Seminar on WTO commitments in retail sector held in Hanoi

Although retail is becoming an important channel, it makes up only 22 percent of Vietnam’s market, much lower than in Thailand (34 percent) and China (51 percent).

Dr. Dinh Thi My Loan, Secretary General of Vietnam Retailers Association, said this at a seminar entitled “WTO commitments on distribution services: Problems facing Vietnam”, held by the National Assembly Economic Committee, the Vietnam University of Commerce, and the Multilateral Trade Assistance Project (MUTRAP) on June 29.

According to Dr. Loan, the opening of the retail market requires equal competitiveness and sustainable development, and both the state and enterprise need a long-term policy to create better conditions for businesses to expand their retail system.

Hans Farnhammer, representatives of the European Union delegation in Vietnam, said Vietnam’s policy makers should pay attention to improving the competitive advantages of domestic businesses.

Many participants said that although integration and the development of a modern retail market is an indispensable aspect of the market economy, the opening of the retail market will put manufacturers and domestic distributors under pressure.

Participants also discussed Vietnam’s commitments in the distribution sector, and the experiences of other Asian countries in implementing WTO commitments on distribution services, as well as Vietnam’s regulations in the sector.

The analysis of Vietnam’s distribution market after joining the WTO and the implementation of WTO commitments in distribution services is becoming more critical. Although there has not been a wave of foreign retailers investing in Vietnam since it opened the sector, the 84-million-people market is still attractive to foreign investors.

Tags: Vietnam retail market, Vietnam Retail sector

Posted by VBN on Jun 30 2010. Filed under Retail. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry