GROCERY
REPORT
Vietnam
2012
1
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
AGENDA
Market
MACROECONOMIC
OUTLOOK
|
FMCG
OVERVIEW
Channels
RETAIL NOW
&
THE FUTURE
Shoppers
BELT BUCKLING
|
CONNECTED
CONSUMERS
2
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
MARKET
Macro-economics
FMCG Overview
Outlook
Will Vietnam GDP and CPI reach
their 2012 targets?
Is the Vietnam retail industry still
attractive?
3
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
A very tough 2012 with only slightly positive signs appearing in
Q3’12, but still below expectations for the year.
GOVERNMENT
PLAN 2012
GDP 66.5%
CPI ≤
10%
ACTUAL Q3’12
GDP
4.7%
CPI
7.%
CPI YOY
Source: Vietnam General Statistics Office
4
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
… which is still fragile under pressure from the recent upward
trend in fuel and utilities.
▲50%
▲14%
Mogas 92
VND/litre
▲5%
▲ 6%
Gas
VND/12kg tank
▲ Growth rate
01/09/12 vs 01/01/12
5
Source: xangdau.net &
http://www.petrolimex.com.vn/
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
Service continues to drive the growth of the economy, particularly
being led by the Trade sector.
LABOUR STRUCTURE
51.6 mil employees
GDP STRUCTURE
1,252,577 bil.VND
1st half 2012
1st half 2011
3.81%
2.81%
5.57%
Value growth rate vs. YA
Source: Vietnam General Statistics Office
6
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
Growth is still there, but many companies are having problems.
RETAIL-SERVICES SALES
NO. COMPANIES DISSOLVED OR CEASED
Jan/2012-Aug/2012
Jan/2012-Apr/12
•
•
•
•
Total value: 1,517,721 bil.VND
Change vs LY: +17.9%
Total volume: 17.735/ 647.627 companies
Change vs LY +9.5%
7
Source: Vietnam General Statistics Office
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
Viet Nam retail drops out of top 30 countries of retail attractiveness
by A.T Kearney. Inflation, high real estate price & interest and
business procedure are still big concerns.
VIET NAM
Rank
1
2008
6
2009
14
2010
23
2011
X
2012
8
Source: A.T. Kearney
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
However, retail sector is still attractive to foreign investors despite
total FDI decreases.
Value growth rate vs. LY
NEW FOREIGN DIRECT INVESTMENT
First 8 months 2012 vs 2011
-11%
Total FDI
7%
01/01/12-20/08/12
5%
Manufacturing& Processing
47%
01/01/11-20/08/11
48%
68%
20%
+25%
Real estate
+467%
Wholesale, Retail sale & Repairment
+107%
Other areas
-86%
2% 3%
9
Source: Foreign Investment Agency Ministry of planning and investment
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
MARKET
Macro-economics
Macro-economic
FMCG Overview
Overview
Outlook
After sky rocketing inflation in 2011,
how is Vietnam FMCG market
doing?
10
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
FMCG volume growth trend resumes in light of cooling CPI though
consumers are still concerned.
Consumer confidence is still below 100
FMCG volume sales growth bounces back –
strongest for Beverage & Milk-base
Cooling CCI rests stable at low level
11
Source: Vietnam GSO and Nielsen Consumer
Confidence Survey
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
Vietnam is still the fastest growing FMCG market.
FMCG MARKET DYNAMICS
REGIONAL SUMMARY Q3, 2012
12
Source: Nielsen Growth reporter Q3, 2012
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
Across most categories, particularly beverages.
VALUE & VOLUME % CHANGE YA
MAT JUL’12
FMCG (Inc. Beer)
Beverage (Inc. Beer)
28 %
15 %
Milk Based Product
Food (excl Milk Base)
23%
11%
Value
Volume
Personal Care
18%
4%
21%
6%
Cigarette
18%
7%
19%
3%
Household Care
15%
-1 %
13
Source: Nielsen Retail Audit
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
Most categories pose volume growth of 5-10% with an exception
to beverages, Baby Diaper and RTDM.
(YTD Jun’12 vs. YA)
Half categories have
medium volume growth of
5-10%; while 15% show
higher growth of >10%
Price hike around 10% for
most categories except for
dishwashing liquid, gum,
snack, milk powder,
shampoo and biscuit
whose price hike >15%
.
14
Source: Nielsen Retail Audit
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
The biggest categories are Beer, Cigarette, Milk and Beverage
which benefit the dominant positions of the players in such fields.
