Five trade centers will be added to the plan for wholesale and retail networks in Hanoi by 2020 and vision to 2030 under Decision No. 6239 from the Hanoi People’s Committee.
Plan for wholesale and retail networks to have five additional trade centers of Grades 1 and 2.
The additions are primarily located in suburban districts. Four are Grade 1 trade centers, with the first being in Kim No commune in Dong Anh district on an area of 3 to 5ha.
The second is located in Da Ton commune, Gia Lam district on an area of 3 to 5 ha, the third in Dai Mo ward, Nam Tu Liem district on an area of 6ha, and the fourth in Ngoc Hoi commune, Thanh Tri district on an area of 8 to 10 ha.
One new addition is a Grade 2 trade center in Yen Nghia ward, Ha Dong district on an area of 2.6ha. There will be 64 trade centers and 32 shopping malls in the city, according to Decision No. 5058 from the Hanoi People’s Committee regarding plans for wholesale and retail by 2020 and vision to 2030.
By 2020 Vietnam targets having 1,200-1,500 supermarkets, 180 business centers, and 157 shopping centers, with retail revenue totaling $179 billion.
According to the latest figures from the Ministry of Industry and Trade, the country’s retail market in 2015 was estimated at $102 billion. There are now over 700 supermarkets and 132 trade centers, of which 22 are 100 per cent foreign owned.
Retail growth is expected to reach 11.9 per cent by 2020 with a retail market size of $179 billion, of which modern retail will account for 45 per cent. Vietnam has continually been among the world’s Top 30 most attractive emerging retail markets since 2008 in the Global Retail Development Index (GRDI) published annually by AT Kearney from the US.
Assessing the prosperity of Vietnam’s retail market, market researchers and experts believe it has great prospects and will record high growth in the years to come. A range of factors prove that Vietnam’s retail market will continue to reap high profits, with its 92 million people being a major driver of continued high consumption.
Among the 12 common retail models, businesses have the highest expectations in the modern retail model, while the traditional model, including markets and street vendors, are regarded as less promising. General supermarkets and shopping centers are considered to have the most promising outlook and are a strength of foreign retailers.
Source: dtinews.vn
