HCM City (VNA) – Vietnam has continuously been listed🐼 among the world’s top 30 attractive emerging retail markets since ♚2008, according to the ranking in the Global Retail Development Index of the US’s AT Kearney Company.
The information was heard at a workshop discussing challenges facing the domestic retail sector in international integration in Ho Chi Minh City on June 28.
From 2011-2015, Vietnam saw a continuous growth in retail turnover, worth 2.47 trillion VND (111 trillion USD), accounting for 76.2 percent of the total retail and consumption value.
However, many market research companies and experts forecast the retail market of Vietnam see great prospects for high growth in the future, driven by a population of 91.7 million with high consumption demands.
President of the Vietnam Retailers Association Dinh Thi My Loan underlined the challenges facing domestic retailers in international integration.
Echoing Loan’s opinion about the increasing competition in the market, Nguyen Thi Thu Trang, Director of the Centre for WTO and Integration of the Vietnam Chamber of Commerce and Industry (VCCI), called for incentives to ensure the sector’s sustainable development.
For the first five months this year, Vietnam's total retail sales and services revenue reached 1,430 trillion VND (63.4 billion USD), a year-on-year increase of 9.1 percent.
Meanwhile, the purchasing power of goods retailers witnessed high growth of 9.5 percent in the period, amounting to 1,920 trillion VND (48.5 billion USD), accounting for two-thirds of the total retail sales and services revenue.-VNA
The Vietnamese retail market has seen some mergers and acquisitions (M&A) between foreign and Vietnamese enterprises, thanks to the huge development potential of the retail sector.
The HCM City administration has instructed relevant departments to take targeted measures to help local retailers strengthen their competitiveness and retain market share.
Vietnamese producers of consumer goods should invest more in improving product quality and develop close links among themselves to negotiate better with foreign-owned retailers, a seminar heard.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
The event has gathered over 400 exhibitors from 16 countries and territories, with more than 980 booths showcasing a wide range of products and technologies in automotive components, electronics, repair and maintenance, bodywork, accessories, and customisation.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
Illustrative photo (Source: VNA)
