Domestic retailers struggle to compete

Domestic retailers struggle to compete



Hello. This is the Economics Report from English123.
According to independent market analysts, a lack of a master retail plan has caused insecurity and confusion in the local retail sector, leaving many retailers losing market share to their foreign rivals.
Viet Nam has become more attractive to foreign retailers, particularly those from the region, as the country ranked second this year among the 10 top locations for retailers in Asia.
According to the report named "The Liveliness of Retail Markets in Asia – Pacific 2014" that CBRE recently released, Viet Nam has great potential thanks to its young population and ever-improving purchasing power from its growing middle class.
In CBRE's report, Ha Noi and Ho Chi Minh City are included as two of the top 10 Asian cities for retail expansion in 2014.
Foreign retailers had flocked to the country in recent years to take advantage of the opportunities.
Firms such as AEON, Dunkin' Donuts, Auntie Anne's, Starbucks and McDonald's have all opened outlets in the country.
The latest retail group is Thailand's Berli Jucker Public Company Limited (BJC), which bought the formerly German-owned Metro Cash & Carry Vietnam.
Although it is easier for Vietnamese companies to find locations, they are having a difficult time competing with their foreign rivals.
For instance, HCM City currently has 475 convenience stores, 350 of which are foreign-owned.
Singaporean Shop&Go, which arrived in 2005, became the leading convenience store chain in Viet Nam after opening its 103rd outlet in April this year.
The US chain Circle K has opened 73 outlets since 2008, including 10 in HCM City since the beginning of the year.
Nguyen Tien Vuong, deputy general director of the Ha Noi Trade Corporation (Hapro), said localities in the country had not developed retail plans suited to specific areas and based on local people's demands.
Thus, domestic retail firms were often unsure about where to locate shops and how to expand their distribution networks.
Vuong stated that "Retailers like Hapro need specific policies from the Government that include planning of retail activities for such locations as resettlement areas, new residential areas and suburban areas, as well as information on consumer demand of the residents who actually live there."
This is Nick Veinot. We will be back with more news from English123.

Hello. This is the Economics Report from English123.
According to independent market analysts, a lack of a master retail plan has caused insecurity and confusion in the local retail sector, leaving many retailers losing market share to their foreign rivals.
Viet Nam has become more attractive to foreign retailers, particularly those from the region, as the country ranked second this year among the 10 top locations for retailers in Asia.
According to the report named "The Liveliness of Retail Markets in Asia – Pacific 2014" that CBRE recently released, Viet Nam has great potential thanks to its young population and ever-improving purchasing power from its growing middle class.
In CBRE's report, Ha Noi and Ho Chi Minh City are included as two of the top 10 Asian cities for retail expansion in 2014.
Foreign retailers had flocked to the country in recent years to take advantage of the opportunities.
Firms such as AEON, Dunkin' Donuts, Auntie Anne's, Starbucks and McDonald's have all opened outlets in the country.
The latest retail group is Thailand's Berli Jucker Public Company Limited (BJC), which bought the formerly German-owned Metro Cash & Carry Vietnam.
Although it is easier for Vietnamese companies to find locations, they are having a difficult time competing with their foreign rivals.
For instance, HCM City currently has 475 convenience stores, 350 of which are foreign-owned.
Singaporean Shop&Go, which arrived in 2005, became the leading convenience store chain in Viet Nam after opening its 103rd outlet in April this year.
The US chain Circle K has opened 73 outlets since 2008, including 10 in HCM City since the beginning of the year.
Nguyen Tien Vuong, deputy general director of the Ha Noi Trade Corporation (Hapro), said localities in the country had not developed retail plans suited to specific areas and based on local people's demands.
Thus, domestic retail firms were often unsure about where to locate shops and how to expand their distribution networks.
Vuong stated that "Retailers like Hapro need specific policies from the Government that include planning of retail activities for such locations as resettlement areas, new residential areas and suburban areas, as well as information on consumer demand of the residents who actually live there."
This is Nick Veinot. We will be back with more news from English123.
Source: vietnamnews


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