Vietnam Retail Sales Revenues Likely +20 per cent to US$54.3 Bln This Year
Vietnam's retail sales revenues are forecast to grow 20 per cent on year to US$54.3 billion this year.
Tran Quoc Khanh, head of the Minsitry of Industry and Trade's Department for Multilateral Trade Policies warned that FDI-invested companies will have dominating advantages over domestic retailers once Vietnam opens up the retail market from Jan 1 next year.
Khanh also explained Vietnam will not open retail markets of sugar, rice, petroleum, cigarette, video products as local policymakers want to have possible protection for local producers, the paper said.
"FDI firms have special interest in expansion of retail operations since they are licensed," Khanh noted.
Meanwhile, Nguyen Ngoc Hoa, general director of Saigon Co.op said local authorities should complete legal frameworks and regulations on market opening, distribution network planning. (Youth)
Vietnamese
