The northern province of Thai Binh plans to open 74 new supermarkets and 20 trade centres by 2020. Under a scheme covering the next 12 years, the province aims to establish large-scale and modern supermarkets and trade centres to promote socio-economic development and meet consumer demand.

Under the scheme, approved by the Thai Binh's People's Committee, 41 supermarkets and 14 trade centres will be developed from 2008-2015 while the rest will be set up from 2016-2020.

Thai Binh's Industry and Trade Department deputy director Dao Van Hoan said that the development of supermarkets and trade centres in the province was a prerequisite in the development process.

The province was shifting from a farm economy to industrial-oriented, thus the development of supermarkets and trade centres was expected to speed up the provincial industrialization process, he added.

Under the scheme, the majority of new supermarkets will be located in Thai Binh City and several towns, and would serve as base units to smaller ones supplying them with goods.

As of October 2007, the province was home to one trade centre and eight supermarkets and convenience stores, covering a total area of over 19ha.

Total provincial retail revenue was estimated to reach VND760 billion (US$46 million) in July, marking a yearly increase of 43 percent, according to the department's statistics.

The latest addition has brought total trade sales to over VND4.79 trillion ($291 million) during the first seven months of this year, up 31 percent year-on-year, the statistics stated.

Of the total, household sectors contributed to over VND3.97 trillion ($241 million), up 35 percent; the private sector made up VND591 billion ($37 million), up 16 percent while the State-owned sector represented in VND234 billion ($15 million), up 7 percent.

From January to July, the prices of goods and services in the province increased by 25 percent over the same period last year.

Source: Vietnam News