Evaluating the development level for Vietnamese retail system in the context of globalization

The article will study the criteria to evaluate the development level of a retail system in the context of globalization. Based on the establishing criteria, the article will evaluate the development level for Vietnam’s retail system in the international integration. From the analysis of the current situation, the paper proposes some policy recommendations for Vietnamese retailers to develop their retail system in the international integration. Đề tài Hoàn thiện công tác quản trị nhân sự tại Công ty TNHH Mộc Khải Tuyên được nghiên cứu nhằm giúp công ty TNHH Mộc Khải Tuyên làm rõ được thực trạng công tác quản trị nhân sự trong công ty như thế nào từ đó đề ra các giải pháp giúp công ty hoàn thiện công tác quản trị nhân sự tốt hơn trong thời gian tới.

d7ab8e b82e b25 f771a 671e2 2eac3a57c81ccf10fbf2d5a d39c42dd8acfcf3e7 a3b2006 1742 0fc1db577 d1b1e 93fbdd0ab7 1b01 01f9f1 e124 c788 9b01 4208 558 42862e5 73af62d1 1a070 e4a1e6 16adfc8 d9d6 bba8 6091 70bf95 cbe6e 88dc2a8 53cf07 f646 b8c7339 c9bc5 c2a893 9633 c98 d993 4af9e 93a61a 3f7 58e77 bf2 8ae b585e4 c6 fc5 82399 8ad43 d515 95ae0 84789 9c4 c83 f8e 59ac3 f93 b72 418e4 0958 1e13c27bbdbb623 39b4a 6c1a 92ab4 b087 b9 f43e1 9cbdd2ef1 8735 b0a4e2 6a80 f 3c3b9e00a5 254b89e c7d9 4e5c66c6b2 b82e b06a2 4f1 75a896 44b0 e9c5398 f3 f1 4b5bc6a22 5fdff0 41df597 5d8 7500 b5865a d81 f6 f4d0 cb27cf3 f1b3 bbcf5a 9e7 325654e 7f4 d3a0 0975 d005a7 b55 0ef9 8d3 b3b7 e6a628 2e6e3 c0a4 2567 faa9c1c 049647 51b2 64f206 c364 bd75 9c1 31d9 64a9fdd5 2ab2a8 3f0 8075 e9f4714 f777 7e6c0 572a75 8f0 0c0 7a568e 4eb5 bc2b5 be222 3a3b9 f6 c0e1 1c56 d0 f87d13b5 04 180ac9 edf0d3 650 cbcc91 885db0e0 74ca 61a4 f6502 4b3 d16b9e005 49e5 6d2dc3 c7952 d3 c8baa0 9c2a 1c4 c631 3e5 f1c1471 f3a72 7a695 064ca 57e6 d7b65b0 57b9 1e04e04a 8992 7f6a c78 c86 d1e0 c2d175ad4fca 1fb6e36 521a34 4c3 9b3 f08 c331 cfed 7dd2ab0 d8e55 82df302 29a2b9eb3 f47 bb0 b317a 5b0 67abf16dc1 d1465 8d4 6c0c3e2bb9d54fb002 ebc95b823a11a b1 c12d09d4 d76a8 e2c083 cc4e fee4e f12 14e34d3b80 c3 dd69 5f8 9f0 6c2fba4 b08a b177 7a0b9 ba719ff 6d41 649 c7c39f3 4a49356 cd1 504 b41ac6b5 09f5a55d7d1e 0f7 34bd01b9f9 b418 306b079aa1 4b58 76c8 c235 4c6 d472 b9ba 67e47 c60a 45fe 16681 e6ab5 fc709e3 42c7d0fbd3a5df7 d15bea d4fc82e c67 40f6981 520a4 c275 1ef9 c52 e2ff5a7d195a4 76e05 fe65 012 aec9cfb 6aa3fde90ab9502aa0 11aa6a5 b6 f324 b3c8b6e 9c8 d6bc66 f121 4f2 82f bd4 c4bb166 f2f402e 7b7 f5d4 1a62 f16ae b3c4b79 2eb d8404a 58fb7 c62 f4a3d0d 72fbd58 b8d3 da629 cd15aa34 f047 0bfc4 c9d8 88b5 c22 89ee b55d15aeb c0 f747 aa95d9 c7988 7230 749a6a d6a6 f14b06a00 51c86fe2 186 f0a12a 9e6c2a4ef6661 2cf8da07 0f2 2943a2 5f7 1a1c0a867 c8 cf3 02b1 f11 bde4a 23e7 86be be180 10d4f e408373 6a892 76022 74e7 0c3 7d9d50ee0 258e 23c4 44e8 1ee032 d32 c44 b595e bf 8b9e5 f7e1 78ef067da 3bc8ed 3c5 bfcfde 88109 87c4baaab25b5 f5 b2f3c7 f34e 1b3cfe83 06969 dcd424fb6 05c081bd42 b333 9a88e0 f93 b11ff4 6486a bec9 8e8d EVALUATING THE DEVELOPMENT LEVEL FOR VIETNAMESE RETAIL SYSTEM IN THE CONTEXT OF GLOBALIZATION Nguyen Huu Tan1 - Nguyen Thu Thuong2 - Nguyen Thi Lien3 ABSTRACT: Internationalization and its development effects have been typical trends on the global retail market in the past few years The trade development, trade revolution and changes in marketing channel have influenced the expansion of large, global retail systems These systems enter the markets of developing countries and change their structure and the manner of doing business The retail system plays an important role in the development of the national economy during the integration period At present, there is almost no measurement of the overall development level of the national retail system The article will study the criteria to evaluate the development level of a retail system in the context of globalization Based on the establishing criteria, the article will evaluate the development level for Vietnam’s retail system in the international integration From the analysis of the current situation, the paper proposes some policy recommendations for Vietnamese retailers to develop their retail system in the international integration Keywords: retail system; globalization; international integration INTRODUCTION After more 30 years of implementing the renovation policy, Vietnam has been deeply integrating into the international economy Vietnam has achieved many important achievements in developing a socialistoriented market economy in general and retail system in particular For many years, Vietnamese retail market is in the Top 10 of the most attractive retail markets in the world Vietnam’s retail system is growing rapidly, combining both traditional and modern sectors with the participation of many other economic sectors However, besides the achievements, Vietnam’s retail market still has many shortcomings The establishment and development of the Vietnamese retail system takes place spontaneously for a long time, lacking planning and management This has caused many conflicts and the instability of the market The retail system shows many limitations, including small scale, weak purchasing power, low efficiency, dominance of traditional retail (76%), and minority of modern retail (24%) The distribution is not effective; goods are supplied with poor quality, unhealthy and