Illustrative image (Source: VNA)Hanoi (VNA) – Through merger and acquisition (M&A) activities and the improvementof goods quality and services, Vietnamese retailers are trying to win thesupport of local customers and compete with foreign rivals.
Statistics reveal that Vietnam’s annual revenue from retail sales and services hasrisen significantly in recent years.
Of note, domestic retailers have engaged in various M&A transactions to expandtheir market shares since the beginning of the year.
In late August, VinMart, run by VinCommerce under Vingroup – Vietnam’s leadingreal estate and retail conglomerate, acquired eight supermarkets of QueenlandMart, raising its total number of supermarkets to 120. Currently, Vingroup owns2,122 supermarkets and convenience stores.
Last April, VinCommerce said it will acquire convenience store chainShop&Go for 1 billion USD.
Saigon Union of Trading Cooperatives (Saigon Co.op) also took over all supermarketsof French company Auchan Retail last June.
According to the Ministry of Industry and Trade, domestic retailers make up 84percent of the market share. Besides, they have expanded their network, meetingthe huge demand of locals.
Experts said 2019-2020 will witness fierce competition between domestic andforeign retailers, as well as modern and traditional retail channels, requiringdomestic retailers to make greater efforts to gain a firm foothold in themarket./.
VNA
