Foreign retailers struggle to get accurate information

Gaining access to accurate information on land, buildings and other factors needed for the investment making-decision process has been one of the greatest challenges facing foreign retailers in Vietnam, according to Hong Won Sik, General Director of LotteMart in Vietnam.

The lack of such information has made it difficult for investors to make decisions quickly on investment plans, Hong Won Sik said in an interview with the Vietnam News Agency.

He added that finding experienced staff is also not easy, and if found, the wage level is too high to hire them.

It will be very useful if clear and correct information is available for foreign enterprises, the general director said, adding that improved transparency and time reduction in handling administrative procedures by State agencies will also strongly appeal to foreign businesses.

The prospect of the retail market in Vietnam, according to Hong Won Sik, is promising, given Vietnam’s population is expected to reach 100 million and 70% are participating in the economy with income increasing each year.

The Vietnamese Government has been investing heavily in infrastructure, helping the economy to grow quickly, he said.

He said he is confident in LotteMart’s chances in Vietnam and welcomes competition from other international retailers.

The general director said LotteMart has a number of subsidiaries which provide a wide range of services, such as supermarkets, cinemas, fast-food chains, coffee shops and hotels, and will strive to win trust from Vietnamese consumers.