The Association of Vietnam Retailers (AVR) in co-ordination with the Ministry of Industry and Trade organized a seminar in Ho Chi Minh City on May 11 to support retailers in overcoming difficulties.
Five years after joining the World Trade Organization (WTO), Vietnam’s retail sector has grown strongly, making a rather big contribution to the country’s Gross Domestic Product (GDP).
However, the national sector is facing many challenges. In the first four months of this year, 5,300 out of approximately 18,000 businesses that had dissolved or halted operations were wholesalers and retailers.
Apart from the impact of inflation, decreasing purchasing power, high loan interest rates and rising input prices, businesses suffer from tough competition when the economy opens up.
According to economic experts, to overcome these challenges, businesses must have strategies for locating markets and identifying shopping models, increase the quality of products, and meet consumer demand. They noted that the AVR should apply solutions to assist businesses, including expressing business concerns and aspirations to State management agencies./.