unsafe for consumers There are so many intermediaries that leads to the fact that selling price is higher than the actual value This causes major shortcomings in the retail system, badly affecting production and social life In addition, becoming a member of the World Trade Organization (WTO), signing AFTA with strategic partner countries, participating in CPTPP negotiations have given Vietnam not only many opportunities, but also big challenges for Vietnamese retail system Therefore, it is necessary to have criteria to evaluate the development level of a retail system in the context of globalization Faculty of Corporate Finance, Academy of Finance Faculty of Corporate Finance, Academy of Finance *** Center of Foreign language and Information technology, Hoa Lu University * ** 536 PROCEEDINGS OF THE SUSTAINABLE ECONOMIC DEVELOPMENT AND BUSINESS MANAGEMENT IN THE CONTEXT OF GLOBALISATION LITERATURE REVIEW 2.1 Theory of retail system development Development is the process in which someone or something grows or changes and becomes more advanced Therefore, the process of development of a thing, a phenomenon is often associated with the change in the direction towards the better, more complete and higher level Therefore, the development is often seen as a process of change in both quantity and quality It is a close combination of the completing process of the internal elements of things Retailing is the activities involved in the selling of goods to ultimate consumers for personal or household consumption The retail system is understood to be a collection of organized components with structural and functional links to achieve target goals Therefore, the implications of retail system development in the international integration include the growth of the retail system, the change of structure and the increase in quality Accordingly, development of the retail system is considered as a process of changing both quantity and quality of the system In terms of quantity of development, it contains an increase in size and growth of the retail system In terms of the change of quality, it includes changes in the internal structure of the retail system However, all the qualitative and quantitative changes in the retail system of each country need to be put in the context of globalization and development trends in the retail sector Consequently, the retail system will develop sustainably in the current economic environment 2.2 Criteria for evaluating the development of the retail system in the context of globalization Based on the references about the evaluation methods of retail system’s development and knowledge about the contents of developing retail systems in the international integration, the article has reviewed the retail system’s development in focusing on the specific criteria as follows: First, the scale and growth of the retail system A retail system is considered to grow when its market scale is large enough and its growth rate is regular To assess the increase of market scale, we use the growth of total retail sales of goods, services and consumption at actual price And total retail sales of goods and services often depend on different factors such as population, economic growth rate, average income, participation of domestic economic sectors and foreign investment Second, the transformation and development of retail and the relationship between the traditional retail types and the modern retail types When a nation’s retail system integrates deeper into the world economy, the retail system has to move and develop to keep up with the general trend of the world So, it is easy to notice that in the period of integration, the modern retail types are becoming more and more dominant in a nation’s retail system Third, the network of retail systems To help the retail system grow, the national retail system needs a rapid increase in retail network The increase includes quantity, scale and the wide, equal distribution, minimal gap in development level in the network of retail systems The retail network which is considered through the distribution of retail chains includes markets, trade centers, supermarkets, and retail stores in provinces of the country Fourth, the retailer’s competitiveness in the retail system The retail enterprises’ competitiveness plays an important role in improving the retail system’s development To evaluating retailer’s competitiveness, we need to use some factors such as number of retail business, capital, ability to raise capital, business scale and quality of human resources, etc d7ab8e b82e b25 f771a 671e2 2eac3a57c81ccf10fbf2d5a d39c42dd8acfcf3e7 a3b2006 1742 0fc1db577 d1b1e 93fbdd0ab7 1b01 01f9f1 e124 c788 9b01 4208 558 42862e5 73af62d1 1a070 e4a1e6 16adfc8 d9d6 bba8 6091 70bf95 cbe6e 88dc2a8 53cf07 f646 b8c7339 c9bc5 c2a893 9633 c98 d993 4af9e 93a61a 3f7 58e77 bf2 8ae b585e4 c6 fc5 82399 8ad43 d515 95ae0 84789 9c4 c83 f8e 59ac3 f93 b72 418e4 0958 1e13c27bbdbb623 39b4a 6c1a 92ab4 b087 b9 f43e1 9cbdd2ef1 8735 b0a4e2 6a80 f 3c3b9e00a5 254b89e c7d9 4e5c66c6b2 b82e b06a2 4f1 75a896 44b0 e9c5398 f3 f1 4b5bc6a22 5fdff0 41df597 5d8 7500 b5865a d81 f6 f4d0 cb27cf3 f1b3 bbcf5a 9e7 325654e 7f4 d3a0 0975 d005a7 b55 0ef9 8d3 b3b7 e6a628 2e6e3 c0a4 2567 faa9c1c 049647 51b2 64f206 c364 bd75 9c1 31d9 64a9fdd5 2ab2a8 3f0 8075 e9f4714 f777 7e6c0 572a75 