According to the Cosmetics Association of Ho Chi Minh City, Vietnamese consumers spend about 3000 billion VND for shampoo, 4,000 billion VND for laundry detergent every year. This is just two of dozens of cosmetics products for everyday life, not to mention items such as confectionary, beverages… These figures show that the Vietnam market retail size is not small. Not missing out on this potential market, foreign enterprises have rapidly emerged. With experience and strong capabilities in finance, they quickly dominate the distribution, while acquire local corporate and major domestic brands. Currently it seems foreign businesses have been doing all games, and there is no denial that the participation of foreign companies has brought more choices to consumers with product diversity and richness . But at another point, the market domination of these units has also created a huge pressure on local businesses. And over the years the market share and growth opportunities for local businesses are less and less.
The “Weekend Economic Journal” program, which was broadcasted on VTV1 channel on October 12th 2013, with the presence of Mr. Nguyen Duc Hieu – a lawyer member of Phuoc & Partners law firm, would give a better overview for this story. With many years of professional experience, Mr. Hieu would bring many useful suggestion for local businesses.