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NEWS

Retail space to face tougher competition

21-01-2013

According to a recent report of Knight Frank Vietnam, the present economic difficulties along with increasing unemployment had eroded incomes of many households in the capital city in the last quarter of 2012. This had negatively affected business activities of retailers in Hanoi during the period.

Meanwhile, statistics earlier announced by Savills Vietnam shows that the Hanoi retail space segment in the third quarter of 2012 had shrunk in terms of rents and occupancy, with occupancy rate of commercial centers falling to a mere 88%. Similarly, the average rent of the segment in the third quarter had continued falling by six percentage points against the previous quarter.

The retail space segment in Hanoi now is facing a fierce competition from the upgrade of traditional markets in the city that has been on the rise these days.

In the meantime, there was an extra supply of a huge retail area in the Hanoi market in the fourth quarter last year, such as 18,000 square meters of the Indochina Plaza Hanoi project and 31,700 square meters of the Me Linh Plaza Ha Dong project.

CB Richard Ellis Vietnam expects the northern market to have more retail space supply thanks to the 12,000-square meter Trang Tien Plaza project that will resume operation this quarter. Besides, the Royal City project will come into operation in July and the Vincom Mega Mall project covering 230,000 square meters is set for operation in the fourth quarter this year in the city.

Knight Frank in the reports indicates that leasing prices at prime sites had still remained unchanged in the last quarter. However, it said, local owners of buildings outside the central area had no choices but to offer big promotions in an effort to retain and entice retailers.

Exports run into excessive trade defense

HCMC – Vietnam is boosting export of several items to other ASEAN countries but it is facing unfair trade defense in the host countries, according to a former trade official.

As Vietnam is growing more slowly than other ASEAN nations, it is at a disadvantage in the ASEAN Free Trade Area, always having trade deficits with other members. Still, for the long-term goal, the country has to open the door to other ASEAN members, said Luong Van Tu, former deputy minister of trade, in an article in Cong Thuong newspaper.

Local firms are boosting exports to other ASEAN nations in a bid to reduce trade deficits. However, they run into anti-dumping lawsuits and trade defense put up by enterprises and trade associations in the host countries, who say that rapid export growth is a threat to their domestic production.

On August 10, 2012, the Malaysian Iron and Steel Industry Federation warned it would file a lawsuit against Vietnam if the overflow of Vietnamese galvanized and color-coated steel sheets into Malaysia was not timely settled

On October 1, 2012, the metal-plated and color-coated steel sheet association of Thailand issued warning against dumping of Vietnamese steel sheets in Thailand.

On December 12, 2012, Indonesian steel firms Bluescope and Sunrise sent a petition to the Indonesia Trade Safeguard Committee, asking for a trade defense instrument against flat-rolled steel imports.

In the same month, the Indonesia Anti-Dumping Committee announced Vietnam’s cold-rolled steel exported to Indonesia will be levied anti-dumping duties of 13.5-36.6%. This is a result of the investigation against steel imports from Vietnam and other countries initiated on June 24, 2011.

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