Vietnam is becoming increasingly more and more attractive in the eyes of foreign retail giants.
The Ho Chi Minh City commercial property market has returned to its growth trajectory from before the COVID-19 pandemic thanks to the retail and services sector as well as increasing number of foreign visitors to the city, experts said.
VOV.VN - With the COVID-19 pandemic finally being brought under control, the Vietnamese retail market is gathering momentum following the recovery of local consumers’ purchasing power and the plans of businesses to expand operations.
VOV.VN - Central Retail of Thailand are poised to invest VND20,000 billion in the Vietnamese retail market over the next five years, according to Olivier Langlet, general director of Central Retail Vietnam.
Foreign investors poured US$9 billion into Vietnamese retail and wholesale markets between January and November, accounting for 2.2% of the country’s total capital, the Ministry of Planning and Investment said.
VOV.VN - Featuring a large market size and an open domestic market development policy, the local retail market has developed into a magnet to hordes of foreign investors, according to industry insiders.
Vietnamese have turned the tables to become dominant in the retail market, while many foreign giants have had to leave.
Deputy Prime Minister Le Van Thanh has asked the Ministry of Industry and Trade to give careful consideration to the proposal of extending the amount of foreign ownership at petrol and oil business to 35%.
The rise of local retailers via mergers and acquisitions is expected to balance Vietnam’s retail market, which had been dominated by foreign investors.
Vietnam’s retail market has been stirred up recently by two huge deals that confirm the appeal the 100-million-strong market holds.