HCM City works to boost retail market
Ho Chi Minh City’s total retail and service revenue in the first six months of 2018 is estimated at VND502.55 trillion (US$22.11 billion), up 11.7% over the same period last year.
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| Consumers shop at a supermarket |
The domestic retail market has continued its stable development trend with last year’s revenue expanding 10.9%. The strong growth of the retail market is creating big chances for domestic production, trading and supply firms.
Nguyen Anh Duc, Deputy General Director of the Saigon Co.op said that recently, the firm has partnered with Singapore’s NTUC Fair Price to launch a convenience store chain called Cheers that opens 24 hours a day to meet the demand of customers. Duc added that 50 Cheers shops are expected to be opened across the country in 2018.
In the end of this year, the city has launched four price stabilization programmes in late 2018 with an aim to promote the market with the engagement of 90 enterprises and credit organisations.
Total capital to support enterprises joining the four programmes is VND19.65 trillion, up 8.14% over that in 2017 with the same interest rate as that of last year from 5.5% to 10% per year.
At the same time, the city has focused on trademark building and enhancing prestige for the programmes as well as local enterprises and products engaging in the programmes by strengthening communications and supporting firms expanding market across the country.
The city has also assisted localities to implement the programmes, especially those in southeast and southwest regions. Logos of the programmes will be popularized to help customers recognise products sold during the programme.