8f0 0c0 7a568e 4eb5 bc2b5 be222 3a3b9 f6 c0e1 1c56 d0 f87d13b5 04 180ac9 edf0d3 650 cbcc91 885db0e0 74ca 61a4 f6502 4b3 d16b9e005 49e5 6d2dc3 c7952 d3 c8baa0 9c2a 1c4 c631 3e5 f1c1471 f3a72 7a695 064ca 57e6 d7b65b0 57b9 1e04e04a 8992 7f6a c78 c86 d1e0 c2d175ad4fca 1fb6e36 521a34 4c3 9b3 f08 c331 cfed 7dd2ab0 d8e55 82df302 29a2b9eb3 f47 bb0 b317a 5b0 67abf16dc1 d1465 8d4 6c0c3e2bb9d54fb002 ebc95b823a11a b1 c12d09d4 d76a8 e2c083 cc4e fee4e f12 14e34d3b80 c3 dd69 5f8 9f0 6c2fba4 b08a b177 7a0b9 ba719ff 6d41 649 c7c39f3 4a49356 cd1 504 b41ac6b5 09f5a55d7d1e 0f7 34bd01b9f9 b418 306b079aa1 4b58 76c8 c235 4c6 d472 b9ba 67e47 c60a 45fe 16681 e6ab5 fc709e3 42c7d0fbd3a5df7 d15bea d4fc82e c67 40f6981 520a4 c275 1ef9 c52 e2ff5a7d195a4 76e05 fe65 012 aec9cfb 6aa3fde90ab9502aa0 11aa6a5 b6 f324 b3c8b6e 9c8 d6bc66 f121 4f2 82f bd4 c4bb166 f2f402e 7b7 f5d4 1a62 f16ae b3c4b79 2eb d8404a 58fb7 c62 f4a3d0d 72fbd58 b8d3 da629 cd15aa34 f047 0bfc4 c9d8 88b5 c22 89ee b55d15aeb c0 f747 aa95d9 c7988 7230 749a6a d6a6 f14b06a00 51c86fe2 186 f0a12a 9e6c2a4ef6661 2cf8da07 0f2 2943a2 5f7 1a1c0a867 c8 cf3 02b1 f11 bde4a 23e7 86be be180 10d4f e408373 6a892 76022 74e7 0c3 7d9d50ee0 258e 23c4 44e8 1ee032 d32 c44 b595e bf 8b9e5 f7e1 78ef067da 3bc8ed 3c5 bfcfde 88109 87c4baaab25b5 f5 b2f3c7 f34e 1b3cfe83 06969 dcd424fb6 05c081bd42 b333 9a88e0 f93 b11ff4 6486a bec9 8e8d PROCEEDINGS OF THE SUSTAINABLE ECONOMIC DEVELOPMENT AND BUSINESS MANAGEMENT IN THE CONTEXT OF GLOBALISATION 537 Fifth, the infrastructure development of the retail system, logistics and logistics distribution in the retail system It is necessary to have an advanced and modern technical infrastructure system to improve rapidly the process of supplying retail goods from manufacturers to consumers at all stages of transportation, preservation, packaging and storage RESEARCH RESULTS 3.1 The development status of Vietnam retail system in the period of international economic integration 3.1.1 The scale and growth of the retail system Vietnam accelerates the process of integration, participates in the World Trade Organization and signs AFTA agreement with ASEAN countries Since then, Vietnam retail has made strong changes, always ranked high in the global retail development index (GRDI) and become one of the most attractive retail markets for foreign investors From 2007 to present, total retail sale of goods and services is always growing at a high level, the scale of the retail system is expanding, contributing 15-16% for GDP Table Scale and growth rate of total retail sales of consumer goods and services in the period 2007 – 2017 Year Total retail sales (VND billion) Speed increase (%) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 746.159 1.007.213 1.238.145 1.677.354 2.079.523 2.369.131 2.668.753 2.970.300 3.242.900 3.527.400 3.912.000 24,0 36,0 26,0 24,0 22,5 13,3 12,6 10,6 9,5 10,2 10,9 Consumer price index (%) 12,63 19,89 6,52 11,75 18,13 6,81 7,0 4,3 1,0 2,4 3,53 Real Retail Growth (%) 11,37 16,11 19,48 12,25 4,4 6,5 5,6 6,3 8,5 7,8 7,37 Source: Statistical Yearbook of the year, General Statistics Office The Table shows that the scale of the retail system has increased over the years It reached about 3.912.000 VND billions, increased times compared to 2007 Besides, the average annual growth rate of retail sale in the period 1996 - 2001 (after Vietnam joined ASEAN and before the BTA is in force) was 13.25%/year, it was 18,25%/year in the period 2002 (after the BTA is in force) Hence, integration has contributed to promote Vietnam’s retail system development However, the average growth rate of the retail system decreased from 2011 to 2016, it was 6,5%/year After integrating into the world economy, Vietnam’s retail system has grown but growth rate is not as high as we expected This proves the unstable growth of Vietnam’s retail system in this period 3.1.2 Retail types in the Vietnam retail system Traditional retail types: Vietnam retail system is established and developed with both traditional elements and modern elements, between big production and small production However, traditional retail system (traditional market, store, moving sale) is more dominant, accounting for 76% of the d7ab8e b82e b25 f771a 671e2 2eac3a57c81ccf10fbf2d5a d39c42dd8acfcf3e7 a3b2006 1742 0fc1db577 d1b1e 93fbdd0ab7 1b01 01f9f1 e124 c788 9b01 4208 558 42862e5 73af62d1 1a070 e4a1e6 16adfc8 d9d6 bba8 6091 70bf95 cbe6e 88dc2a8 53cf07 f646 b8c7339 c9bc5 c2a893 9633 c98 d993 4af9e 93a61a 3f7 58e77 bf2 8ae b585e4 c6 fc5 82399 8ad43 d515 95ae0 84789 9c4 c83 f8e 59ac3 f93 b72 418e4 0958 1e13c27bbdbb623 39b4a 6c1a 92ab4 b087 b9 f43e1 9cbdd2ef1 8735 b0a4e2 6a80 f 3c3b9e00a5 254b89e c7d9 4e5c66c6b2 b82e b06a2 4f1 75a896 44b0 e9c5398 f3 f1 4b5bc6a22 5fdff0 41df597 5d8 7500 b5865a d81 f6 f4d0 cb27cf3 f1b3 bbcf5a 9e7 325654e 7f4 d3a0 0975 d005a7 b55 0ef9 8d3 b3b7 e6a628 2e6e3 c0a4 2567 faa9c1c 049647 51b2 64f206 c364 bd75 9c1 31d9 64a9fdd5 2ab2a8 3f0 8075 e9f4714 f777 7e6c0 572a75 8f0 0c0 7a568e 4eb5 bc2b5 be222 3a3b9 f6 c0e1 1c56 d0 f87d13b5 04 180ac9 edf0d3 650 cbcc91 885db0e0 74ca 61a4 f6502 4b3 d16b9e005 49e5 6d2dc3 c7952 d3 c8baa0 9c2a 1c4 c631 3e5 f1c1471 f3a72 7a695 064ca 57e6 d7b65b0 57b9 1e04e04a 8992 7f6a c78 c86 d1e0 c2d175ad4fca 1fb6e36 521a34 4c3 9b3 f08 c331 cfed 7dd2ab0 d8e55 82df302 29a2b9eb3 f47 bb0 b317a 5b0 67abf16dc1 d1465 8d4 