Global retail giants well perform in Vietnam

Foreign distributors and retailers have developed strongly in Vietnam, which will attract more global retail giants in the coming years, local newspaper Vietnam News reported Monday.

Germany-based Metro Cash and Carry, the first retailer to break into Vietnam, has developed its retail network into eight supermarkets, earning 500 million U.S. dollars per annum, with an annual growth of 45 percent.

France's Bourbon, after eight years of operation in Vietnam, has established a network of six supermarkets branded Big C in Hanoi capital city, northern Hai Phong city, and southern Ho Chi Minh City.

Another giant retailer, Parkson, reached an annual growth of 35 percent from its operations in Vietnam within two years of opening. It plans to set up 10 more trade centers in the country in the near future.

Economic experts said there would be more and more overseas retailers coming to Vietnam in the coming years, along with the expansion of the existing giants, posing a challenge for domestic retailers and contributors to secure market share.

Vietnamese enterprises have recently cooperated with one another to expand their market share in Vietnam. The cooperation was marked by the launch of the Vietnam Distribution Association Network Development and Investment Joint Stock Company.

Source: Xinhua