November 20, 2021 | 16:00 GMT+7

More needed for innovative retail startups to succeed

Phuong Hoa - Song Hà -

Improvements in certain factors required from innovative startups, seminar hears.

Photo: Illustration
Photo: Illustration

Startups getting underway in the retail sector will have many opportunities to develop but also difficulties to tackle, those at the recent “Connecting innovative startups’ products to supermarkets and distribution channels” seminar held by the Ministry of Industry and Trade (MoIT) in cooperation with the Ministry of Science and Technology (MoST) heard.

Vietnam’s retail sector is growing quite quickly, with a market size of $180 billion within the next three years, Deputy Minister of Science and Technology Tran Van Tung told the gathering. This will also be an opportunity for fast-moving consumer goods (FMCG) and food products from many innovative Vietnamese startups.

Participation in the modern retail distribution chain is not easy for innovative startups because their scale is still small. In order to access domestic and foreign distribution and retail channels, startups need to make timely adjustments in structure and production capacity to meet market demand. Moreover, Ms. Tran Kim Nga, External Affairs Director at MM Mega Market, emphasized that building a sustainable production and consumption chain is important for startups in the field, and being proactive in product supply needs to be prioritized.

All enterprises, including innovative startups, need to actively capture information on standards and technical regulations when producing and creating products and goods. It is also necessary to connect with State management agencies while ensuring the smooth circulation of goods, according to Mr. Dao Trong Cuong, Deputy Director of MoIT’s Science and Technology Department.