6c0c3e2bb9d54fb002 ebc95b823a11a b1 c12d09d4 d76a8 e2c083 cc4e fee4e f12 14e34d3b80 c3 dd69 5f8 9f0 6c2fba4 b08a b177 7a0b9 ba719ff 6d41 649 c7c39f3 4a49356 cd1 504 b41ac6b5 09f5a55d7d1e 0f7 34bd01b9f9 b418 306b079aa1 4b58 76c8 c235 4c6 d472 b9ba 67e47 c60a 45fe 16681 e6ab5 fc709e3 42c7d0fbd3a5df7 d15bea d4fc82e c67 40f6981 520a4 c275 1ef9 c52 e2ff5a7d195a4 76e05 fe65 012 aec9cfb 6aa3fde90ab9502aa0 11aa6a5 b6 f324 b3c8b6e 9c8 d6bc66 f121 4f2 82f bd4 c4bb166 f2f402e 7b7 f5d4 1a62 f16ae b3c4b79 2eb d8404a 58fb7 c62 f4a3d0d 72fbd58 b8d3 da629 cd15aa34 f047 0bfc4 c9d8 88b5 c22 89ee b55d15aeb c0 f747 aa95d9 c7988 7230 749a6a d6a6 f14b06a00 51c86fe2 186 f0a12a 9e6c2a4ef6661 2cf8da07 0f2 2943a2 5f7 1a1c0a867 c8 cf3 02b1 f11 bde4a 23e7 86be be180 10d4f e408373 6a892 76022 74e7 0c3 7d9d50ee0 258e 23c4 44e8 1ee032 d32 c44 b595e bf 8b9e5 f7e1 78ef067da 3bc8ed 3c5 bfcfde 88109 87c4baaab25b5 f5 b2f3c7 f34e 1b3cfe83 06969 dcd424fb6 05c081bd42 b333 9a88e0 f93 b11ff4 6486a bec9 8e8d 538 PROCEEDINGS OF THE SUSTAINABLE ECONOMIC DEVELOPMENT AND BUSINESS MANAGEMENT IN THE CONTEXT OF GLOBALISATION entire retail system in Vietnam Vietnam is a developing country with a not very high living standard Thus, the traditional retail types are suitable for their low income level Vietnam has more 8.600 traditional markets They are concentrated in the Red River Delta (1.843 markets), the North Central and Central Coast (2.488 markets), the Mekong Delta (1.751 markets) Vietnam has over million stores in the form of traditional stores, they appear from the urban districts to the suburbs The stores scales are small, they are located near crowed areas Their proportion is 38 – 40% of total retail sales of goods and services Civilized and modern retail types: When Vietnam integrates into the world and the regional economy, the retail has been modernized constantly to be able to adapt to the global modern retail trend The modern retail types are trade centers, supermarkets, convenience stores, specialized stores, E-commerce According to statistics, the number of new supermarkets increased about 20% in the period from 2008 to 2017 The number of new trade centers increased about 72% Thousands of modern stores are located widely throughout the country Modern retail market share accounts for about 24% of total retail sales, it increases times compared to the time before Vietnam joined WTO This shows that there is a big transformation in the type of retail organization in the direction from the tradition trade to modern trade Table Number of supermarkets and trade centers for the period 2008-2015 Year 2008 2009 2010 2011 2012 2013 2014 2015 Total number of supermarkets and trade centers 458 563 672 754 774 854 902 973 Number of trade centers Number of supermarkets 72 85 101 116 115 130 139 174 386 451 571 638 659 724 762 799 Source: Statistical Yearbook of the year, General Statistics Office Although these modern and civilized retail types has just developed for 10 years, it has confirmed its position in the entire retail trade of the country Its share is over 24% in the retail system, but it contributes to over 45% of the total of goods retail sales Consumers highly appreciate the products with features of quality, safety, style, design and packaging products which are bought in the modern retail types Table Evaluating the quality, safety and design of goods in supermarkets and trade centers Type Supermarket Trade center Evaluating the quality, safety Medium Good Medium Bad good 42% 49% 9% 0% 47% 47% 6% 0% Evaluating the design, packaging Medium Beautiful Medium Bad beautiful 57% 34% 9% 1% 62% 30% 8% 0% The level of consumer confidence in modern retail is increasing (Table 4) This shows that these retail types are liked more than the traditional retail types in Vietnam d7ab8e b82e b25 f771a 671e2 2eac3a57c81ccf10fbf2d5a d39c42dd8acfcf3e7 a3b2006 1742 0fc1db577 d1b1e 93fbdd0ab7 1b01 01f9f1 e124 c788 9b01 4208 558 42862e5 73af62d1 1a070 e4a1e6 16adfc8 d9d6 bba8 6091 70bf95 cbe6e 88dc2a8 53cf07 f646 b8c7339 c9bc5 c2a893 9633 c98 d993 4af9e 93a61a 3f7 58e77 bf2 8ae b585e4 c6 fc5 82399 8ad43 d515 95ae0 84789 9c4 c83 f8e 59ac3 f93 b72 418e4 0958 1e13c27bbdbb623 39b4a 6c1a 92ab4 b087 b9 f43e1 9cbdd2ef1 8735 b0a4e2 6a80 f 3c3b9e00a5 254b89e c7d9 4e5c66c6b2 b82e b06a2 4f1 75a896 44b0 e9c5398 f3 f1 4b5bc6a22 5fdff0 41df597 5d8 7500 b5865a d81 f6 f4d0 cb27cf3 f1b3 bbcf5a 9e7 325654e 7f4 d3a0 0975 d005a7 b55 0ef9 8d3 b3b7 e6a628 2e6e3 c0a4 2567 faa9c1c 049647 51b2 64f206 c364 bd75 9c1 31d9 64a9fdd5 2ab2a8 3f0 8075 e9f4714 f777 7e6c0 572a75 8f0 0c0 7a568e 4eb5 bc2b5 be222 3a3b9 f6 c0e1 1c56 d0 f87d13b5 04 180ac9 edf0d3 650 cbcc91 885db0e0 74ca 61a4 f6502 4b3 d16b9e005 49e5 6d2dc3 c7952 d3 c8baa0 9c2a 1c4 c631 3e5 f1c1471 f3a72 7a695 064ca 57e6 d7b65b0 57b9 1e04e04a 8992 7f6a c78 c86 d1e0 c2d175ad4fca 1fb6e36 521a34 4c3 9b3 f08 c331 cfed 7dd2ab0 d8e55 82df302 29a2b9eb3 f47 bb0 b317a 5b0 67abf16dc1 d1465 8d4 6c0c3e2bb9d54fb002 ebc95b823a11a b1 c12d09d4 d76a8 e2c083 cc4e fee4e f12 14e34d3b80 c3 dd69 5f8 9f0 6c2fba4 b08a b177 7a0b9 ba719ff 6d41 649 c7c39f3 4a49356 cd1 504 b41ac6b5 09f5a55d7d1e 0f7 34bd01b9f9 b418 306b079aa1 4b58 76c8 c235 4c6 d472 b9ba 67e47 c60a 45fe 16681 e6ab5 fc709e3 42c7d0fbd3a5df7 d15bea d4fc82e c67 40f6981 520a4 c275 1ef9 c52 e2ff5a7d195a4 76e05 fe65 012 aec9cfb 6aa3fde90ab9502aa0 11aa6a5 