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.

VOV.VN - A Vietnamese retailer is teaming up with a foreign counterpart to provide fresh impetus for the local retail market controlled by foreign giants.

Catching up with new retail trends to bring a new shopping experience to customers will help Vietnamese retailers seize the lion’s share of the market, especially after a number of foreign players have shut up their shops, according to insiders.

Despite a raft of difficulties facing Vietnam’s retail market, economists and insiders are still optimistic about the outlook for the sector in the time ahead, according to the Vietnam Report JSC.

As many as 40,000 mom-and-pop stores nationwide have been digitalised thanks to the VinShop mobile app developed by Vietnam’s biggest conglomerate Vingroup.