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Electric, electronics markets foresee success   2009-01-21 - VNS

VietNamNet Bridge - Domestic retailers in electronic and electric goods say they predict a successful year, despite the economic downturn.

Many economists and retailers expect the growth rate in such goods to be 20 per cent higher than last year’s.

They say Viet Nam’s young market desires for better, more advanced technology which bodes well for higher purchases.

In 2007 Viet Nam’s entire electrical engineering market achieved US$3 billion in turnover and a growth rate of 30-40 per cent compared to the previous year, according to South Korea-based GS Retail Group.

The GfK Group, one of the world’s largest market research companies, says that last year the domestic electric and electronic goods market grew by 21.87 per cent, with total turnover of $3.9 billion.

The company also estimates that the market would continue growing this year, with turnover of about $4.7 billion.

Many retailers, such as Nguyen Kim, Pico, Best Carings and Cho Lon, are expanding their businesses.

Le Hong Xuan, general director of Best Carings, said the current difficult economic situation would allow dometic retailers and distributors to display their capabilities.

"Our strategy is to build a sales system that will supply goods of the best quality so that we can maintain our client numbers and stabilise growth," Xuan said.

Another major retail company, which requested anonymity, said that although the Tet market purchasing power had not grown as much as last year the company had still decided to expand its sales system.

It plans to open more supermarkets in major cities including Ha Noi and HCM City, a company representative said, adding that trademark building would be the focus.

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