b6 f324 b3c8b6e 9c8 d6bc66 f121 4f2 82f bd4 c4bb166 f2f402e 7b7 f5d4 1a62 f16ae b3c4b79 2eb d8404a 58fb7 c62 f4a3d0d 72fbd58 b8d3 da629 cd15aa34 f047 0bfc4 c9d8 88b5 c22 89ee b55d15aeb c0 f747 aa95d9 c7988 7230 749a6a d6a6 f14b06a00 51c86fe2 186 f0a12a 9e6c2a4ef6661 2cf8da07 0f2 2943a2 5f7 1a1c0a867 c8 cf3 02b1 f11 bde4a 23e7 86be be180 10d4f e408373 6a892 76022 74e7 0c3 7d9d50ee0 258e 23c4 44e8 1ee032 d32 c44 b595e bf 8b9e5 f7e1 78ef067da 3bc8ed 3c5 bfcfde 88109 87c4baaab25b5 f5 b2f3c7 f34e 1b3cfe83 06969 dcd424fb6 05c081bd42 b333 9a88e0 f93 b11ff4 6486a bec9 8e8d 539 PROCEEDINGS OF THE SUSTAINABLE ECONOMIC DEVELOPMENT AND BUSINESS MANAGEMENT IN THE CONTEXT OF GLOBALISATION Table Consumer credit for retail types in the Vietnamese retail system Retail types Supermarket Modern store Trade center Traditional store Market Moving sale E - commerce Very good 58% 9% 17% 5% 5% 4% 9% Good 32% 73% 72% 66% 11% 6% 20% Medium 11% 18% 11% 28% 75% 50% 62% Bad 0% 1% 0% 2% 9% 41% 10% The growth of modern retail types has significant steps, but the rate of modern retail model in Vietnam remains is at 24%, it is lower than other countries in the region: China (64%), Indonesia (43%), Thailand (46%), and Malaysia (53%) 3.1.3 Network of retail system The circulation of retail goods is distributed through the network, which includes market, supermarket, trade center and store Retail network is distributed through traditional types (the popular type is market) Due to the daily needs of consumption, the traditional types have been built, expanded, upgraded, and distributed relatively in each region and locality They meet consumer’s needs well in the country Table Number of markets by province in the period 2008 - 2015 Year Total Red river delta Northern Midlands and Mountains North Central and Coast Highlands South East Mekong Delta 2008 7.871 1.717 2009 8.495 1.745 2010 8.528 1.771 2011 8.550 1.782 2012 8.547 1.798 2013 8546 1.815 2014 8568 1.823 2015 8660 1.843 1.236 1.393 1.404 1.423 1.407 1.429 1.442 1.439 2.325 2.475 2.462 2.427 2.457 2.466 2.482 2.488 345 572 1.676 352 763 1.767 356 756 1.779 370 766 1.782 368 778 1.739 362 748 1.726 369 744 1.708 378 761 1.751 Source: Statistical Yearbook through the years, General Statistics Office However, the rate of the distribution types is not suitable in local areas For example, markets are concentrated mainly in the crowed areas: Red river delta is 22% in 2015 but South East is 9% Retail distribution network through trade centers, supermarket This distribution network is more and more popular in Vietnam It becomes an efficient distribution network and brings much revenue for investors It satisfies the consumer’s demand for modern shopping which is increasing rapidly in Vietnam Table Number of trade centers and supermarkets at provinces in 2008 - 2015 Area Total Red river delta Supermarket Trade center 2005 2009 2010 2012 2014 2015 2005 2009 2010 2012 2014 2015 385 451 571 659 762 799 72 85 101 115 139 174 107 138 148 171 201 235 24 26 33 36 40 60 d7ab8e b82e b25 f771a 671e2 2eac3a57c81ccf10fbf2d5a d39c42dd8acfcf3e7 a3b2006 1742 0fc1db577 d1b1e 93fbdd0ab7 1b01 01f9f1 e124 c788 9b01 4208 558 42862e5 73af62d1 1a070 e4a1e6 16adfc8 d9d6 bba8 6091 70bf95 cbe6e 88dc2a8 53cf07 f646 b8c7339 c9bc5 c2a893 9633 c98 d993 4af9e 93a61a 3f7 58e77 bf2 8ae b585e4 c6 fc5 82399 8ad43 d515 95ae0 84789 9c4 c83 f8e 59ac3 f93 b72 418e4 0958 1e13c27bbdbb623 39b4a 6c1a 92ab4 b087 b9 f43e1 9cbdd2ef1 8735 b0a4e2 6a80 f 3c3b9e00a5 254b89e c7d9 4e5c66c6b2 b82e b06a2 4f1 75a896 44b0 e9c5398 f3 f1 4b5bc6a22 5fdff0 41df597 5d8 7500 b5865a d81 f6 f4d0 cb27cf3 f1b3 bbcf5a 9e7 325654e 7f4 d3a0 0975 d005a7 b55 0ef9 8d3 b3b7 e6a628 2e6e3 c0a4 2567 faa9c1c 049647 51b2 64f206 c364 bd75 9c1 31d9 64a9fdd5 2ab2a8 3f0 8075 e9f4714 f777 7e6c0 572a75 8f0 0c0 7a568e 4eb5 bc2b5 be222 3a3b9 f6 c0e1 1c56 d0 f87d13b5 04 180ac9 edf0d3 650 cbcc91 885db0e0 74ca 61a4 f6502 4b3 d16b9e005 49e5 6d2dc3 c7952 d3 c8baa0 9c2a 1c4 c631 3e5 f1c1471 f3a72 7a695 064ca 57e6 d7b65b0 57b9 1e04e04a 8992 7f6a c78 c86 d1e0 c2d175ad4fca 1fb6e36 521a34 4c3 9b3 f08 c331 cfed 7dd2ab0 d8e55 82df302 29a2b9eb3 f47 bb0 b317a 5b0 67abf16dc1 d1465 8d4 6c0c3e2bb9d54fb002 ebc95b823a11a b1 c12d09d4 d76a8 e2c083 cc4e fee4e f12 14e34d3b80 c3 dd69 5f8 9f0 6c2fba4 b08a b177 7a0b9 ba719ff 6d41 649 c7c39f3 4a49356 cd1 504 b41ac6b5 09f5a55d7d1e 0f7 34bd01b9f9 b418 306b079aa1 4b58 76c8 c235 4c6 d472 b9ba 67e47 c60a 45fe 16681 e6ab5 fc709e3 42c7d0fbd3a5df7 d15bea d4fc82e c67 40f6981 520a4 c275 1ef9 c52 e2ff5a7d195a4 76e05 fe65 012 aec9cfb 6aa3fde90ab9502aa0 11aa6a5 b6 f324 b3c8b6e 9c8 d6bc66 f121 4f2 82f bd4 c4bb166 f2f402e 7b7 f5d4 1a62 f16ae b3c4b79 2eb d8404a 58fb7 c62 f4a3d0d 72fbd58 b8d3 da629 cd15aa34 f047 0bfc4 c9d8 88b5 c22 89ee b55d15aeb c0 f747 aa95d9 c7988 7230 749a6a d6a6 f14b06a00 51c86fe2 186 f0a12a 9e6c2a4ef6661 2cf8da07 0f2 2943a2 5f7 1a1c0a867 c8 cf3 02b1 f11 bde4a 23e7 86be be180 10d4f e408373 6a892 76022 74e7 0c3 7d9d50ee0 258e 23c4 44e8 1ee032 d32 c44 b595e bf 8b9e5 f7e1 78ef067da 3bc8ed 3c5 bfcfde 88109 87c4baaab25b5 f5 b2f3c7 f34e 1b3cfe83 06969 dcd424fb6 05c081bd42 b333 9a88e0 f93 b11ff4 6486a bec9 8e8d 540 PROCEEDINGS OF THE SUSTAINABLE ECONOMIC DEVELOPMENT AND BUSINESS MANAGEMENT IN THE CONTEXT OF GLOBALISATION Northern Midlands and Mountains North Central and Coast Highlands South East