Rice, one of the seven goods categories foreign retailers are not allowed to distribute without permission in Vietnam, is still on the shelves of Lotte Mart and MM Mega Market. Foreign rice brands are available in a MM Mega Market supermarket in Ho Chi Minh City. Source: news.zing.vn Vietnam's commitments under the World Trade Ogranization included opening the distribution system for all kinds of goods manufactured in Vietnam and legal imports. However, the country has opted out from seven categories of goods, including cigarettes and cigars; books, newspapers, and magazines; pharmaceutical products; precious metals and gemstones; dynamite; crude and processed oil; as well as rice, cane, and beet sugar. Foreign retailers are coming under closer scrutiny after Big C temporarily halted purchasing Vietnamese soft-line products, raising concerns that imported goods will be given priority over domestically-produced goods. In this context, news.zing.vn pointed out that … [Read more...] about Foreign retailers selling goods without permission in Vietnam?
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To mark the opening of the first Fuji Mart outlet in Hanoi, Keisuke Hitotsumatsu, CEO of Fuji Mart Vietnam talked to VIR’s Phong Lan about the new retail store’s model, in which Vietnamese food traditions are being honoured through the famous Japanese service culture. Keisuke Hitotsumatsu, CEO of Fuji Mart Vietnam FUJI MART IS THE RESULT OF STRONG CO-OPERATION BETWEEN VIETNAM’S BRG AND JAPAN’S SUMITOMO. WHY DID THE TWO CHOOSE RETAIL, WHICH IS HIGHLY CONTESTED AT THE MOMENT? Despite retail being very competitive, Vietnam’s macroeconomic situation shows that demand is growing at a double-digit rate. We recognise the trend will continue as Vietnam’s economic prospects remain positive, and we see living standards improve day by day. Many friends of mine said that the purchasing attitudes of the Vietnamese are changing as the economy grows. Furthermore, the food retail market is about to undergo a major transformation. Growing interest in … [Read more...] about Infusion of Vietnamese and Japanese retail at Fuji Mart
Foreign companies now take 50% of the market share in Vietnam`s retail sector and the figure is forecast to rise in the coming time. Illustrative image Aeon, a major Japanese retailer, started generating a profit of VND54 billion (US$2.31 million) as from 2016, while South Korean conglomerate Lotte Group reported an accumulated loss of VND800 billion (US$34.26 million) after 11 years of operation in Vietnam, CafeF reported. Retail is one of the sector with highest growth rate in the Vietnamese market, reaching an average of 63% in the 2013 - 2016 period. In 2017, Vietnam's retail sales revenue reached US$129 billion, up 11% year-on-year. Currently, 50% of the market share in Vietnam's retail sector belongs to foreign companies, which is forecast to be at a higher rate in the coming time. Over the past years, Aeon has been expanding its retail network and purchasing shares of local retailers, including Citimart and Fivimart, showing the Japanese retailer's … [Read more...] about South Korea and Japan retailers post contrasting business results in Vietnam
South Korean giant Lotte Mart’s accumulated losses hit VND800 billion at the end of 2017. VIR’s Bich Ngoc talked with Jeong Seong Won, chief financial officer of Lotte Mart Vietnam, on the company’s development strategy and its views on its losses. In light of your reported VND800 billion ($35.2 million) losses, will Lotte Mart withdraw or at least reduce your investments in Vietnam? No, we will not withdraw or reduce investment capital. Lotte Mart is committed to long-term investment in Vietnam, so there will be no backing down. We anticipated difficulties in the initial stage of investment, however, with the strong potential of the parent company in South Korea, we will continue to develop, invest, and do business in Vietnam. All issues so far have been calculated into the long-term investment plan of Lotte Mart in Vietnam. Lotte Mart in District 7 of Ho Chi Minh City. Photo: Le Toan We heard that Lotte Mart has reduced its investment capital in China. … [Read more...] about Lotte Mart does not falter in the face of “planned” heavy losses
SeoulÂ (VNA) â The Republic of Koreaâs (RoK) consumer goods firms are shifting their overseas focus to Vietnam, increasing investment and aggressively opening new branches, Yonhap news agency quoted industry watchers in an article on May 2. In its article, Yonhap says with a population of over 90 million and 60 percent in their 30s or younger, Vietnam stands out as a market promising robust growth. A recent report by the Korea Trade-Investment Promotion Agency said the RoK government is pursuing the expansion of consumer goods exports to Vietnam to make up for the country's slowing trade. It describes Vietnam as a good opportunity for local firms. CJ Group, whose affiliates range from entertainment to food and beverages, made an early start when it opened an office in Vietnam in 1998. The group's chairman, Lee Jay-hyun, declared in 2012 that the conglomerate will build a "third CJ" in Vietnam following the RoK and China. In February, it took over Ong Kim's, a popular kimchi … [Read more...] about RoK firms shift overseas business focus to Vietnam: Yonhap