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Domestic retail businesses gearing upThey need to merge in the face of fierce international competition in Vietnam

At a seminar in Hanoi on December 12, economists emphasised the need to develop a strategy to improve their competitive capacity and discuss development in the context of international integration.

The seminar was co-organised by the Vietnam Retailers Association and the post-WTO support programme.

According to the association, due to the impact of economic downturn, Vietnam’s retail businesses are managing to cope with the shortage of cash, high interest rates on bank loans and fierce competition from major domestic and foreign-invested enterprises.

Other participants insisted that foreign businesses getting involved in the retail market in the next two or three years. Relevant agencies should provide strong support for the merger of small retailer businesses to hold sway.

The Ministry of Industry and Trade said it has a plan afoot to support their merger to corner the market.

(VOV)

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