08:33 | 14/12/2017 Society
Vietnam has been ranked sixth among the world's most attractive retail markets and named in the top 30 most lucrative retail markets this year, said Hoang Anh Tuan, deputy head of the Ministry of Industry and Trade (MoIT)'s Domestic Market Department.
Tuan made the remarks at the Vietnam Retail Forum 2017 which was held by the Association of Vietnam Retailers (AVR) in Hanoi on December 12.
Tuan said that according to the Global Retail Development Index (GRDI), released by the US-based A.T. Kearney in June this year, Vietnam's retail market has increased significantly in recent years and attracted a large number of foreign merchants.
A series of giant retailers from Japan, Thailand, the Republic of Korea, and France have boosted their investments in Vietnam, showing the allure of Vietnam's retail market with a large and youthful population of more than 90 million.
However, Tuan stated that Vietnam's retail market has become more competitive, creating huge opportunities and challenges for domestic enterprises.
He added that the forum is an opportunity for Vietnamese retailers and members of the AVR to put forth appropriate strategies for meeting market demand and increasing their market share.
Dinh Thi My Loan, chairwoman of the AVR said that over the past ten years, the Vietnamese retailer community have managed to stand firm in the face of difficulties and the wave of foreign investment in the retail sector, noting that they have gradually adapted to the new situation and improved their competitiveness.
Ten years after joining the World Trade Organisation (WTO), Vietnam's retail market has seen increasing prosperity, becoming one of the most attractive potential markets for foreign investors.
The wholesale and retail sector now accounts for 14% of the national GDP. In addition, sales revenue in retail has expanded strongly from US$88 billion in 2010 to US$158 billion in 2016, surpassing the statistics forecast by many foreign market research services.
Loan said that Vietnam's retail sector should promote its growth through innovation and the application of technology in retail distribution while assisting domestic retailers in bringing Vietnamese goods to regional markets.