TOP 10 MANUFACTURERS IN FMCG –
6 CITIES TT – VALUE % SHARE
TOP 10 CATEGORIES IN FMCG –
6 CITIES TT – VALUE % SHARE
15
Source: Nielsen Retail Audit
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
Manufacturers more reluctant to introduce new brands – and most
of new brand launches are in Value pricing segment.
New of new brands declines starting from early 2011
Increasing number of new launches in Value
segment
16
Source: Nielsen Retail Audit
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
Interestingly, Premium segment is either stable or increasing its
share across categories.
50
PREMIUM SEGMENT CONTRIBUTION CHANGE
YTD JUL 12 VS. YA
45
40
35
30
25
20
15
10
5
Sauce
Fem_Care
Cigarette
Bouillon-Msg
Milk Powder
Baby Diaper
Fruit Juice
Soft Drink
Instant Noodle
Toothbrush
Snack
Personal Wash
Beer
Energy Drink
Dishwash Liquid
Tissue
Shampoo
Biscuits & Pie
RTD Tea
Gums
Facial Care
HH Cleansers
Deodorants
Facial Tissue
Body Lotion
Toothpaste
Mouth Wash
Fabric Softener
Insect_Aerosol
Hair Conditioner
Condensed Milk
Packaged Water
Baby Cereal
Laundry Detergent
RTD Milk
Cooking Oil
Insect_Coil
0
YTDLY
YTDTY
Price segmentation based on price index at 6 Cities, YTDJul’11
[>120 Premium] [100-120 HiMid] [80-100 LowMid] [<80 Low]
Source: Nielsen Retail Audit
17
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
Lower price gap between Premium and Mainstream contributes to
the growth of Premium.
Consumers tend to trade up with reduction in price gap of “Premium” and
“Mainstream” products. Innovation is a contributor too
Price Gap Change
Premium vs. Mainstream
Premium Volume Change Driven by
Price Gap Reduction
Biscuits
-4.0%
-3.0%
CSD
-3.0%
Shampoo
2.6%
3.4%
6.5%
18
Source: Pricing Analytics Study, Vietnam 2011
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
CHANNELS
The Now
The Future
How fast is modern trade growing?
How is traditional trade trying to
compete with modern trade?
What are modern trade retailers
doing to attract and retain
consumers?
19
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
Traditional Trade dominates in SEA but Modern Retailing is
expanding its foot print. Vietnam has a big room to grow in terms
of MT store density.
RETAIL STORE DENSITY ANALYSIS
(Number of stores per million population)
14,000
1,000
849
900
12,000
800
Grocery stores
700
Modern trade
600
10,000
8,000
514
500
6,000
400
300
295
304
209
200
4,000
162
136
100
9
6
38
65
Singapore
Taiwan
Korea
Malaysia
China
Thailand
Vietnam
India
Philippines
Indonesia
-
HK
-
2,000
85
94
96
89
57
63
49
22
6
46
44
Modern Trade Contribution 2011
Source: Nielsen Retail Census
20
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
Traditional trade is still the dominant channel in Vietnam while
Modern trade speeds up opening store especially in Hanoi.
TRADITIONAL TRADE
MODERN TRADE
Value sales Contribution
70,000
2011
Total 36 Cities
60,000
943
50,000
40,000
2009
2010
30,000
Modern trade
outlets (+25%
vs 2010)
2011
20,000
10,000
0
30 Cities
4 Cities
Hanoi
HCM
Store number- Nielsen Census
Notes: Modern Trade contribution ( inc. Saigon Co.op, exclude Metro)
Based on 36 largest urban areas in Vietnam : 4 Cities includes Haiphong, Danang,
Cantho and Nhatrang
Source: Nielsen Retail Census
21
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
Within Hanoi, both large-scale chains and independent operators
have developed rapidly over the past year.
HCMC
Chains still account for bulk
of the sales
• 38% out of 43% in HCMC
•
19% out of 27% in Hanoi
But, independents are
growing in Hanoi
• 3% to 4% to 8% in 3
years
Hanoi
Convenience stores have
yet to make a mark as
Supermarkets are still the
preferred format in 2011
22
Source: Nielsen Retail Census including
Saigon Co.op and Metro
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
Attempts to invest in improving wet markets and support small
traders.
Market system development scheme 20112015: Investment of 2,782 bil.VND with
150.6 ha on developing 319 traditional
market – tier I
• Preserving 56 markets
• Upgrading 110 markets
• Building 153 markets
Ministry of Industry and Trade cooperate with
University of Economics to organize:
“Sales skill training for small traders in wet
markets”.
