Vietnam Retail Forum reviews 10-year retail market growth hinh anh 1Illustrative image (Source: VNA)
Hanoi (VNA) – The Vietnam Retail Forum, themed “10 years of retail market and challenges in the future”, was held in Hanoi on December 12. 

Speaking at the event, Chairwoman of the Association of Vietnam Retailers (AVR) Dinh Thi My Loan said 2017 marks the 10th founding anniversary of the AVR and 10 years since Vietnam entered the World Trade Organisation.

Over the past decade, the AVR has strived to develop a modern and consumer-oriented retail industry, served as a bridge between manufacturers and consumers and spread the campaign “Vietnamese prioritise Vietnamese goods”.

Hoang Anh Tuan, deputy head of the Ministry of Industry and Trade’s Domestic Market Department, said the AVR now has 216 members compared to 100 at its establishment.

He lauded the AVR for connecting its members with State management agencies, giving feedback on retail-related laws and policies and refining policies on managing foreign retailers.

As a member of the domestic market monitoring group, the AVR has directed member firms to deal with fluctuations in markets and held seminars discussing Vietnamese goods in the modern retail system.

In 2017, Vietnam jumped five spots to sixth place in the 2017 Global Retail Development Index (GRDI) released by the US’s management consulting firm A.T. Kearney. The country was also among the top 30 developing countries for retail investment worldwide.

With favourable government policies, urbanisation, a growing middle class and a relatively young population, foreign retailers are positive about the country, according to A.T. Kearney.-VNA