Vietnam Retail Sales, Revenues Forecast to Rise to VND1,440T This Year
Vietnam’s retail sales and services revenue is estimated to grow over 20% from a year earlier to VND1,440 trillion (US$77.93 billion) this year, Vice President and General Secretary Dinh Thi My Loan of the Vietnam Retailers Association said at a conference on Jan. 22.
Local businesses were suggested to join hands in improving their distribution network in rural areas, where houses up to 70% of Vietnamese consumers, the government said on its website, citing the secretary.
Speaking at the conference on potential of Vietnam distribution and retail market, Director of CB Richard Ellis Vietnam, Richard Leech said Vietnam’s retail market still attracted many world’s famous trademarks like Naf Naf, Morgan de Toi, Mexx, Aldo, Hard Rock Café and Debenhams in 2009 despite the global economic downturn.
A number of foreign retailers will this year enter the world’s 13th populous country with 86 million people, Leech said, adding that Vietnamese consumers often spend 70% of their incomes for shopping.
Vietnam’s total retail sales and services revenue is predicted to exceed US$85 billion in 2012, the U.S. RNCOS company said on its analysis named Vietnam Retail Analysis for 2008-2012 period.
Earlier in mid-January, the Ministry of Industry and Trade targeted to raise the country’s retail sales and services revenues by 22% to VND1,460.95 trillion this year.
(www.chinhphu.vn)
Tags: Vietnam retail market, Vietnam Retail Sales
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