The city surpassed its 2017 goal of VND100 trillion, achieving the highest revenue in the Mekong Delta region, and the third highest within Viet Nam’s municipalities, after HCM City and Ha Noi.Last year, more supermarkets and malls opened while outlying districts also saw more shops, boosting total retail revenue in the city.Truong Quang Hoai Nam, the deputy chairman of Can Tho People’s Committee, said the city achieved a high level of industry and trade last year, but noted that the modern retail facilities were concentrated in Ninh Kieu District, whereas other districts were not as developed.Nam urged the department and other units to develop the retail sector in other districts such as O Mon, Thot Not and Cai Rang.For 2018, the city targets reaching retail revenue of VND117.6 trillion, 10.9 per cent higher than 2017.It also aims to increase export turnover by 1.2 per cent and decrease import turnover by 6.5 per cent this year.The city’s Department of Industry and … [Read more...] about Can Tho retail revenue hits 100 trillion
Retail
HCM City retail grows by more than 11 percent in 2017
Customers shop at Co.opmart in HCM City (Photo: VNA) HCM City (VNA) - HCM City’s retailsector has been growing steadily, achieving an 11.3 percent increase by the endof 2017 compared to 2016, according to the city’s Department of Industry andTrade.According to the department, the total revenueof the retail sector last year was over 923.84 trillion VND (40 billion USD).Revenue from retail sales was 594.65 trillion VND,accounting for 64.4 percent of total retail revenue (retail sales and retailservices).The city had 207 supermarkets in 2017, anincrease of 18 compared to 2016. At least 116 of them are domesticsupermarkets, while 91 are foreign-owned.In addition, there were around 43 shopping mallsin 2017, three more than in 2016. Fourteen of them are foreign owned. Therewere around 1,100 convenience stores in 2017, 218 more compared to 2016. – VNA … [Read more...] about HCM City retail grows by more than 11 percent in 2017
Shinhan Bank CEO forecasts rise of retail banking
In April 2017, Shinhan Bank announced the acquisition of ANZ’s retail banking arm in Vietnam. Could you share further details on the acquisition process?During the eight-month process, we placed our greatest efforts in the preparation of personnel, network and operation procedures, while awaiting the approval of the State Bank of Vietnam. On December 18, Shinhan Bank officially took over the human resources of ANZ’s retail banking services, eight branches and transaction offices, as well as over 125,000 individual customers, many of whom are high-income individuals with premium shopping habits. What potential impacts might the acquisition have on existing ANZ customers?Certainly, customers might be worried, however, with our strong capital funds, advanced banking technology, and Korean-standard services, we made a commitment to both individual customers from ANZ and current Shinhan customers to maximize their financial benefits.In order to strengthen the safety and … [Read more...] about Shinhan Bank CEO forecasts rise of retail banking
Shinhan Bank CEO forecasts rise of online retail
In April 2017, Shinhan Bank announced the acquisition of ANZ’s retail banking arm in Vietnam. Could you share further details on the acquisition process?During the eight-month process, we placed our greatest efforts in the preparation of personnel, network and operation procedures, while awaiting the approval of the State Bank of Vietnam. On December 18, Shinhan Bank officially took over the human resources of ANZ’s retail banking services, eight branches and transaction offices, as well as over 125,000 individual customers, many of whom are high-income individuals with premium shopping habits. What potential impacts might the acquisition have on existing ANZ customers?Certainly, customers might be worried, however, with our strong capital funds, advanced banking technology, and Korean-standard services, we made a commitment to both individual customers from ANZ and current Shinhan customers to maximize their financial benefits.In order to strengthen the safety and … [Read more...] about Shinhan Bank CEO forecasts rise of online retail
Vietnam petrol retailers asked to disclose RON95 base price
NDO – The base prices of fuel products, including E5 bio-fuel, RON 92 and RON 95 petrol, must be publicised in accordance with the Government Decree No.83 on gasoline trading.Deputy Prime Minister Vuong Dinh Hue made the request at the meeting with the Ministry of Industry and Trade (MoIT) and Ministry of Finance (MoF) on the price management of gasoline products on January 11.The meeting was held one day after the MoIT issued a document to explain why it did not announce the base price of RON 95 petrol in the first adjustment of fuel prices this year on January 4.The Deputy PM asked the MoIT, in coordination with the MoF and other authorised agencies, to continue monitoring the consumption of E5 bio-fuel, RON 92 and RON 95 petrol and the Euro emission standards in the first quarter of 2018 to declare the base prices of fuel products aligned with the market developments."The regulation of E5 bio-fuel, RON 92, and RON 95 petrol must be in line with the use of the national fuel … [Read more...] about Vietnam petrol retailers asked to disclose RON95 base price
