by Vincom Retail Joint Stock Company.
The rapidly growing demand for organic agricultural produce offers huge potential for businesses to invest in production and develop retail networks, experts said at a recent workshop in Ho Chi Minh City.
Vietnam has returned to sixth place among the 30 most-attractive retail markets in the world this year according by A.T. Kearney, thanks to the expansion of convenience stores and mini-marts and the increase in use of technology in the industry.
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.
Vietnam’s total revenue from retail sales and services reached 2.58 quadrillion VND (114.7 billion USD) in the first eight months of this year, a year on year increase of 10.3 percent, reported the General Statistics Office (GSO).
The ninth Vietnam International Retail and Franchise Show (VIETRF 2017) kicked off at the Saigon Exhibition and Convention Centre of Ho Chi Minh City on June 1.
Vietnam’s retail sales of goods and services rose to 10.2 percent to around 156.7 billion USD in 2016, data from the General Statistics Office (GSO) has revealed.
Vietnam’s potential for e-commerce development in the retail sector could achieve a 10-billion USD revenue by 2020, accounting for half the country’s total retail sales.
The total revenue from retail trade and services topped 118.4 billion USD during the first nine months of this year, surging 9.5 percent year-on-year, according to the General Statistics Office (GSO).
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.
The Vietnam International Retail and Franchise Show (VIETRF), the 2016 Korea Sourcing Fair and the 2016 Vietnam International Coffee & Dessert Fair were kicked off together in HCM City on June 8.
Vietnam boasts a huge potential for the development of convenience
shopping outlets, market research company Nielsen Vietnam said in its
report released during a roundtable in Hanoi on May 29.
Vietnam’s retail market has recently witnessed the emergence of numerous
foreign businesses as they make acquisitions and expand operations.
While some fear the loss of Vietnamese brand names, others believe there
is still substantial room for local firms to develop.
The competition between modern and traditional business models has
become more fierce and Vietnam’s retail market needs a long-term
strategy in order to ensure sustainable development in the integration
process, the Vietnam Economic News reported.
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