By Dan Mitchell, MLM Blog Correspondent
From VN Business News:
Euromonitor International Plc, a market researcher, said Viet Nam had high potential as a market for direct selling and cosmetic industries.
Avon also saw great potential here, so the company opened a plant in the Viet Nam - Singapore Industrial Zone in 2004 to make products domestically, according to Avon Viet Nam.
By 2008, 31 direct-selling companies nationwide had made a total revenue of VND1.2 trillion (US$67 million) and had 450,000 distributors. In 2007, they achieved an average sales growth rate of 16.8 per cent, according to the Viet Nam Competition Authority
"These figures are quite modest as opposed to the size of the Vietnamese population and the entrepreneurship of the Vietnamese people," said Looe Chee Seng, general director of Amway Viet Nam, acknowledging that the global economic crisis had affected consumer spending behaviour, not only in direct selling but throughout the retail sector.
"However, this is only a short-term trend and not expected to impact the evolution of consumer lifestyles, and we believe the market will soon recover. Moreover, our experience in other markets has shown that in difficult circumstance like this, Amway comes out even stronger," he added.
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