US magazine Forbes has said Vietnam, “Asia's new No. 1 retail market,” offers “lucrative” opportunities with the opening up of its retail sector on January 1.

German Metro supermarket system in Viet Nam

Oliver Massmann and Giles T. Cooper, attorneys based in Hanoi for a US law firm, have said in an opinion piece that Vietnam “is leapfrogging other Asian markets in retail thanks to rapidly growing consumer demand and low barriers to market entry.”

India has yielded its position as first in retail investment attractiveness and fallen to second behind Vietnam, formerly in fourth, they quote consultants AT Kearney as saying.

Comparing the country to China - which joined the WTO in 2001 but did not start amending its laws until 2004 - they say Vietnam, on the other hand, has “shown tremendous commitment by setting to work right away on changing its system.”

“The speed of reforms sets a new standard and is proof of Vietnam's unrestrained will to play an important role in worldwide trade.

“While China still reigns supreme economically in the region, Vietnam is the best in the class of young WTO members.”

“With a population of nearly 90 million and growing disposable income, opportunities exist for small and large players alike as the domestic distribution sector remains underdeveloped.”