The Hanoitimes - Domestic companies are focusing more on the product quality instead of variety to gain consumers’ trust and competing with foreign goods.
Vietnamese products still dominate the local market, as a recent survey conducted by the Association of High-quality Vietnamese Products showed that 89% of respondents said they prefer Vietnamese products and 93% frequently buy local goods.
A total of 12,000 households and 5,400 points of sales participated in the survey in 12 provinces and cities nationwide in three months.
The survey also revealed that the rate of consumers preferring foreign-made products is higher than that of people buying them for a third consecutive year.
This would mean a high chance for more imported goods from Japan, South Korea and Thailand to penetrate the domestic market once Vietnam’s consumer spending increases.
Vu Kim Hanh, chairwoman of the association, said that domestic companies are focusing more on the products quality instead of variety to gain consumers’ trust and compete with foreign goods.
According to the survey, consumers mostly care about the product quality, including taste, quality of ingredients, safety, followed by information clarity, convenience to purchase, and well-known brands.
Factors such as price and promotion have now become insignificant for Vietnamese consumers.
Moreover, supermarkets are customers’ choice for buying foods, stationery and household businesses, followed by convenience stores, self-service stores and grocery stores.
There has been a growing trend of grocery stores displaying products similar to mini supermarkets, while offering customers better service quality, Hanh continued, adding this model is being well-received.
Additionally, traditional market remains consumers’ favorite for fresh products, and online shopping is growing its popularity among young consumers, especially for cosmetic products, clothes, and electronic products, among others.