The EVFTA offers plenty of opportunities while also posing numerous challenges to the Vietnamese retail market Home to a population of approximately 100 million people, the Vietnamese retail market is able to boast huge potential for development, especially with the EVFTA coming into force. Economic experts agree that the trade deal can be considered a driving force capable of promoting the development of the Vietnamese economy in general, with the local retail industry in particular set to enjoy a boost. With the EVFTA officially coming into effect on August 1, the domestic market has become more open, thereby making it easier for EU businesses, products, and services to gain access to the Vietnamese market. Furthermore, local distribution firms can enjoy access to higher-quality goods imported from EU member states as a means of enhancing their capacity to do business within the domestic market. This comes after a number of retail distributors began to emerge within the local market, including domestic and foreign enterprises who make up the majority of the market share and tend to compete with each other to lead the way in terms of new retail trends. Giant groups that have become well-known brands include Auchan, Family Mart,… Read full this story
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