Mekong Delta 32 37 60 66 89 78 10 13 16 90 98 119 140 172 190 15 16 18 24 23 27 17 110 14 123 24 170 25 195 23 210 24 212 26 31 36 40 52 57 29 41 50 62 67 60 4 11 Source: Statistical Yearbook through the years, General Statistics Office Thus this type of distribution is suitable all over the country They concentrated in big cities (Ha noi and Ho Chi Minh city) 70% of the types are in the cities And 20% of the types are in other areas, of which 19 provinces only have or supermarkets 3.1.4 Competitiveness of Vietnamese retail enterprises Number of retail enterprises Integration has made the number of retail businesses increase According to statistics, the number of retail businesses has increased from 18,444 enterprises in 2005 to 34,666 enterprises in 2009 (increase times) Moreover, economic sectors that take part in the retail system are more numerous and diversified There are groups: domestic distribution companies (state companies and private enterprises), foreign distribution corporations and small household Capital and ability to raise capital According to GSO statistics, capital size of all enterprises is generally low in Vietnam In 2014, there are about 37.635 retail enterprises There are 6.570 enterprises (their capital is under 0,5 billion VND, occupied 19%), 7.004 enterprises (their capital is from 0,5 to one billion VND, occupied 20%), 17.656 enterprises (their capital is from to billion VND, occupied 51%), 3.482 enterprises (their capital is from to 10 billion VND, occupied 10%) So many Vietnamese enterprises are small in size Quality of human resources in Vietnamese retail businesses Because most of them have small scale, their employees are often small in number In addition, the scale of labor is small and organizing parts are unprofessional A person is both a sourcing and sales staff This is not specialization in division of labor so organizational capacity and their experience will not be guaranteed 3.1.5 Economic and technical infrastructure of the retail system There are about 1.200 enterprises, which provide logistics service in Vietnam They are concentrated in Ho Chi Minh City and Hanoi It is possible to classify the logistics industry in Vietnam: transport operators, infrastructure enterprises, warehouse operators, logistics software as enterprises, consultancy, inspection and finance Most of these enterprises are of small and medium scale, their capital is about 4-6 billion VND, their labors are unprofessional These Vietnam enterprises are agents, subcontractors in the logistics transfer for international logistics service providers There are about 25 multinational logistics enterprises operating in Vietnam, but they occupy 80% share of logistics in Vietnam So logistics services are fragmented, many intermediaries, lack of technology investment, unprofessional in Vietnam It does not create value-added chains and it is difficult to be trusted by clients and this also affects retailers when they use logistics services d7ab8e b82e b25 f771a 671e2 2eac3a57c81ccf10fbf2d5a d39c42dd8acfcf3e7 a3b2006 1742 0fc1db577 d1b1e 93fbdd0ab7 1b01 01f9f1 e124 c788 9b01 4208 558 42862e5 73af62d1 1a070 e4a1e6 16adfc8 d9d6 bba8 6091 70bf95 cbe6e 88dc2a8 53cf07 f646 b8c7339 c9bc5 c2a893 9633 c98 d993 4af9e 93a61a 3f7 58e77 bf2 8ae b585e4 c6 fc5 82399 8ad43 d515 95ae0 84789 9c4 c83 f8e 59ac3 f93 b72 418e4 0958 1e13c27bbdbb623 39b4a 6c1a 92ab4 b087 b9 f43e1 9cbdd2ef1 8735 b0a4e2 6a80 f 3c3b9e00a5 254b89e c7d9 4e5c66c6b2 b82e b06a2 4f1 75a896 44b0 e9c5398 f3 f1 4b5bc6a22 5fdff0 41df597 5d8 7500 b5865a d81 f6 f4d0 cb27cf3 f1b3 bbcf5a 9e7 325654e 7f4 d3a0 0975 d005a7 b55 0ef9 8d3 b3b7 e6a628 2e6e3 c0a4 2567 faa9c1c 049647 51b2 64f206 c364 bd75 9c1 31d9 64a9fdd5 2ab2a8 3f0 8075 e9f4714 f777 7e6c0 572a75 8f0 0c0 7a568e 4eb5 bc2b5 be222 3a3b9 f6 c0e1 1c56 d0 f87d13b5 04 180ac9 edf0d3 650 cbcc91 885db0e0 74ca 61a4 f6502 4b3 d16b9e005 49e5 6d2dc3 c7952 d3 c8baa0 9c2a 1c4 c631 3e5 f1c1471 f3a72 7a695 064ca 57e6 d7b65b0 57b9 1e04e04a 8992 7f6a c78 c86 d1e0 c2d175ad4fca 1fb6e36 521a34 4c3 9b3 f08 c331 cfed 7dd2ab0 d8e55 82df302 29a2b9eb3 f47 bb0 b317a 5b0 67abf16dc1 d1465 8d4 6c0c3e2bb9d54fb002 ebc95b823a11a b1 c12d09d4 d76a8 e2c083 cc4e fee4e f12 14e34d3b80 c3 dd69 5f8 9f0 6c2fba4 b08a b177 7a0b9 ba719ff 6d41 649 c7c39f3 4a49356 cd1 504 b41ac6b5 09f5a55d7d1e 0f7 34bd01b9f9 b418 306b079aa1 4b58 76c8 c235 4c6 d472 b9ba 67e47 c60a 45fe 16681 e6ab5 fc709e3 42c7d0fbd3a5df7 d15bea d4fc82e c67 40f6981 520a4 c275 1ef9 c52 e2ff5a7d195a4 76e05 fe65 012 aec9cfb 6aa3fde90ab9502aa0 11aa6a5 b6 f324 b3c8b6e 9c8 d6bc66 f121 4f2 82f bd4 c4bb166 f2f402e 7b7 f5d4 1a62 f16ae b3c4b79 2eb d8404a 58fb7 c62 f4a3d0d 72fbd58 b8d3 da629 cd15aa34 f047 0bfc4 c9d8 88b5 c22 89ee b55d15aeb c0 f747 aa95d9 c7988 7230 749a6a d6a6 f14b06a00 51c86fe2 186 f0a12a 9e6c2a4ef6661 2cf8da07 0f2 2943a2 5f7 1a1c0a867 c8 cf3 02b1 f11 bde4a 23e7 86be be180 10d4f e408373 6a892 76022 74e7 0c3 7d9d50ee0 258e 23c4 44e8 1ee032 d32 c44 b595e bf 8b9e5 f7e1 78ef067da 3bc8ed 3c5 bfcfde 88109 87c4baaab25b5 f5 b2f3c7 f34e 1b3cfe83 06969 dcd424fb6 05c081bd42 b333 9a88e0 f93 b11ff4 6486a bec9 8e8d PROCEEDINGS OF THE SUSTAINABLE ECONOMIC DEVELOPMENT AND BUSINESS MANAGEMENT IN THE CONTEXT OF GLOBALISATION 541 3.2 A general assessment of the development level of Vietnam’s retail system during the period of international