“Wet market management skill training for the
markets’ management boards”
23
Source: Ministry of Industry and Trade
Decision 012/2007/QĐ-BCT
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
However, Supermarkets are increasingly preferred.
Average Frequency
of Visits per Month
▲
▼
Consumers are moving
from Wet Markets
to Supermarkets
Base: All Respondents (2010 n=1500, 2011 n=1500)
Ref: Q8
Source: Nielsen Shopper Trends 2012
24
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
Retailers of all types are implementing their expansion plans.
81
15
4
1/1-31/9/2012:
32
12+
Convenience
Store
new stores open
each month
20
Health &
Beauty
Store
23
8
27
59
1
19
85
13
17
5
44
1
Minimart
46
6
Supermarket
Supermarket
14
2
14
3
11
5
B&B
11
8
25
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
Supermarkets implement a wide variety of programs to build
loyalty and attract consumers.
Preference from
loyalty card
Increased
promotion
frequencies
Membership
Card, VIP
Card…
With special
offers: Stored
up points,
special
promotion
prices
Difference with
private label
Focus on fresh &
processed foods,
household
products, and
garments.
Heavily
promoted
through price
and displays
On-going
promotions,
themed to match
holidays and
specific
categories or
special
customers
New look by
refreshing logo
and department
branding
Coming with
fresh,
professional
and friendly
image
26
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
CHANNELS
The Now
The Future
What lessons will Vietnamese
retailers learn from other
Asian countries?
What will be the channel mix
in the coming years?
27
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
Retailers continue to expand their store base across AP with total
number of stores increasing by over 25,000. Convenience stores
have the fastest growth rate.
Modern Trade Store No. by Format in Asia-Pacific
(% annual growth)
28
Source: Nielsen Retail and Shopper Trend
Asia Pacific 2012
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
Convenience in Thailand: Innovation through Non-FMCG range
has also attracted the shoppers.
Available in 2011
CVS
Bakery
Additional Product & Service in Convenience Stores
Auto & Travel
products
Fresh Coffee
Smoothies
Fresh Meat &
Vegetables
Home Appliances
Payment
Service
Direct
Marketing
Media
Books & Magazines
Hot Served Snacks
Restaurant
RTE Meal
IT & Stationary
Seasonal Products
29
Source: Nielsen Shopper Trends 2012
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
Minimarts in Indonesia: Thematic promotions and loyalty cards
have helped the Mini-Marts succeed apart from the huge store
base (+10,000 stores).
New Year
Thematic
promotions
Valentine’s Day
Valentine’s
Mother’s Day
Unilever Fair
School Holiday
Fonterra Fair
Homecare Fair
Supplier
Fairs
Olay Promotion
Unilever Fair
Bi weekly Shopping Calendar
Weekend Promotion
Weekly
Promotions
Source: Nielsen Shopper Trends 2012
30
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
The change is coming to Vietnam too, as evidenced by some
shopper segments…
All shoppers bought
daily food in Wet
Markets
Wholesalers
Grocery Stores
Super Markets
Very few & expensive –
visit once per year for
curiosity
Innovation Seeker and Prudent Shopper
Wet Markets
Present
Super
Markets
Wet
Markets
Wet
Markets
Super
Markets
Convenien
ce Stores
Wholesalers
Wholesalers
Grocery
Stores
Grocery
Stores
Convenien
ce Stores
Metro
Metro
Fast Forward 2022
Conservative & Value Oriented Shopper
Shopping Destination – Most Often
Flashback 2005
Super
Markets
Wet market is
thought to be swept
out for its dirty and
untidy image.
Supermarket
increase its network,
thus increases in the
frequency
Convenience
Stores /
Mini Markets
Metro
31
Source: Nielsen Shopper Focus Groups in
HCM,HN 2012
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
…and backed up by the continuous retailer expansion
12/7/2012 1st HI-WAY supercenter
08/12/2011 1st MINISTOP CVS
31/5/2012 1st FLC Mart
07/2012
1st C EXPRESS CVS
ANNOUNCED EXPANSION PLANS
STORE
NUMBER
BY (YEAR)
Co.op Mart
+8
√100
2012
2015
Big C
√ 24
√ 29
2012
2013
Lotte Mart
+2
2012
Fivimart
+3
2012
Hiway
√3
√ 20
2013
2016
SUPERMARKETS
Notes: (+) new stores.
