In Markets

Supermarkets tap into Vietnam’s domestic retail sector

The considerable potential of Vietnam’s domestic retail market is being actively promoted by large retailers looking to expand their businesses at a faster pace.

The Ministry of Industry and Trade said the modern retail model in Vietnam accounted for a quarter of the national retail value. Vietnam has 724 supermarkets, 132 shopping centres and hundreds of convenience stores. Most of these supermarkets and shopping centres are concentrated in large cities. Meanwhile, sale agents are mainly located in rural areas.

Given their great potential, foreign and local retailers had stepped up the development of their retail network nationwide, reported, a local online newspaper. VinMart, a retail brand of VinGroup, entered the local market in 2014. VinGroup plans to restructure 13 of the existing supermarkets of Ocean Mart this year after buying Ocean Mart from the Ocean Group last year and develop under the VinMart brand.

(Source: Viet Nam News)

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