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| People shop at Co.opmart supermarket in Hanoi__Photo: VNA |
Enterprises from all domestic economic sectors will be encouraged to take part in developing the retail market through appropriate forms, with a view to forming a core domestic distribution force that can foster the development of the retail sector.
This is one of the key highlights of the Strategy for development of Vietnam’s retail market through 2030, with a vision toward 2050, approved under Prime Minister Decision 2326/QD-TTg dated October 21.
The Strategy aims for a modern, sustainable and competitive retail market aligned with the domestic trade development, consistent with Vietnam’s international commitments, and responsive to global trends in e-commerce, digital economy, green economy and sharing economy. The retail sector is expected to serve as a vital bridge between production and consumption, stimulating the domestic demand, improving the value and competitiveness of Vietnamese goods, and laying the foundation for retail enterprises to integrate more deeply into the global market.
By 2030, total goods retail sales and consumer service revenues are projected to grow by 11.0-11.5 percent. E-commerce revenues are expected to increase by 15-20 percent year on year, accounting for 15-20 percent of total national retail sales and consumer service revenues. Meanwhile, around 40-45 percent of small- and medium-sized enterprises are expected to participate in e-commerce platforms.
In addition, efforts will be intensified to improve the retail market development policies and the business environment, thereby building a fair and transparent market that attracts reputable retailers. Vietnamese enterprises are encouraged to innovate and develop following modern global retail models.
According to the Strategy, the Government will heavily support the founding of large corporations and enterprises in the distribution sector, including those with foreign investment, with private enterprises identified as the core driving force for the market development. At the same time, small businesses, trade cooperatives, business households and individuals will be encouraged and supported to participate actively in the retail market.- (VLLF)
