Thai businessmen recommended to explore Vietnamese retail market
The Nation newspaper of Thailand quoted Phusit Ratanakul Sereroengrit, DITP director general, as saying that Vietnamese retailers are especially open to investment and cooperation, thus offering plenty of sales opportunities.
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| Thai businessmen are recommeded to study the possibility of exploiting Vietnam's steadily growing retail market. (Photo: VNA) |
The Department of International Trade Promotion (DITP) under the Ministry of Commerce of Thailand has recommended Thai businessmen to study the possibility of exploiting Vietnam's steadily growing retail market.
The Nation newspaper of Thailand quoted Phusit Ratanakul Sereroengrit, DITP director general, as saying that Vietnamese retailers are especially open to investment and cooperation, thus offering plenty of sales opportunities.
Citing data from the Thai Trade Center in Ho Chi Minh City, Phusit said Vietnam's retail market sales are set to reach US$350 billion (12,130 billion baht) by 2025.
Phusit suggested Thai businesses should improve trade, boost eco- friendly production, and pay attention to the circular and green economy in a bid to promote growth in the Vietnamese retail market.
Besides, Thai entrepreneurs should also take heed to e-commerce as online transactions are now trending in Vietnam and selling via social networks will allow them to reach Vietnamese consumers.
According to the DITP official, e-commerce is an interesting option for Thai businesses who want to expand their trade activities in the Vietnamese market, thanks to the low operating costs compared to opening a traditional store.
However, he advised Thai entrepreneurs who want to penetrate the Vietnamese online market to study the nation’s legal regulations regarding online transactions.
Phusit also said that the DITP will launched a broad array of activities in Vietnam, such as sales promotion between Thai and Vietnamese retail stores slated for August 1-14.
(Source: VOV)
