link ae888

Vietnamese retailers must grow up: experts

Experts have noted that it is time Vietnamese retail firms "grew up" and adopt modern retail practices.
Vietnamese retailers must grow up: experts ảnh 1Consumers shop at one of the Co.op mart supermarkets in HCM City (Source: VNA)

Hanoi (VNA)𝓰 – Experts have noted that it is time Vietnamese retail firms "grew up" and adopt modern retail practices.

Among the recommendations is that Vietnam's retailers promote local production through distribution and compete with foreign rivals during the current merger and acquisition (M&A) boom. The recent penetration of foreign retailers from Thailand, Japan and France, fuelled by the participation of Vietnam in a series of new-generation free trade deals, hastened the race for capturing market share in the Vietnamese retail sector, which is recognized as having large untapped potential with strong purchasing power from a 90 million population. However, local retailers seemed to have become underdogs in the race and some are crying for help. HCM City Association of Businesses recently sent a document to the Prime Minister about risks caused by the domination of foreign retailers in local retail markets, while calling for support for a more favourable business environment.
The association said that modern retail in Vietnam currently accounted for a mere 25 percent of total retail sales and was falling, while facing increasingly harsh competition from foreign retailers such as BigC, with 32 supermarkets, Metro with 19 supermarkets, Lotte Mart with 11 supermarkets and Aeon with 3 supermarkets. Additionally, France's fourth largest retailer, Super Auchan, is planning to expand its supermarket chain in HCM City. Further, a series of mergers and acquisitions include Aeon buying stakes of Fivimart and Citimart, and Thai groups acquiring Big C and Metro, will also result in more difficulties for local retailers to compete, the association said. It added that the domination of foreign retailers negatively affected local production due to the influx of foreign products, such as from Thailand and Japan, which were more competitive in quality and prices, while the Government's programme, entitled, "Vietnamese prioritise Vietnamese goods" was proving to be less effective than hoped for. According to Pham Ngoc Hung, the association's deputy chairman, many domestic retailers said they face difficulties in selling their products to foreign-invested supermarkets. Of note, since the full opening of Vietnamese retail markets to foreign retailers on January 1, 2015 following international integration commitments, there has been a shortage of policies to protect local retailers, the association said. The association proposed the creation of regulations to prevent uncontrolled openings of new foreign retail outlets and the assurance that these outlets will be monitored to guarantee that they comply with existing regulations about distribution and competition.
Also, the Vietnam Competition Authority recently asked for details about the Metro supermarket acquisition by Thai – based TCC Holding Company, in accordance with Vietnam 's established laws on competition. No need for alarm Meanwhile, Director of the Ministry of Industry and Trade's Department of Domestic Market Vo Van Quyen was quoted by Tien Phong (Vanguard) newspaper as saying that the opening of stores by foreign retailers was not alarming. For local retailers, this presents an opportunity to improve their competitiveness and prevent shut-downs or bankruptcies as a result of failures to compete. For consumers, foreign retailers bring high-quality products to Vietnam and contribute to improving the quality of made-in-Vietnam products through upgrading the quality of merchandise found on shelves, Quyen said. Additionally, Dinh Thi My Loan, Chairwoman of the Vietnam Association of Retailers, urged Vietnamese retailers to modernise their operation models and cooperate with each other so they might begin operating by using modern retail techniques and trends, such as developing convenience stores and minimarts. Loan added that the Government could provide support, but could not perform the jobs of retail firms. Retail firms must find their way and "grow up" to continue functioning during these difficult times, she said.
It is also important that local retailers join with producers to build supply chains for Vietnamese quality products, in a bid to gain the trust of consumers and build their brand names, Loan said. Further, according to Vu Vinh Phu, Chairman of the Ha Noi Supermarkets Association, local retailers must cooperate with each other and compete by improving the quality of products, prices and customer care services.-VNA
VNA

See more

A motorbike production line of Honda Vietnam — a Japanese company located in Phu Tho province. (Photo: VNA)

♕ Phu Tho emerges as FDI magnet following mergence

In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Infraction levels will correspond to fines of 1-80 million VND, depending on the nature and number of invoicing violations. (Photo: vietnamfinance.vn)

ꦗ Maximum fine of 3,000 USD proposed for violating invoice regulations

Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
At the strategic partnership signing ceremony between Sun PhuQuoc Airways and Amadeus. (Photo: Sun Group)

ౠ Sun PhuQuoc Airways enters strategic partnership with Amadeus to build a five-star aviation technology ecosystem

A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
A local resident makes a bank transfer using the Momo app. (Photo: VNA)

🌠 Banks accelerate digitalisation, non-cash payments

Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
{dagathomo tructiep hôm nay}|{link ae888 city 165}|{dá gà thomo}|{trực tiếp đá gà thomo hom nay}|{sbobet asian handicap}|