HANOI: Vietnam’s retail market has recently recorded strong growth and its excitement is also reflected via the successful deals of injecting capital from foreign investors into potential domestic retailers.

       In 2016, more than 50% of Vietnam’s retail market share belonged to foreign enterprises but now Vietnamese retailers account for about 70% to 80% of the number of points of sale across the country.

       Notably, Vietnamese businesses have worked together to create a foothold in the retail market. The most prominent example is the merger between Masan Group and Vingroup, becoming one of the largest retail and production chains in Vietnam.

       In fact, Vietnamese retail businesses have aligned and found each other’s strengths to develop.

       In particular, leading retail enterprises in Vietnam have developed multi-channel sales to keep up with the development of the digital technology era.

       They have also produced agricultural products, food and consumer goods by themselves to bring to customers, thus minimising intermediaries and reducing costs to enhance competitiveness in terms of price in the market.

       According to economic experts, it is time for Vietnamese businesses to confidently redraw the retail map of Vietnam, act together, firmly master the distribution system and be ready to open doors to welcome Vietnamese goods to serve domestic consumers.

       Vietnamese retail firms have not only changed production and business models to adapt to the Covid-19 pandemic and meet the needs of consumers but also continuously attracted new sources of foreign investment capital. — Vietnam News/ANN