Vietnam’s retail market has seen fierce competition as both domestic and foreign brand names have striven to search for expansion, according to Dinh Thi My Loan, general secretary of the Vietnam Retailers Association.
Dunkin’ Brands Group Inc. has signed a deal to take its donut chain to Vietnam as the company continues its push to expand internationally.
The Canton, Mass., company has signed a franchise agreement with Vietnam Food and Beverage Co. to develop Dunkin’ Donuts restaurants across the country over the next several years, with the first locations planned for the Ho Chi Minh City area.
2013 may be a landslide year for Vietnam’s retail market growth. With a population of 90 million people and growing, Vietnam shows clear signs that doors are open to multinational and domestic companies for investment and expansion opportunities.
Vietnam has seen 10 years of average annual growth of about 7 percent. This number is projected to grow in the coming years as infrastructure is strengthened and market entry becomes easier.
Everyone is talking about emerging markets these days and with all this talk we hear China come up a lot. However, David Rubenstein, a founding managing director of The Carlyle Group has made a good point. “If China, by the year 2035, is the biggest economy in the world, how much longer can you call it an emerging market?”