18-6-2023 (BANGKOK) Thai entrepreneurs are being urged to examine the potential of Vietnam’s retail market, which is experiencing steady growth, according to the Department of International Trade Promotion. Director-General Phusit Ratanakul Sereroengrit highlighted the modernization of Vietnamese retailers and their openness to investment and cooperation, creating promising sales prospects. Projections from the Thai Trade Centre in Ho Chi Minh City indicate that Vietnam’s retail market sales will reach $350 billion (12.13 trillion baht) by 2025. Sereroengrit advised Thai entrepreneurs to focus on improving their trading practices, adopting eco-friendly production methods, and embracing circular and green economy principles to enhance their presence in the Vietnamese retail market.
To maximize opportunities, Thai entrepreneurs should also consider the rising trend of e-commerce in Vietnam. Sereroengrit emphasized that leveraging online platforms and social media channels would enable them to access Vietnamese consumers effectively. He highlighted the cost advantages of e-commerce compared to establishing physical stores, making it an attractive option for Thai businesses seeking to expand their presence in Vietnam. However, he cautioned that thorough research of Vietnamese laws and regulations related to online trading is essential for those aiming to penetrate the online market successfully.
To facilitate trade and foster connections, the Department of International Trade Promotion plans to organize various activities in Vietnam. These initiatives include sales promotions between Thai and Vietnamese retail stores scheduled to take place from August 1 to 14 this year. By creating platforms for collaboration and engagement, the department aims to facilitate business opportunities and strengthen economic ties between Thailand and Vietnam in the retail sector.