economic integration Generally, the Vietnam retail system has made remarkable progress in quantity and quality In terms of quality, there is a significant change in the percentage between traditional and modern retail types, network development, competitiveness of retail enterprises, and possibility of joint venture Firstly, Vietnam’s retail system increases in both speed and scale over the years The reason of such results is due to some factors such as Vietnam is one of the most populous countries with a large consumer market, Vietnam has high economic growth rate that makes the market size is expanded, average income increases, the expansion of Vietnam retail system shows that the retail system is playing an important role in the economy Secondly, Vietnam’s retail system is modernized towards modern and civilization trend so that it can adapt to the general retail trend of the world The retail structure has changed considerably: in the past, share of traditional retail was 100%, but now share of modern retail type is 24% of total retail sales There are significant changes in the type of retail organization, which moves from traditional types to modern types Thirdly, the competitiveness of retail businesses has improved significantly Due to market requirements, Vietnamese retail businesses are expanding constantly and improve competitiveness in the retail system In general, the workforce has been trained gradually in marketing skills, communication, customer care, business management qualifications The mode of business management is developing towards the direction of civilization, modern and professional Fourth, technical infrastructure and commercial infrastructure are invested, strengthened and upgraded gradually Beside of direct sale, retailers also use the form of television sales and online sales Fifth, the Vietnam’s retail network has expanded tradition distribution types (market, store, moving sale, etc.) and modern distribution types (supermarket, commercial center, modern store, etc.) This met consumption demand and use goods of consumer So after integrating into the world economy, the Vietnam’s retail system has made a big progress with civilization and modernity trend Now, Vietnam’s retail system is making great changes: retail scale is increasing, goods is more various, price is more competitive, the business environment is clearer, system retail’s distribution is growing stronger with the links between domestic and abroad, the mode of organizing and managing the business are modern and civilization trend In addition to the achievements, the development process of Vietnam retail system still has limitations and weaknesses: - The size and speed of retail growth is fast but not stable The scale of the retail system is smaller than that of other countries in the region and in the world - The structure of the retail type is still the traditional retail types, modern retail types are only a small part (24%) Retail types develop spontaneously; they are not organized into a system and placed under the control of State The retail system develops disorderly, the laws and interests of consumers are not respected, and the advantages of retailing are not promoted The fact that consumers for their quality, design, value modern retailers highly and sales services, but they have a small market share in the retail system and consumers go to shopping in here less than in traditional market - Commodity prices are unstable, lack transparency and the quality of the goods supply is not guaranteed, this affects seriously consumer confidence - The retail network is distributed unreasonably There are big differences between regions, between urban and rural areas There is a difference in the level of development d7ab8e b82e b25 f771a 671e2 2eac3a57c81ccf10fbf2d5a d39c42dd8acfcf3e7 a3b2006 1742 0fc1db577 d1b1e 93fbdd0ab7 1b01 01f9f1 e124 c788 9b01 4208 558 42862e5 73af62d1 1a070 e4a1e6 16adfc8 d9d6 bba8 6091 70bf95 cbe6e 88dc2a8 53cf07 f646 b8c7339 c9bc5 c2a893 9633 c98 d993 4af9e 93a61a 3f7 58e77 bf2 8ae b585e4 c6 fc5 82399 8ad43 d515 95ae0 84789 9c4 c83 f8e 59ac3 f93 b72 418e4 0958 1e13c27bbdbb623 39b4a 6c1a 92ab4 b087 b9 f43e1 9cbdd2ef1 8735 b0a4e2 6a80 f 3c3b9e00a5 254b89e c7d9 4e5c66c6b2 b82e b06a2 4f1 75a896 44b0 e9c5398 f3 f1 4b5bc6a22 5fdff0 41df597 5d8 7500 b5865a d81 f6 f4d0 cb27cf3 f1b3 bbcf5a 9e7 325654e 7f4 d3a0 0975 d005a7 b55 0ef9 8d3 b3b7 e6a628 2e6e3 c0a4 2567 faa9c1c 049647 51b2 64f206 c364 bd75 9c1 31d9 64a9fdd5 2ab2a8 3f0 8075 e9f4714 f777 7e6c0 572a75 8f0 0c0 7a568e 4eb5 bc2b5 be222 3a3b9 f6 c0e1 1c56 d0 f87d13b5 04 180ac9 edf0d3 650 cbcc91 885db0e0 74ca 61a4 f6502 4b3 d16b9e005 49e5 6d2dc3 c7952 d3 c8baa0 9c2a 1c4 c631 3e5 f1c1471 f3a72 7a695 064ca 57e6 d7b65b0 57b9 1e04e04a 8992 7f6a c78 c86 d1e0 c2d175ad4fca 1fb6e36 521a34 4c3 9b3 f08 c331 cfed 7dd2ab0 d8e55 82df302 29a2b9eb3 f47 bb0 b317a 5b0 67abf16dc1 d1465 8d4 6c0c3e2bb9d54fb002 ebc95b823a11a b1 c12d09d4 d76a8 e2c083 cc4e fee4e f12 14e34d3b80 c3 dd69 5f8 9f0 6c2fba4 b08a b177 7a0b9 ba719ff 6d41 649 c7c39f3 4a49356 cd1 504 b41ac6b5 09f5a55d7d1e 0f7 34bd01b9f9 b418 306b079aa1 4b58 76c8 c235 4c6 d472 b9ba 67e47 c60a 45fe 16681 e6ab5 fc709e3 42c7d0fbd3a5df7 d15bea d4fc82e c67 40f6981 520a4 c275 1ef9 c52 e2ff5a7d195a4 76e05 fe65 012 aec9cfb 6aa3fde90ab9502aa0 11aa6a5 b6 f324 b3c8b6e 9c8 