Hanoi hosted a seminar on June 4 discussing the unique aspects of increased competition with international rivals in the retail market brought about by Vietnam’s open market commitments.
![](http://media.hanoitimes.vn/2021/05/14/logo_hntimes.png)
Retailers selling directly to consumers face different challenges than other industries and need an increased level of support from governmental authorities in making the transition to open market competition, speakers at the seminar said.
![](http://cdn.hanoitimes.com.vn/mfiles/data/2014/06/81E07E6A/ban-le.jpg)
Since opening its markets, Vietnam retailers have cooperated with foreign retailers, benefiting from their experiences and have experienced an overall growth rate of nearly 6%.
However, in the future after Vietnam signs some important trade agreements, such as trans-Pacific Partnership Agreement (TPP) and Free Trade Agreement with EU, Vietnamese retailers will face increased competition in the marketplace.
They need to adequately prepare themselves to meet the upcoming challenges and the onslaught of competition that is most certain to emerge, speakers at the conference said.
Hanoi Supermarkets Association President Vu Vinh Phu, said production businesses’ low capital, poor professional skills and weak infrastructure have hampered effective competitiveness.
Farmers often find it difficult to sell products to supermarkets because they aren’t adequately equipped with the proper underlying documents such as receipts, invoices that are a baseline requirement of competition in the emerging markets.
The assistance of the government is absolutely essential for producers and retailers to jointly invest and restructure production, Phu said.
The Ministry of Industry and Trade’s Market Department Deputy Head Tran Nguyen Nam, said the ministry will continue to organise more exchanges, seminars and talks to create a closer link between producers with distributors to develop the domestic retail market stably capable of competing with foreign rivals.
Vietnam has the capacity to compete with foreign brand names when Vietnam fully opens the market in 2015, but much preparedness remains to be done.
Domestic retailers need to undertake a host of measures including raising market shares and capital, diversifying trading methods and models, merging shops and restructuring retail networks to ensure competitiveness.
However, in the future after Vietnam signs some important trade agreements, such as trans-Pacific Partnership Agreement (TPP) and Free Trade Agreement with EU, Vietnamese retailers will face increased competition in the marketplace.
They need to adequately prepare themselves to meet the upcoming challenges and the onslaught of competition that is most certain to emerge, speakers at the conference said.
Hanoi Supermarkets Association President Vu Vinh Phu, said production businesses’ low capital, poor professional skills and weak infrastructure have hampered effective competitiveness.
Farmers often find it difficult to sell products to supermarkets because they aren’t adequately equipped with the proper underlying documents such as receipts, invoices that are a baseline requirement of competition in the emerging markets.
The assistance of the government is absolutely essential for producers and retailers to jointly invest and restructure production, Phu said.
The Ministry of Industry and Trade’s Market Department Deputy Head Tran Nguyen Nam, said the ministry will continue to organise more exchanges, seminars and talks to create a closer link between producers with distributors to develop the domestic retail market stably capable of competing with foreign rivals.
Vietnam has the capacity to compete with foreign brand names when Vietnam fully opens the market in 2015, but much preparedness remains to be done.
Domestic retailers need to undertake a host of measures including raising market shares and capital, diversifying trading methods and models, merging shops and restructuring retail networks to ensure competitiveness.
Other News
- Vietnamese consumers spend US$32 million daily on online shopping
- Vietnam targets US$7,500 GDP per capita by 2030
- Gov’t mulls creation of oil and gas trading exchange
- Hanoi promotes women's role in safe agri-food trade
- Vietnam’s stock market set for strong year-end growth
- Hanoi ramps up food safety inspections, identifying and rectifying violations
- Vietnam under pressure to achieve high growth in 2024-2025
- Early warnings help Vietnam mitigate trade probe impacts
- Hanoi's key industries in high recruitment demand
- Continued political trust building between Vietnam and Cambodia
Trending
-
State Funeral held for Communist Party Chief Nguyen Phu Trong
-
Vietnam news in brief - July 26
-
Legal tools required to tackle air pollution issues in Hanoi
-
How fake news hooks us?
-
South Korean writer spends 10 years on book about CPV General Secretary
-
Rustic charm of Hanoi's street vendors: Timeless beauty
-
iHaNoi sees 52,000 registered accounts, 20,000 daily visits
-
Youth-Led Environmental Initiative in Hanoi
-
Unique lotus flower art on display in Hanoi