The information was heard at a workshop discussing challenges facing the domestic retail sector in regards to international integration in Ho Chi Minh City on June 28.
From 2011-2015, Vietnam saw a continuous growth in retail turnover, worth VND2.47 trillion (US$111 trillion), accounting for 76.2% of the total retail and consumption value.
However, many market research companies and experts forecasted that the retail market of Vietnam will see great prospects for high growth in the future, driven by a population of 91.7 million with high consumption demands.
President of the Vietnam Retailers Association Dinh Thi My Loan underlined the challenges facing domestic retailers in international integration.
Echoing Loan’s opinion on the increasing competition in the market, Nguyen Thi Thu Trang, Director of the Centre for WTO and Integration of the Vietnam Chamber of Commerce and Industry (VCCI), called for incentives to ensure the sector’s sustainable development.
In the first five months of this year, Vietnam's total retail sales and services revenue reached VND1,430 trillion (US$63.4 billion), a year-on-year increase of 9.1%.
Meanwhile, the purchasing power of goods retailers witnessed a high growth of 9.5% in the period, amounting to VND1,920 trillion (US$48.5 billion), accounting for two-thirds of the total retail sales and services revenue.
