VietNamNet Bridge - More foreign investors are eyeing Vietnam’s retail market, which is becoming an increasingly attractive sector for manufacturers and distributors of foreign consumer products.
According to figures released by the Vietnam Chamber of Commerce and Industry (VCCI) at a seminar last week, consumption expenditures in Vietnam in 2006 amounted to 581 trillion VND (36 billion USD), a year-on-year increase of 20.9 percent. The figure is expected to increase to 53 billion USD by 2010.
Last year, Vietnam reached a GDP growth of 8.2 percent, and now ranks second in Asia in economic growth rate.
The ranking of the 30 hottest retail markets among 185 countries nominated by the AT Kearney Consultant Group showed Vietnam ranked fourth with a General Retail Development Index (GRDI) 2007 of 74 points. India (92 points) was first, followed by Russia (89 points) and China (86 points).
To observe its commitments to the WTO, Vietnam plans to open its gates to foreign retail companies and franchisers.
US companies will be allowed to form joint ventures with Vietnamese firms beginning January 1, 2009, setting up 100 percent foreign-owned companies with the right to import goods as well as manufacture domestically.
Because significant change to Vietnam’s retailing system is expected, the time is right for foreign retail investors to enter the market and increase market share, according to seminar participants.
“The cake is huge, yet the competition is getting much harder. Hopefully for the coming years, advanced management techniques will gradually be applied widely to improve local companies’ effectiveness and competitiveness against foreign retail companies,” said Tran Van Bach of the Ho Chi Minh City Economics Institute.
The topic of the seminar, held by the VCCI in coordination with BLogic Systems Vietnam Co., was Golden Solutions to the Development of Vietnam’s Retail Industry.
The seminar’s aim was to inform local businesspeople of the latest news on sales management techniques and business trends. The seminar also introduced viPOS technology for retail business management.
(Source: VNA)
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