Quality crucial for domestic products to retain market
Improving quality will be key for made-in-Vietnam products to keep its market share in the face of increasingly fierce competition from imports, according to a trade official.
Hanoi (VNA) – Improving quality will be key for made-in-Vietnam products to keep itsmarket share in the face of increasingly fierce competition from imports,according to a trade official.
Nguyen Thi ThuTrang, Director of the World Trade Organisation and Integration Centre of theVietnam Chamber of Commerce and Industry, made the warning, adding that if domesticmanufacturers fail to capitalize on their advantages in transport costs and tax,they may lose market share to imported products.
However, theMinistry of Industry and Trade was of the view that there is only a smallpossibility that import products can replace made-in-Vietnam products on themarket, at least in the near future.
The ministry saidthat import products are mostly marketed by modern retail forms like shoppingmalls, supermarkets and convenience stores, which account for just between 25 and30 percent of Vietnam’s retail market.
The remainingmarket share is still dominated by traditional retail forms like markets, grocerystores and speciali⛦sed stores, which are mostly owned by local retailers. Thoseretailers continue to rely on made-in-Vietnam products, which are cheaper thanksto lower expenses on transport and procedures, lower tax, and advantages inproducts’ freshness.-VNA
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Illustrative image (Source: VNA)
