Binh Duong economy after 8 years of WTO admission

This area becomes more lively with the participation of many local and foreign enterprises investing in supermarkets, trade centers. This makes up healthy competition and brings many benefits for customers when quality of goods and service is improved.

Capital poured strongly into retail market

Based on Vietnam's commitment to WTO, since Jan. 1, 2009, Vietnam opens retail market for FDI businesses. Thenceforth, foreign retailers' investment in Vietnam becomes lively. This contributes to well meet demand on commodities for people and economic sectors, simultaneously creates breakthrough for consumption field's rapid development.

Over the past 5 years, many retailers from Germany, the US, Japan, Korea, Thailand, Singapore, French and more invest strongly in Vietnam and develop into retail chains nationwide.

Meanwhile, Binh Duong with the population of more than 1.7 million people, nearly 18,000 local and foreign enterprises and the total goods retail value and service turnover of about VND100,000bil per year is paid specially by foreign retailers. Therefore, along with big cities such as Ho Chi Minh, Ha Noi, Da Nang, Binh Duong is highly appreciated by foreign retailers and is considered as an ideal destination for investing in supermarkets and trade centers. As such, system of supermarkets and trade centers in Binh Duong develops rapidly in the short time with the appearance of the world top retailers.

Right after Vietnam opens retail market, Metro Cash & Carry Group quickly invested into Binh Duong. In Nov. 2010, Metro Cash & Carry inaugurated Metro Binh Duong with a modern infrastructure covering on an area of more than 2ha.

After Metro Cash & Carry, Big C debuted its supermarket in Thu Dau Mot city and Di An town. Meanwhile, Lotte Corporation, Korea's top retailer opened Lotte Mart at Lai Thieu ward, Thuan An town in the end of 2013. This is Lotte's fifth trade center in Vietnam with the area of over 2.1ha and the total capital of nearly US$30mil. Lotte Mart includes high-grade services such as cinema, entertainment area, bowling, shopping mall, supermarket, gastronomy service and among others.

Together with other investors, Aeon Vietnam Co.Ltd. Just inaugurated Aeon Binh Duong Canary in Thuan An town. This is the Japanese Aeon Group's second shopping mall in Vietnam. Aeon Binh Duong Canary is the biggest shopping mall in the Southeastern region with the total investment capital of US$95mil and the area of 6.2ha. Inside of the shopping mall is Aeon general grocery and about 150 stalls of famous trademarks inside and outside of the country.

Rep of Aeon Corporation said that Aeon would continue to spur strategy of moving to Asia. Accordingly, this corporation positively launches shopping malls as well as general groceries, simultaneously includes forms of service, finance, specialized shops to long develop in Vietnam.

Renovation for successful integration

Participation of FDI investors in retail market impacts positively in service sector. In Binh Duong, along with FDI investors, supermarkets and trade centers of local enterprises are still stabilized and developed well with the stable increase of turnover of two digits.

According to the provincial department of Trade and Industry, FDI investors' participation in retail areas in Binh Duong contributes to increase consumption trend and offers adequately shopping demand of local customers and more. Moreover, with numerous supermarkets, trade centers invested by FDI companies, many forms of service and product in combination with entertainment and gastronomy meet demand of customers, contributing to increase quality of life and bringing conveniences for people in Binh Duong and neighboring areas.

Aside from the mentioned benefits, local retail market jumps 20-30% per year, strongly increasing local budget collection. Furthermore, quality of service is always paid much by attention by investors.

Reported by T.MINH - Translated by A.C