Vietnam Mulls Setup of Retailers Association

Vietnam, a lucrative retail market, is considering establishment of a retailers association, enhancing competitiveness of local market, a source of the Ministry of Trade (MoT) said.

 

The MoT plans to organize a meeting this week to discuss setup of the association.

 

Trade experts said that the association’s presence will team up domestic retail enterprises and reinforce their self-confidence in global competition.

 

In mid-May this year Phu Thai and three other leading retailers, the Saigon Trading Group (Satra), the Hanoi Trade Corporation (Hapro), the Ho Chi Minh City Commercial Cooperative Union (Saigon Co.op), jointly launched the Vietnam Distribution Network Investment and Development Joint Stock Company (VDA), the biggest of its kind in the country, boosting their competitiveness and the ability of distributors to fend off the expected influx of global rivals. 

 

In compliance to the WTO commitments, Vietnam opens its retail market in phases, attracting massive interest by foreign investors. The country will completely open its distribution market for foreign partners from January 1, 2009.

 

Earlier, report “Vietnam Retail Industry Analysis” recognized Vietnam as one of the world’s seven most lucrative retail markets.

 

The country’s annual retail sales grew by average 20 per cent in recent years, which makes Vietnam a very attractive land for foreign retail businesses.

 

Vietnam’s total retail sales revenue in the first half of 2007 increased 22.9 per cent on-year to VND335.6 trillion (US$21 billion). (Investment)