Vietnam Retailers Forum to Open Late This Week
The Ministry of Industry and Trade’s Competition Management Department will hold a retailers forum entitled “Vietnam Retail Market in Post-WTO Period: Competition and Development” in Hanoi September 21, local media reported.
Local retailers are expected to share information about competitive environment in the country’s lucrative retail market and discuss measures to successfully implement competitive management activities in the retail sector in post-WTO.
Competitiveness is forecast to be fiercer after January 1, 2009 when the country completely opens its distribution market for foreign partners in compliance to the WTO commitments.
Vietnam is considering establishment of a retailers association, enhancing competitiveness of local market,
The country’s annual retail sales growth averaged 20 per cent in recent years, which makes Vietnam a very attractive land for foreign retail businesses.
Vietnam’s total retail sales of goods and services were estimated at VND458.6 trillion (US$28.7 billion) in the first eight months of this year, a rise of 22.7 per cent on-year.
In May, Vietnam was recognized as one of the world’s seven most lucrative retail markets, said the global research and consultancy firm RNCOS in its recent report “Vietnam Retail Industry Analysis.” (Investment, GSO Aug 2007)
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