VietNamNet Bridge - Thai products have been flooding the market, with Thai billionaires taking over a number of Vietnamese retail chains. On September 15, Minister of Industry and Trade Tran Tuan Anh chaired a meeting with key officials from departments to discover why there had been a sharp deficit increase in trade with Thailand. Analysts commented that the Ministry of Industry and Trade (MOIT) held an urgent meeting to ring the alarm over the trade deficit with Thailand. According to MOIT, in the first eight months of 2017, the total import/export turnover of the two countries was $9.64 billion, of which Vietnam exported $3.07 billion worth of products to Thailand and imported $6.57 billion from the country. This means a trade deficit of $3.5 billion, an increase of 15.6 percent over the same period last year. Vietnam mostly imported household-use electric appliances and components ($646 million), fruits ($618 million), CBU (complete built unit) cars ($432 million), … [Read more...] about Vietnam concerned about big firms taking over retail chains
Retail
How attractive is Vietnam’s fashion market for foreign retailers?
VietNamNet Bridge - More than 200 foreign fashion brands are present in Vietnam, providing a wide range of products from mid- to high-end products, which hold 60 percent of the market share, according to the Vietnam Retailers Association. People queue up for their turn to buy productsA representative from H&M said at least 2,000 people queued up for their turn to buy products on the opening day of H&M shop in Hanoi some days ago.In late 2016, in a trade promotion event, nine Japanese companies with 14 fashion brands came to Vietnam to look for franchisees. The CEO of a company said Vietnam has become very attractive because of its young population, developing economy and improved income. … [Read more...] about How attractive is Vietnam’s fashion market for foreign retailers?
Farmers struggle to approach retailers
The growth of the retail sector in Vietnam is impressive, with market size set to reach 180 billion USD in the next three years. Yet, getting a slice of the pie is not a piece of cake, especially for startups selling fresh farm produce since there remains a bottleneck in approaching distribution channels despite the ever growing demand for the products.Start-ups come to such conferences for retailers to approach distributors as if they want their products on shelves, they need to reach big retailers. Yet, it’s not easy for them.Nguyen Van Tuan, Deputy Director of New Generation Agriculture Corporation said "We have to convince each consumer that our products are organic. Only if an adequately large number of consumers have faith, will they start accepting the products and using them. We need retailers to do that, but convincing retailers is not a cinch."There will be some 1,500 supermarkets in Vietnam by 2020 according to the Ministry of Industry and Trade’s planning … [Read more...] about Farmers struggle to approach retailers
Vietnam’s retail sales to touch over US$1.9 trillion
According to the draft, the GDP of the domestic trade sector will be more than VND419 trillion by 2020, VND700 trillion by 2025, and VND2.3 quadrillion by 2035, contributing roughly 15.5%-16% to Vietnam’s GDP by 2030.The annual growth rate (excluding the price factor) of the country’s total revenue from retail sales of goods and services for the period from now to 2020 will average at 13% per year, and rise to 14% in 2021-25. The value will reach some VND5.8 quadrillion by 2020, VND11 quadrillion by 2025 and VND44 quadrillion by 2035.Domestic economic sector will account for some 80% of the country’s total retail sales revenue by 2020, while the foreign direct investment (FDI) sector will make up about 20 percent before rising to 70% by 2025.The proportion of modern trade models will be roughly 30%, or nearly VND1.7 quadrillion, by 2020. It will rise to 35% or VND3.8 quadrillion by 2025 and 50% or VND22 quadrillion by 2035.Modern trade models such as commodity … [Read more...] about Vietnam’s retail sales to touch over US$1.9 trillion
VN’s retail sales to touch over $1.9 trillion
The revenue of Viet Nam’s retail sales market will reach over VND11 quadrillion (US$484.58 billion) by 2025 and nearly VND44 quadrillion ($1.938 trillion) by 2035.This was revealed in the Ministry of Industry and Trade’s draft strategy on domestic trade development, which is being publicised for recommendations.According to the draft, the GDP of the domestic trade sector will be more than VND419 trillion by 2020, VND700 trillion by 2025, and VND2.3 quadrillion by 2035, contributing roughly 15.5-16 per cent to Viet Nam’s GDP by 2030.The annual growth rate (excluding the price factor) of the country’s total revenue from retail sales of goods and services for the period from now to 2020 will average at 13 per cent per year, and rise to 14 per cent in 2021-25. The value will reach some VND5.8 quadrillion by 2020, VND11 quadrillion by 2025 and VND44 quadrillion by 2035.Domestic economic sector will account for some 80 per cent of the country’s total retail … [Read more...] about VN’s retail sales to touch over $1.9 trillion