Illustrative image (Source: VNA) Hanoi (VNA) – Through merger and acquisition (M&A) activities and the improvement of goods quality and services, Vietnamese retailers are trying to win the support of local customers and compete with foreign rivals.
Statistics reveal that Vietnam’s annual revenue from retail sales and services has risen significantly in recent years.
Of note, domestic retailers have engaged in various M&A transactions to expand their market shares since the beginning of the year.
In late August, VinMart, run by VinCommerce under Vingroup – Vietnam’s leading real estate and retail conglomerate, acquired eight supermarkets of Queenland Mart, raising its total number of supermarkets to 120. Currently, Vingroup owns 2,122 supermarkets and convenience stores.
Last April, VinCommerce said it will acquire convenience store chain Shop&Go for 1 billion USD.
Saigon Union of Trading Cooperatives (Saigon Co.op) also took over all supermarkets of French company Auchan Retail last June.
According to the Ministry of Industry and Trade, domestic retailers make up 84 percent of the market share. Besides, they have expanded their network, meeting the huge demand of locals.
Experts said 2019-2020 will witness fierce competition between domestic and foreign retailers, as well as modern and traditional retail channels, requiring domestic retailers to make greater efforts to gain a firm foothold in the market./.
VNA
