Domestic businesses are seeking to develop the rural retail market given fierce competition from foreign rivals, according to Cong Thuong (Industry & Trade) newspaper.
Hanoi (VNA) – Domestic businesses are seeking to develop the rural retail marketgiven fierce competition from foreign rivals, according to Cong Thuong(Industry & Trade) newspaper. Vietnam waslisted among the world’s 30 most attractive retail markets by the US’s ATKearney Company. Statisticsfrom the Ministry of Industry and Trade showed that foreign-invested companies makeup about 17 percent of retail market share via trade centres and supermarketsand 70 percent via convenience stores.
President ofthe Vietnam Retailers Association Dinh Thi My Loan said the Vietnamese retailmarket has become more attractive since the country signed free tradeagreements.
Policies attracting customers and increasingcompetitiveness have been implemented, she added.
Some foreign firms have increased theirengagement in the race to dominate retail in Vietnam.
For example, Aeon – a Japanese r꧟etail giant, hasopened four🔯 trade centres in Vietnam and plans to increase this number to 20 by2020.
Japan’s 7-Elevenconvenience store chain also announced plans for stores in Ho Chi Minh Citylast February.
Other overseas groups such as Lotte of theRepublic of Korea and Central Group of Thailand have expanded their marketshare in Vietnam and plan to double and triple their number of stores in theupcoming years.
Therefore, the expansion of goods distributionin rural areas is considered a way for domestic companies to increasecompetitiveness.
Director of the Business Studies and AssistanceCentre Vu Kim Hanh said rural🅠 areas have high potential.
If domesticcompanies don’t seize the chance to dominate this segment, foreign retailerswill make use of it, she added.
Vo Van Quyen, head of the Domestic MarketDepartment under the Ministry of Industry and Trade, said the golden populationstructure and increasing local income are attractive factors of the ruralmarket.
Average purchasing power in rural areas has grown15 percent in recent years, he said, adding that Vietnamese retailers could securethe rural market by selling produc🍃ts at reasonable prices.
To dominatethis market, Vingroup plans to open an additional 70-80 supermarkets and 1,500stores in remote districts.
Meanwhile, the Saigon Union of TradingCo-operatives (Saigon Co.op) has built a strategy to make inroads into therural market via selling essential commodities at supermarkets and conveniencestores.-VNA
Deputy Prime Minister Trinh Dinh Dung has asked ministries and authorities to support local retailers while better managing the operations of foreign retail firms.
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The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
Vinmart supermarket (Photo: VNA) 
