Domestic technology market on the rise

VGP - The technology market of Việt Nam records a growth rate of 21% in 2008, even though the current inflation has impacted on both domestic customers and retailers, reported a German market research company, GfK.

October 28, 2008 9:44 AM GMT+7

The revenue in Việt Nam’s technology market is estimated to reach US $4.7 billion

GfK held that, thanks to rising demands in consumption, the market will keep booming quickly both in short and long term. Distribution channels will spread to rural areas; and more foreign retailers and distributors will manage to tap the Vietnamese market as the country officially opens its retail markets in January 2009 in line with WTO commitments.

According to GfK, the total revenue in 2008 is supposed to reach US $3.9 billion, of which electronic products, electronic utensils, telecommunication equipment, and IT are expected to increase 19%, 25%, 27% and 26% respectively against those in 2007.

These products will continue to account for a large percentage in the 2009 revenue which is forecast to stand at US $4.7 billion.

The GfK survey said Vietnamese retailers are quite optimistic about the prospect of market development. At least 57% of them believe in their blossoming business in 2009.

Moreover, the study stated that Vietnamese tend to select hi-tech products. The number of Vietnamese consumers preferring exported products for better up-to-date features is also increasing.

By Hương Giang