Illustrative photo (Source: VNA)
HCM City (VNA) – Vietnam has continuously been listed among the world’s top 30 attractive emerging retail markets since 2008, according to the ranking in the Global Retail Development Index of the US’s AT Kearney Company.
The information was heard at a workshop discussing challenges facing the domestic retail sector in international integration in Ho Chi Minh City on June 28.
From 2011-2015, Vietnam saw a continuous growth in retail turnover, worth 2.47 trillion VND (111 trillion USD), accounting for 76.2 percent of the total retail and consumption value.
However, many market research companies and experts forecast the retail market of Vietnam see great prospects for high growth in the future, driven by a population of 91.7 million with high consumption demands.
President of the Vietnam Retailers Association Dinh Thi My Loan underlined the challenges facing domestic retailers in international integration.
Echoing Loan’s opinion about the increasing competition in the market, Nguyen Thi Thu Trang, Director of the Centre for WTO and Integration of the Vietnam Chamber of Commerce and Industry (VCCI), called for incentives to ensure the sector’s sustainable development.
For the first five months this year, Vietnam's total retail sales and services revenue reached 1,430 trillion VND (63.4 billion USD), a year-on-year increase of 9.1 percent.
Meanwhile, the purchasing power of goods retailers witnessed high growth of 9.5 percent in the period, amounting to 1,920 trillion VND (48.5 billion USD), accounting for two-thirds of the total retail sales and services revenue.-VNA
