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Foreign firms expand presence in retail market
Date: 1/10/2017 4:37:37 PM
Foreign companies are establishing a stronger presence on the fast growing Vietnamese retail market, according to a report which the Ministry of Industry and Trade released last Friday.
Foreign direct investment enterprises now hold a 17% retail market share in the segment of shopping centers and supermarkets, 70% in convenience stores, 15% in minimarts, and around 50% in online, TV and phone shopping, said the report.
These percentages are not too high but the rising presence of foreign investors in the retail market can be seen in major cities. For instance, Thailand’s Central Group has taken over the entire stake of France’s Casino Group in Big C Vietnam, and another Thai conglomerate, TCC Holding, has acquired Metro Cash and Carry Vietnam.
Other foreign business groups such as South Korea’s Lotte and Japan’s Aeon have been steadily expanding, with plans to double or triple their stores in Vietnam in the coming years.
The swift expansion of foreign firms has piled pressure on local retailers. Domestic goods suppliers have also felt the pinch as foreign retailers are developing their own goods brands for sale at their stores.
According to the Ministry of Industry and Trade, total retail sales of goods and services last year rose 10.2% year-on-year to VND3,530 trillion (US$156.7 billion).
Business-to-customer (B2C) transactions were estimated to double from the US$2.2 billion recorded in 2013.
(Source:Vietnamnet news)
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