In Markets

Retailers in Vietnam gearing up for global competition

Retail space for businesses and long-term capital to expand investment are both needed for domestic retailers to compete with their foreign counterparts in Vietnam.

Despite fierce competition, Vietnamese commodities still dominate the market as they meet local residents’ demand and clients will receive benefits from competition among domestic and foreign retail enterprises.

Opening the market would force local manufacturers to produce higher quality products to compete with foreign ones, according to Hong Won Sik, general director of Lotte Vietnam.

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