Eliminating the State monopoly and engaging the private sector in public service provision is an urgent need, according to Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc.
Seeing the potential from a population of 96 million and the 2018 per capita GDP of 2,590 USD, Vietnamese banks are racing to develop retail markets.
The Foreign Investment Agency said in the first four months of the year, Vietnamese firms invested nearly 150 million USD in foreign markets.
Vietnam’s total outbound investment in the first quarter of 2019 reached an estimated 120 million USD, according to the Foreign Investment Agency under the Ministry of Planning and Investment.
Since joining the World Trade Organization in 2007, Vietnam’s retail sector has made big strides. However, shortcomings are still evident as it lacks connections between retailers.
The second Indochina Retail Technology and Innovation Summit, a conference focusing on retail technology, is taking place in Ho Chi Minh City on March 7.
Up to 70 percent of Japanese businesses have announced that they want to expand operations in Vietnam, especially in manufacturing, trade and service, and retail sector, according to the Japanese External Trade Organisation (JETRO).
Nearly 70 percent of 500 surveyed firms in Vietnam planned to expand their businesses in the near future as most of them were optimistic about business results in 2018.
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.
Total revenue from retail trade and services in Vietnam reached an estimated 402.2 trillion VND (17.26 billion USD) in January, up 4.4 percent month-on-month and 12.2 percent year-on-year, the latest report from the General Statistics Office (GSO) showed.
Foreign direct investment (FDI) in Vietnam witnessed a significant yearly increase of 52 percent to 1.9 billion USD in the first month of this year, according to the Ministry of Planning and Investment.
Though local businesses posted export growths, their contributions to the country’s export value have yet accounted for a half of the contributions of foreign direct investment (FDI) enterprises.
Total retail sales of goods and services in Vietnam reached nearly 4.4 quadrillion VND (191 billion USD) in 2018, representing a rise of 11.7 percent against the previous year, according to the General Statistics Office (GSO).
Japan took the lead among 112 countries and territories invested in Vietnam in 2018, with 8.59 billion USD, making up 24 percent of the nation’s total FDI.
The manufacturing and processing sector garnered the most interest from foreign investors in 2018, attracting 16.58 billion USD, or 47 percent of the registered capital.
Vietnam attracted 35.46 billion USD in total foreign direct investment (FDI) in 2018, equivalent to 98.8 percent of the previous year’s figure.
Disbursed foreign direct investment (FDI) in Vietnam in 2018 hit 19.1 billion USD, an increase of 9.1 percent over the previous year.
Fujimart Vietnam Retail, a joint venture between Japanese trading house Sumitomo and local retail and real estate conglomerate BRG Group, will open its first Vietnamese supermarket in Hanoi this month.
