Bright outlook for Vietnam retail industry

Vietnam retailers are rapidly securing market share in the domestic retail industry. When Vietnam joined the World Trade Organisation, many feared traditional retail outlets and the newly developed modern domestic retail industry would crumble when faced by the financial power and technological advantages of multinational retailers. But after five years, Vietnamese retailing is gradually changing, adapting to the new economic environment and enhancing its competitive ability. The contribution of the domestic retail sector to GDP has increased to become an important factor of the economy. In 2005, the wholesale and retail sector accounted for 13.32% of GDP, this increased to 14.43% in 2010. The wholesale and retail sector also provides large numbers of jobs. The number of workers employed in the wholesale and retail sector reached 5.5 million out of a total workforce of 49 million. It ranks third only after agriculture-forestry-fishery and processing, manufacturing sectors. In total retail turnover of goods and consumer services 2010, the retail sector held the highest rate of 79% compared to other sectors such as accommodation and food services which accounted for 11% and tourism was 10%. The country has more than 640 supermarkets and 100 shopping centres. Traditional retail outlets are also changing… Read full this story

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