Shoppers at an Emart supermarket in HCM City. (Photo: baotintuc.vn)Vietnamese billionaire and THACO Group chairman Tran Ba Duongsaid his firm would expand its Emart supermarket chain so that by2026, the chain aims to have 20 stores across the country andrevenue of 1 billion USD.
This year, it plans to open two hypermarkets in HCM City, one inThu Duc city’s Thu Thiem area in October and the other in Go Vapdistrict in December.
THACO Group is not alone.
In July, Nova Consumer - a member of NovaGroup - completed theacquisition of Sunrise Foods. That laid a foundation for this firm toexpand its distribution channel to 450,000 retail points in the futureand promote e-commerce channels and increase exports, baodautu.vn reported.
At the same time, NovaGroup opened its first 2,000sq.m NovaSupermarket in HCM City as part of its plan to expand to more than 2,000points of sale in the next three years across the country.
Majo George, an expert from RMIT University Vietnam, told baodautu.vn thatVietnamese brands have been expanding their own retailchains or acquiring foreign supermarket systems and thendeveloping them.
This demonstrates the attractiveness of thedomestic retail market, which is currently valued at 170 billion USDwith a growth forecast of 10% over the next five years, hesaid.
He said the increase in the number of young middle-class people who are alsotech-savvy and discerning shoppers, along with the development of retailchains have paved the way for the development of the retail sector in Vietnam.
According to Vu Thi Hau, Chairwoman of Vietnam RetailersAssociation, the local retail market has gradually recovered andregained its growth momentum after thepandemic was controlled.
Since the beginning of 2022, many retailers have expanded theirsupermarkets, distribution systems and new retail models, Hau said, forecastingthat Vietnam’s retail industry will continue to prosper in the coming years andis still one of the markets targeted by foreign investors.
To maintain market share, Hau said it is necessary for domesticretailers to continue to improve capacity and prepare for upcomingcompetition, she said.
Other experts said businesses need to pay attention to localconsumer confidence in their products.
Domestic consumers now have more information about products, brands andservices, and their needs are increasingly demanding. Therefore, in thelong term, small and medium enterprises need to have strategies to enhance thequality of their products and services, and produce according to the market'sneeds.
Vietnam’s retail sales of goods and services in July reachedan estimated 486 trillion VND (20.8 billion USD), up 2.4%month-on-month, and 42.6% year-on-year, according to the General StatisticsOffice (GSO).
In the first seven months, total retail sales are estimated at 3.2 quadrillionVND, up 16% compared to last year./.
VNA
