Hanoi moving trade and services into 21st century

10:44 | 04/10/2018 Economy- Society

(VEN) - The Hanoi Department of Industry and Trade recently issued a detailed plan for developing modern trade infrastructure and services from 2018-2020.

hanoi moving trade and services into 21st century

A report by the Hanoi Department of Industry and Trade indicates that the capital is home to 454 markets, 124 supermarkets and more than 700 convenience stores. Although trade infrastructure planning and development in Vietnam in general and Hanoi in particular has reached certain achievements, the infrastructure remains inadequate and needs to be further developed to meet development demands.

Over the past five years, both shopping and trade activities in traditional markets have decreased, while those in modern trade centers including modern supermarkets have been growing strongly.

More and more foreign-owned convenience stores, including Shop & Go, Family Mart, Favimart, and Ministop were launched in Hanoi. Meanwhile, such big domestic names as Saigon Co.op’s Co.op Food and the Hanoi Trade Corporation’s Hapro supermarkets are growing in number and improving in quality.

Convenience stores are also attracting a growing number of shoppers and retailers, offering a diverse range of goods at reasonable prices and increasingly greater convenience. They have become a trend here in Vietnam.

From now to 2020, Hanoi targets having five more shopping centers (including one regional trade center, two large scale shopping centers, one medium-sized shopping center, and one small trade center); a trade and service complex; two hypermarkets; 1,000 convenience stores and 1,000 vending machines.

The city will make wholesale and retail network development part of its development plan in accordance with the Law on Planning, develop e-commerce, logistics services, and vending machines, and renovate and restructure trading activities in wholesale and traditional markets.

To reach these targets, Hanoi will allocate land for trade infrastructure development and helping businesses expand and improve existing efficient trade centers.

Department heads say the development of modern trade infrastructure and services from 2018-2020 will help gradually change consumer shopping habits and behavior, and promote non-cash payment methods.

The Hanoi Department of Industry and Trade has set the following targets to 2020: average trade sector growth of 10-

12 percent per annum; trade and service sector contribution of 17-19 percent to the capital’s annual gross regional

domestic product (GRDP); and growth of 12-13 percent per in retail sales and services revenues from modern trade

centers.

Nguyen Hanh