8:55:52 AM | 20/10/2008
Vietnamese electronics businesses anticipate fiercer competition next year as more imported products flood the domestic market and restrictions on foreign distributors and retailers are lifted, the Thanh Nien Daily newspaper reported.
Many managers of electronics supermarkets in Ho Chi Minh City said sales representatives had shown them many new U.S. and European-made electrical products over the past few weeks, some of which had never been sold in Vietnam before.
They also said several foreign retailers had recently been active in the domestic market, preparing for their official appearance at the beginning of next year – right before the pre-Lunar New Year shopping season.
Under Vietnam’s commitments to the World Trade Organization (WTO), 100 per cent foreign-invested firms will be allowed to join the local distribution and retail markets from January 1, 2009.
Local importers said they had increased their purchases by 20 per cent-30 per cent because they want to be prepared for the increased competition from foreign distributors.
All distributors and retailers want to clear their existing stockpiles as soon as possible, worried that more imported electronic products will penetrate the local market in the future. (Thanh Nien Daily)
Vietnamese
