Global economic factors that affect the

retail industry in Vietnam

• Positive:
• Since 1986, Viet Nam has been recognized as a market economy in various forms by
71 nations and territories, including its major trading partners. And Vietnam has got
a good news from one of the biggest economic system in the world. According to the
Vietnamese Ministry of Industry and Trade, the UK will not apply adverse regulations
to goods imported from Viet Nam in investigating trade remedy cases (Dung, 2023).
To simplify the context, it means that the UK will consider Vietnam as a market
economy, not a command economy. Being recognized as a market economy will
make it simpler for Viet Nam's export items to be treated fairly, as well as provide
more opportunities for the country to expand its export markets, encouraging a
more sustainable and transparent environment to attract more investment and
improve economic growth. Indeed, the retail industry in Vietnam will profit from
lower taxation and easy rules from the United Kingdom, which will increase the
supply chain from Britain.
• Negative:
On June 4, Russian Deputy Prime Minister Alexander Novak said that the country
will extend the decision to cut voluntary oil production at 500,000 barrels per day
until the end of 2024. "Within the efforts to ensure the oil market remains balanced,
Russia will voluntarily reduce its oil supply in the month of August by 500,000 barrels
per day by cutting its exports by that quantity to global markets”, said the Deputy
Prime Minister Alexander Novak (Soldatkin & Astakhova, 2023). This causes the
Brent crude oil spike as much as 1,6% to 76,60$ per barrel. The rising oil price can
affect the price of product delivery due to high transport expenses. This will
challenge Vietnamese retails