Electronics firms face stiff competition in Vietnam
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The recent closure of a number of Topcare stores following a series of big-name shutdowns, was evidence of the fierce competition in the electronics retail market in Vietnam.
Before Topcare, the electronics market witnessed the withdrawal of Wonder Buy in 2011, Best Caring in 2012, HomeOne in 2013, and Viet Long in 2014.
“A lot of enterprises are forced to shut up shop due to economic difficulties these days. However, the electronics market poses more risks with very fierce competition,” said chairman of Ha Noi Supermarket Association, Vu Vinh Phu.
Questions & Answers
Q.Which electronics retailers have recently closed down in Vietnam?
Which electronics retailers have recently closed down in Vietnam?
Topcare stores recently closed. Before that, Wonder Buy, Best Caring, HomeOne, and Viet Long withdrew from the market between 2011 and 2014, indicating a trend of business closures in the sector.
Q.What is the primary reason given for these business failures in the Vietnamese electronics market?
What is the primary reason given for these business failures in the Vietnamese electronics market?
The main reason cited is extremely fierce competition within the electronics retail market in Vietnam. While general economic difficulties also contribute, the sector faces heightened risks due to this intense rivalry.
Q.Who commented on the difficulties faced by electronics businesses in Vietnam?
Who commented on the difficulties faced by electronics businesses in Vietnam?
Vu Vinh Phu, the chairman of Ha Noi Supermarket Association, commented on the situation. He highlighted that many enterprises are struggling due to economic challenges, with the electronics market presenting particular difficulties.
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