Vietnam, a new WTO member, has recently seen a boom in the launch of new supermarkets and trade centers in cities and provinces, local media reported.
In the southern economic hub, Ho Chi Minh City alone, at least five supermarkets and trade center opened over the past two months.
In early May, Dong Hung limited company, owner of Citimart chain network, launched its eighth supermarket in Ho Chi Minh City, raising the total number of supermarkets nationwide by the company to 17.
One month later, Parkson opened its second trade center costing US$6 million in the southern metropolis.
In July, Vinatex Group made a debut for Vinatex Ly Thuong Kiet Trade Center, the 46th of its kind by Vinatexmart network.
The Ho Chi Minh City Commercial Cooperative Union (Saigon Co.op) and Bien Hoa Import-Export Co. (Bihimex) have recently joined hands to launch the Bien Hoa Co.op Mart.
Ngo Van Hai, Dong Hung Co., Ltd deputy director, said “We are compelled to race against time to find suitable footnotes before the government allows FDI firms to open supermarkets and trade centers.”
In consent to Hai, VinatexMart chain’s director Nguyen Thi Hong Huong said, from now onto late 2007, VinatexMart will launch an additional four supermarkets. Meanwhile, Saigon Co.op plans to open five to eight more supermarkets this year, raising its total institutions to 23.
Big C is preparing to open a new supermarket costing US$12 million in central Danang City in October, the 7th of its chain.
Together with the boom in the quantity of supermarkets and trade centers across the country, investors will have to face fierce competition and may have to experience a reduction in their profits.
Reportedly, Vietnam now has a total of 160 supermarkets and 32 trade centers.
Vietnam’s total retail sales revenue for goods and services in the first five months this year was estimated to have risen by 22.6 per cent on-year to reach VND277.8 trillion (US$17.36 billion). (Youth)
Vietnamese
