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  Policy & Strategy

Domestic trade development strategy until 2015 announced

On February 28, the Ministry of Trade released its domestic trade development strategy until 2015, aiming to address the possible influx of foreign investors in Vietnam once the nation joins the World Trade Organisation (WTO).

Drafters have clearly divided the strategy into two phases. The first half, for 2006-2010, focuses on improving the assembly market systems at regional and provincial levels. The second half, titled the "acceleration" period, will focus on in-depth trade development and growth quality.

During the first phase, new trade centres and supermarkets will be established in major cities such as Hanoi, Ho Chi Minh City, Hai Phong and Can Tho. According to the draft strategy, the next five years would also see the introduction of over-the-counter trade in agricultural produce, and e-commerce would be used in about 60% of large-scale enterprises.

Specialised trade corporations will be established to promote the development of domestic trade activities on a large scale and to gradually progress from passive to active roles in influencing production.

To realise these goals, drafters said it was necessary to create incentives in land, finance, and credit for enterprises investing in technical infrastructure for trade. Regulations on over the counter (OTC) transactions would also govern trading activities.

For the second phase, once Vietnam opens its distribution market, drafters worked out several major tasks.

Markets in rural areas will be considered key distribution channels, which, together with a system of retail stores and warehouses, will create a favourable circulation network for agricultural produce, food and manufactured consumer goods.

During this period, retail sales via modern models such as supermarket and e-shopping should account for about 40% of the total retail sales. Trading floors for agricultural produce will be developed as well.

In the coming time, local business people should build large competitive distribution networks or they wouldn't survive. Vietnamese retail trademarks have been having a hard time to do effective distribution because of weak financial standing and poor business technology.

Communist Party of Vietnam - (02/03/2006)


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