Vietnamese retailers should make the most of their strengths to improve their competitive chances against foreign counterparts, say leading experts.At a conference on opportunities and challenges in the retail sector held in Hanoi Monday, Nguyen Thanh Bien, Deputy Minister of Industry and Trade, said the appearance of foreign distributors and retailers in Vietnam after its admission to the World Trade Organization (WTO) has served as a motivation for local retailers to grow.
Dinh Thi My Loan, general secretary of the Vietnam Retail Association, said local retailers currently have many weak points. However, she expected them to take full advantage of their strengths, including their knowledge of local consumption culture and their existing distribution network, so that they can survive the competition from foreign retail giants.
Under Vietnam’s commitment to the WTO, 100 percent foreign-invested firms will be allowed to join the local distribution and retail market starting January 1, 2009.
Reported by Nhu Nguyen
Source : Thanh Nien Daily
