Vietnam is one of the five most lucrative retail markets in the world, the website "Research and Markets" confirms in its latest report on the nation's retail market.
The report "Vietnam Retail Market Forecast to 2014" says with an economic growth of around 6.8 percent in 2010, changes in Vietnam's regulatory structure favouring foreign investors, and increasing consumer attention towards modern retail concepts, retail sales in Vietnam are expected to surge at a rate of around 23 percent during the 2011-2014 period.
According to Research and Markets at www.researchandmarkets.com, the modern retail channels will play a crucial role in the future growth, improving their position in the market, reported the Vietnam news agency on Wednesday.
Increasing purchasing power, changing lifestyle, and influence of western culture are some of the key growth drivers in the country's modern retail market, it says, adding that, during the next few years, a short wave of consolidation will emerge as foreign retailers are trying to consolidate their position and deepen their market penetration.
It notes that goods and consumer electronics sectors have witnessed numerous foreign-invested joint ventures that manufacture their brands locally while the clothing sector is well-developed and export-oriented.
The report sheds light on the emerging industry trends, such as internet retailing, mobile retailing, private labels, luxury retailing along with various growth hurdles, such as government policies, poor supply chain management, and limited retail space.