U.K. Cos Eye Vietnam Retail Market

A delegation of London entrepreneurs including five leading retailers groups of Woolworths, Debenhams, BHS International in the U.K. led by Neil Wynn Jones, a senior advisor of the U.K. Trade & Investment is on a fieldtrip to Vietnam Nov 16 to 21 to seek investment opportunities.

 

Neil Wynn said that he sees great potentials of Vietnam's retail market, Vietnamese are wise and the country's economy is dynamic with stable growth, exports markets are diversified.

 

We have meetings with local retailers including Pho24, Cafe Highland, which are very well operational.

 

U.K. firms want to set up partnership ties with local counterparts via joint ventures, franchising, the most suitable now.

 

Vietnam's total retail sales revenues is forecast to jump 20.5 per cent on year to VND975 trillion (US$54.3 billion) and account for 15 per cent of its GDP value this year, the Ministry of Industry and Trade said.

 

Under WTO commitments, Vietnam will open up its retail sector to foreigners in early 2009. (Vietnam Economic Times, Youth)