Increased consumer confidence, a stable business environment and a high economic growth rate will make Vietnam’s retail market more attractive next year, say domestic and overseas retail experts.
The prospects for Vietnam’s retail market will be good as Vietnam is becoming “an attractive destination for businesses in Asia”, explained EuroCham Hanoi’s Office Director Matthias Duehn, at a seminar entitled “consumer trends and the retail market in 2009 and market prospects in 2010”, held in Hanoi on November 11.
Meanwhile, Dinh Thi My Loan, Deputy Chairwoman of the Association of Vietnamese Retailers (AVR), reckoned that the growth of commodities retails and service revenues, averaging 18-20% in recent times, will be the driving force that lures in domestic and foreign retailers.
However, many experts said although Vietnam’s retail market has developed in terms of quantity, the competitiveness of Vietnamese retailers is still weak, especially when they have to compete with retailers from overseas. Thus, stronger links between Vietnamese retailers are urgently needed to settle the issue, said the experts at the seminar, which was organised by the Vietnam-EU Enterprise Forum.
According to an assessment from AVR, the number of modern retail models such as supermarkets in Vietnam has increased rapidly, from a modest 10 supermarkets and two shopping centres in 1995 to nearly 400 supermarkets and shopping centres in 2008./.