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Vietnamese goods thrive on domestic market
The domestic market will act as a fulcrum for locally-made products during 2009, said Deputy Industry and Trade Minister Nguyen Cam Tu at a seminar on promoting the sales of Vietnamese goods at home in Hanoi on Jan. 7.
The event offered a chance for businesses to share information and establish their future orientations, particularly at a time when Vietnam is opening its retail and distribution markets to foreign companies.
Despite their efforts to improve the competitiveness of domestic products, Vietnamese enterprises still have weaknesses in areas such as market research and product marketing and distribution, Tu said.
According to Vu Thi Kim Hanh, Director of the Business Supporting Associates (BSA), domestic goods are facing severe competition on home soil from goods manufactured abroad, with Chinese goods offering the greatest threat.
Participants at the seminar also discussed measures to stimulate consumption levels, as distribution channels are considered to be poor even though the quality of domestic products is said to be much improved of late.
They also suggested that the rural market should be focused upon, as it currently accounts for 70 percent of the nation’s goods consumption.
According to experts, the country’s retail market can look forward to a prosperous future if domestic businesses continue to improve the quality of their goods. At the same time, relevant agencies should map out a national strategy governing the domestic market.
Posting a yearly growth of 10 percent in retail sales, Vietnam is considered one of the most attractive market in the world, even surpassing China and India , former Trade Minister Truong Dinh Tuyen said, urging local enterprises to pay more attention to developing their share of the domestic market.
vna
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