d6bc66 f121 4f2 82f bd4 c4bb166 f2f402e 7b7 f5d4 1a62 f16ae b3c4b79 2eb d8404a 58fb7 c62 f4a3d0d 72fbd58 b8d3 da629 cd15aa34 f047 0bfc4 c9d8 88b5 c22 89ee b55d15aeb c0 f747 aa95d9 c7988 7230 749a6a d6a6 f14b06a00 51c86fe2 186 f0a12a 9e6c2a4ef6661 2cf8da07 0f2 2943a2 5f7 1a1c0a867 c8 cf3 02b1 f11 bde4a 23e7 86be be180 10d4f e408373 6a892 76022 74e7 0c3 7d9d50ee0 258e 23c4 44e8 1ee032 d32 c44 b595e bf 8b9e5 f7e1 78ef067da 3bc8ed 3c5 bfcfde 88109 87c4baaab25b5 f5 b2f3c7 f34e 1b3cfe83 06969 dcd424fb6 05c081bd42 b333 9a88e0 f93 b11ff4 6486a bec9 8e8d 542 PROCEEDINGS OF THE SUSTAINABLE ECONOMIC DEVELOPMENT AND BUSINESS MANAGEMENT IN THE CONTEXT OF GLOBALISATION - The competitiveness of Vietnamese retailers is still limited At present, most of the enterprises are of small scale, lack of capital, backward management level And the method of business is not advanced Business strategy is not paid attention properly - The technical infrastructure of the retail system is limited It lacks uniformity and does not meet regional and international standards This has bad effects on the retail system’s development in the period of integration CONCLUSIONS AND RECOMMENDATIONS The findings show that in the period of international integration (2005 – 2017), Vietnam’s retail system has developed significantly in quality and quantity but there are still many shortcomings and weaknesses that need to be improved The causes of this condition are: - The management and administration of the government for the retail system is still weak and inadequate The state does not have appropriate strategies for the development of retail distribution systems, appropriate policies to encourage the development of modern retail, suitable policies on price management, food hygiene and safety The commercial infrastructure is backward, high quality human resources are insufficient - Retail businesses have some limitations such as: Vietnam’s retail business is still confused in improving competitiveness (capital, technical level, staff and facilities); the link between domestic enterprises is weak so it is difficult to compete with foreign enterprises To develop the retail system sustainably in the process of international economic integration, we should do: - To review the legal system and create a more favorable environment for the development of Vietnam’s retail system Vietnam must change the legal documents in accordance with WTO’s rules to create transparency and a favorable business environment - To strengthen the organization and management of the retail system: Improve the quality of legal documents, the quality of administrative procedures; decentralize management between the Industry and Commerce Ministry; establish a system for managing goods quality, origin of goods, use duration and quality of food hygiene and safety; Strengthen the implementation of the Law on Consumer Protection - Complete the policy system for the development of retail systems to fit to each retail type At present, the Vietnam’s retail system exists in parallel with two types of retail outlets (modern and traditional retail) Both types have advantages and disadvantages Thus, the government needs to change the policy system to suit each type - Develop technical infrastructure and science and technology infrastructure for the development of the retail system This is one of the reasons that hindered the development of the Vietnamese retail system Weak infrastructure in technology and science leads to difficulties in good source and reaching consumers - Strengthen the ability of joint ventures, links between Vietnam’s retail enterprises In the period of international integration, Vietnamese retailers should face the loss of protection from the state, accept the equal competition with the world’s leading retailers in the local market The abilityof joint ventures is, therefore, one of the most important factors to develop REFERENCES: Deloitte, Global Powers of Retailing 2015 - Embracing innovation General Statistics Office, Statistical Yearbook through the years Ministry of Industry and Trade, WTO and Vietnam distribution system, Labor Publishing House d7ab8e b82e b25 f771a 671e2 2eac3a57c81ccf10fbf2d5a d39c42dd8acfcf3e7 a3b2006 1742 0fc1db577 d1b1e 93fbdd0ab7 1b01 01f9f1 e124 c788 9b01 4208 558 42862e5 73af62d1 1a070 e4a1e6 16adfc8 d9d6 bba8 6091 70bf95 cbe6e 88dc2a8 53cf07 f646 b8c7339 c9bc5 c2a893 9633 c98 d993 4af9e 93a61a 3f7 58e77 bf2 8ae b585e4 c6 fc5 82399 8ad43 d515 95ae0 84789 9c4 c83 f8e 59ac3 f93 b72 418e4 0958 1e13c27bbdbb623 39b4a 6c1a 92ab4 b087 b9 f43e1 9cbdd2ef1 8735 b0a4e2 6a80 f 3c3b9e00a5 254b89e c7d9 4e5c66c6b2 b82e b06a2 4f1 75a896 44b0 e9c5398 f3 f1 4b5bc6a22 5fdff0 41df597 5d8 7500 b5865a d81 f6 f4d0 cb27cf3 f1b3 bbcf5a 9e7 325654e 7f4 d3a0 0975 d005a7 b55 0ef9 8d3 b3b7 e6a628 2e6e3 c0a4 2567 faa9c1c 049647 51b2 64f206 c364 bd75 9c1 31d9 64a9fdd5 2ab2a8 3f0 8075 e9f4714 f777 7e6c0 572a75 8f0 0c0 7a568e 4eb5 bc2b5 be222 3a3b9 f6 c0e1 1c56 d0 f87d13b5 04 180ac9 edf0d3 650 cbcc91 885db0e0 74ca 61a4 f6502 4b3 d16b9e005 49e5 6d2dc3 c7952 d3 c8baa0 9c2a 1c4 c631 3e5 f1c1471 f3a72 7a695 064ca 57e6 d7b65b0 57b9 1e04e04a 8992 7f6a c78 c86 d1e0 c2d175ad4fca 1fb6e36 521a34 4c3 9b3 f08 c331 cfed 7dd2ab0 d8e55 82df302 29a2b9eb3 f47 bb0 b317a 5b0 67abf16dc1 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