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.
According to statistics, modern retailers make up about 26 percent of the market with growth reaching 11.8 percent. However, the sector still faces obstacles like its small scale, lack of cohesion and fierce competition with bigger international retailers that are penetrating the market.
Experts propose that retailers should step up their game and adapt to consumers’ needs in the technological era.
The government is also required to polish the legal framework and improve the effectiveness of law enforcement on market trading activities. Practical solutions are needed as well as incentives and support for domestic retailers.
In particular, consumers are important for the development of the retail market. Consumers need to be informed and know how to protect their interests and participate responsibly in the development of the retail market.-VNA
