(VOVWORLD) -Thanks to international economic integration, imported goods with famous brands are no longer unfamiliar to Vietnamese. But domestic goods are increasingly dominating the market because of higher quality, better design, and more reasonable prices.
 During the Lunar New Year 2024 holiday, many consumers bought domestic rather than imported confectionaries. |
During the Lunar New Year 2024 holiday, consumers bought domestic rather than imported confectionaries.
That’s because Vietnamese businesses have promoted cultural elements and regional specialties as well as offering high quality, better design, and more reasonable prices.
Many customers agree that Vietnamese products have improved in quality and style, offered a variety of choices and good prices. Even they say that many have the same quality as imported goods.
Data from the Ministry of Industry and Trade shows that Vietnamese products occupy more than 90% of the space at domestic distribution facilities and 60-96% of the space at foreign supermarkets in Vietnam. At traditional markets, the rate is at least 60%.
Nguyen Thi Thu Thuy, Deputy Chairwoman of the Vietnam Association of Consumer Goods Development, said, “The rapid development of science and technology and the influence of the Fourth Industrial Revolution have changed consumers' shopping habits. Vietnamese consumers want to have a multi-channel experience and will prioritize high quality Vietnamese products.”
 Nguyen Thi Thu Thuy, Deputy Chairwoman of the Vietnam Association of Consumer Goods Development |
According to the Steering Committee of the campaign to encourage Vietnamese people to prioritize Vietnamese products, the purchasing power of domestic consumers has been increasing, with 90% of consumers saying they prefer to buy Vietnamese products and 75% saying they advise their relatives and friends to buy Vietnamese products.
The campaign has changed the perception of suppliers and consumers about domestic goods, leading to landmark changes in consumer trends.
These changes are due to the efforts of domestic enterprises and the pioneering role of distribution and retail systems.
Le Van Liem, Northern Regional Director of the Ho Chi Minh City Union of Trade Cooperatives (Saigon Co.op), said that retail companies have taken effective steps: First, choose an appropriate retail channel. Second, diversify sales channels to serve both old customers and a new generation of consumers with new demands. Third, balance their product line.
“We’ve coordinated with manufacturers to carry out price stabilization and make necessary changes to meet consumers’ needs,” Liem concluded.
To boost production and consumption of Vietnamese goods, the Ministry of Industry and Trade has worked closely with other ministries and localities to promote communications, review and refine mechanisms and policies supporting domestic production and consumption, and help businesses with trade promotion activities and domestic market expansion.
According to Le Viet Nga, Deputy Director of the Domestic Market of the Ministry of Industry and Trade, Vietnam's retail market exceeded 180 billion USD last year and is forecast to continue to grow in the coming years.
“Vietnam has become a fertile place for retailers,” said Nga, adding, “This is an opportunity for businesses to build brands and expand domestic distribution channels for Vietnamese goods of global quality, goods of national quality, national brands, key products of localities, and products of artisans of traditional craft villages.”