Developing Market for the Poor

The Vietnam Chamber of Commerce and Industry (VCCI) and the Asian Development Bank (ADB) held the workshop "development the market clusters for low-income earners" on October 18 in Hanoi. According to Mr James Grall, President of the group for the solution and development of new concept of the Base of the Pyramid (BOP) clusters, the poor can take part in the market under the approachable way to high quality services and commodities and they can supply high quality and reliable input materials. At present, the BOP has more than four billion people, each of whom receives an annual income of 2,000. This means that private companies can seek big gains from selling commodities for the poor. At the same time, multinational firms and other companies also can purchase goods of the poor, localise activities of the supply chain and develop the capacity of the poor community.

 

Mr. James Grall said the most important point to penetrate the POP market is to create purchasing power. Therefore, it is necessary to introduce supporting solutions as credit provision, demand orientation, approachability improvement and amendments to match the local conditions.