Analysts believed that profits of almost domestic retailers hit their lowest point in the first half of this year, and the businesses are on the path to recovery.
Domestic retailers on the path to recovery. (Photo: VNA)
Hanoi (VNA) – Analysts believed that profitsof almost domestic retailers hit their lowest point in the first half of thisyear, and the businesses are on the path to recovery.
SSI Securities Joint Stock Company forecast that thecompanies will see a return to profit growth in the fourth quarter and in 2024thanks to the acceleration of disbursement of consumer loans and improvementsin macro-economic conditions.
Long-term prospects of Vietnamese retailers willdepend on their transition from traditional to modern commerce as well as theircapital mobilisation plans, the firm said.
In fact, in the first six months, retailers encounteredvarious difficulties, yet experts believed that they have gone through the hardestperiod.
Total revenue from retail sales of consumer goodsand services increased 10.9% year-on-year in the first six month of this yearto more than 3.01 quadrillion VND (127 billion USD), according to the GeneralStatistics Office (GSO).
According to a survey conducted by Infocus, consumerconfidence in Vietnam dropped to 54 points in June 2023 from 63 points in July2022.
The 2023 PwC Consumer Insights Survey in Vietnamalso revealed that Vietnamese consumers have drastically adjusted theirspending habits with 62% “holding back” on non-essential spending amid theglobally rising cost of living.
However, VNDIRECT Securities Corporation said thatthe market is recovering with rosy signs for the second half, noting its hopethat new orders from major markets will rise in the remaining months, and that thetrend of declining lending rates will continue to boost consumption.
Illustrative image (Source: VNA)
VNDIRECT also held that the consumption of electronics,particularly home appliances, will experience the strongest growth in the timeahead.
Furthermore, the value-added tax (VAT) has beenreduced from 10% to 8% for various essential items such as dry food, beverages,confectionery, and household utensils, which is expected to bring about dualbenefits as consumers can access items with lower prices, and businesses enjoyadditional revenue./.
Total revenue from retail sales of consumer goods and services increased 10.9% year-on-year in the first six month of this year to more than 3 quadrillion VND (127 billion USD), according to the General Statistics Office (GSO).
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Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Domestic retailers on the path to recovery. (Photo: VNA) 
Illustrative image (Source: VNA) 