HCM City retail grows by more than 11% in 2017
According to the department, the total revenue of the retail sector last year was over VND923.84 trillion (US$40 billion). Revenue from retail sales was VND594.65 trillion, accounting for 64.4% of total retail revenue (retail sales and retail services). The city had 207 supermarkets in 2017, an increase of 18 compared to 2016. At least 116 of them are domestic supermarkets, while 91 are foreign-owned. In addition, there were around 43 shopping malls in 2017, three more than in 2016. Fourteen of them are foreign owned. There were around 1,100 convenience stores in 2017, 218 more compared to 2016. … [Read more...] about HCM City retail grows by more than 11% in 2017
Vietnamese retailers set bar higher than national standards to reduce ‘dirty’ food
Several retailers in Vietnam are now insisting that farmers meet their own set of food safety requirements in order to become suppliers, as the country’s national standards are failing to stop unsafe and dirty food from reaching consumers. As the ‘middlemen’ between food producers and consumers, retailers would previously call on farmers to make clean, safe food, and would accept their goods if they met national food hygiene and safety standards or had Vietnamese Good Agricultural Practices (VietGAP). However, the national standard has loopholes that allow unsafe food to reach markets, leading to several food scares in Vietnam. Some retailers have shifted their strategy, meaning they can no longer rely on food producers to proactively make quality food. Instead, they have raised the bar for farmers who want to become their suppliers. This means that any food producer who wants to sell their goods in certain retail environments must meet both the national food safety … [Read more...] about Vietnamese retailers set bar higher than national standards to reduce ‘dirty’ food
Country’s largest retailer begins to cut prices of Tet goods
Viet Nam’s leading retailer of consumer goods, Saigon Co.op, has become the first to slash the prices of Tet goods, launching promotions from January 11 to February 14 (Tet falls on February 16).Saigon Co.op’s retail outlets -- Co.opmart supermarkets, Co.opXtra hypermarkets, Co.op Food convenience stores, Sense City shopping malls, Co.op Smile modern grocery stores, HTVCo.op TV shopping channel, Ben Thanh store, and Sense Market modern food market -- will simultaneously kick off many meaningful activities and offer attractive discounts on Tet goods.For more than five weeks Co.opmart and Co.opXtra stores nation-wide will run eight interesting promotional campaigns.Firstly, they will offer discounts of up to 50 per cent on 5,000 essential items.Secondly, they will present more than 300,000 gift vouchers to shoppers.Thirdly, they will run two promotion programmes called “Super discount” and “Buy more, get more discounts” from Friday to Sunday for five … [Read more...] about Country’s largest retailer begins to cut prices of Tet goods
German retail sector experiences record growth in 2017
According to the Wiesbaden-based government statisticians, nominal revenue grew by between 4.5 percent and 4.9 percent in 2017 compared to the previous year."This marks the biggest gain since the beginning of measurements in 1994", a statement by the Federal Statistical Office read. Germany last witnessed a reduction in retail revenue in 2009 at the height of the global financial and economic crisis.Price-adjusted real revenue grew by between 2.7 percent and 3.1 percent in 2017. The estimates were based on data gathered in the period from January until November. In November, the last month assessed by the Federal Statistical Office, the pace of revenue growth quickened again to 4.4 percent on a real price-adjusted basis and 6.2 percent on a nominal basis compared to October.Michael Holstein, economist at DZ bank, pointed to the "positive development of the labor market with a strong increase in employment" and a resulting "greater spending power" as having contributed to a bumper year … [Read more...] about German retail sector experiences record growth in 2017
Retailers under pressure as more foreign peers predicted to come
Japanese retail giant Aeon bought 49% of Citimart’s shares and 30% of shares of Fivimart convenience stores. Meanwhile, conglomerate Lotte from the Republic of Korea acquired 70% of the Diamond Plaza shopping mall.Thai retailer Berli Jucker Plc completed the purchase of Metro Cash & Carry Vietnam as part of its plan to become a leading player in the region. It also bought the Family Mart convenience store chain and changed its name to B’s Mart in 2013. … [Read more...] about Retailers under pressure as more foreign peers predicted to come