(√) in total
CVSMINIMARTS
STORE
NUMBER
BY (YEAR)
Co.opFood
+ 30
√ 150
2012
2015
Satrafoods
+ 20
2013
TTGD Foods
+ 2-3
annually
Circle K
> 40
2012
Shop & Go
√ 100
2012
Family Mart
+ 27
√ 43
2012
Ministop
+ 30
2012
32
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
SHOPPERS
Belt Buckling
Connected
Consumers
33
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
Concerns
Discretionary spending
*: ↑↓ vs. YA | vs. APAC average
66%
Saving
THE ECONOMY
↑ | vs. 60%*
(19%)
32%
Holiday
↓ | vs. 37%*
29%
JOB SECURITY (18%)
New
technologies
INCREASING
= | vs. 30%*
UTILITY BILL
(12%)
28%
HEALTH
New
clothes
(8%)
INCREASING
FOOD PRICE
(7%)
27%
Home
improveme
nt
↑ | vs. 18%*
↓| vs. 35%*
28%
Out of
home
entertai
nment
↓ | vs. 34%*
How to utilize spare cash after covering essential living
expenses?
Source: Nielsen Global Consumer
Confidence Index Q2’2012 – Vietnam
34
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
Consumers are tightening their belts. The
recessionary mindset shifts consumer thinking from
Nice to Have to
Need to Have
superfluous
temptation
Support on compulsory expenditures:
gasoline, gas/electricity, water, insurance, rent…
Core selling grocery products sales rise
35
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
Hardship continues, consumers reduce shopping frequency and
are much impacted by price.
TOP 4 IMPACTS ON GROCERY
PURCHASE CHOICE
SHOPPING FREQUENCY
39%
Weekly
Wee k yl
64%
59%
Every 2 weeks
Ev er2
y wee k s
36%
Every month
1%
Ev e rm
yon h
t
0%
Less often
1%
Le sofe
t n
0%
2011
2012
Base: All Supermarket shoppers (n = 1500)
Compared with a year ago, how much impact
has each of the following had on your choice of
Grocery Purchases in the last 12 months?
Source: Nielsen Shopper Trends Study 2012
36
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
To adapt, consumer are having more economic reactions which
vary a lot (i.e. consuming same but larger packs, downgrading as
well).
CONSUMER REACTION TO
PRICE INCREASE
CHANGES IN CONSUMER BEHAVIOR ACROSS
CATEGORIES IN INFLATIONARY PERIOD
%
Change in Volume
of consumption
Bouillon
How do you change your shopping habits
to adapt to the price increases?
Hair Con
20
Shampoo
Buy more of Private Label
brands
Fab Soft
22
Laundry
Buy more of smaller
pack sizes
Small pack
Bouillon
36
Less amount
Same brand
Expensive brand
Hair Con
Change shopping
channels to save money
Same pack
Shampoo
37
Same amount
Fab Soft
Buy cheaper brands
Cheaper brand
Laundry
37
Change in Brand
purchased
Big pack
Bouillon
Buy bigger pack sizes
Laundry
41
Change in Pack
size purchased
More amount
Hair Con
Buy more Vietnamese
brands
Shampoo
66
Fab Soft
Buy more on
‘Promotion’
37
Vietnam Grocery report 2012
Source: Consumer Omnibus Vietnam, Sept 2011Copyright © 2012 The Nielsen Company. Confidential and proprietary.
To react, retailers & manufacturers offer diversified promotions.
Gas reward programs
Will you be
the 1st to step
into this game?
38
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
«
staying at home more often
»
Shopping patterns can emerge with consumer
nesting
-
Out Of Home entertainment & restaurants
+ Home cooking
+ Friendliness !
+ TV-viewing rising
Cocooning
In both products and Entertainment!
39
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
Nesting consumers are heading back to their house.
VALUE & VOLUME % CHANGE YA
MAT JUL’12
Value
Volume
% CHANNEL GROWTH VS. YA
Off vs. On
2011:
713,416 vs. 522,394 stores
Meal Maker
285%
318%
2.6% vs. 2.1%
Beer can
47 %
40 %
1.6% vs. 1.5%
40
Source: Nielsen Retail Audit
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
Walmart partners with manufacturers on “family meals for less.”
41
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
ShopRite cooking on YouTube; monthly recipes featuring store
brands.
42
Source: YouTube.com/user/ShopRiteStores
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
In the current climate, consumers and shoppers are
re-appraising their store, brand and
format choices with new lenses.
Rising interest in
Value-seeking
Consumer Value ≠ Price
Consumer Value = Benefits/Price
• price positioning
• simple and innovative Promotions
• new value added initiatives
43
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
Consumers also seek value through up-trading to more premium
products and or buying big packs or pouch to save money.
VOLUME SHARE OF PRICE TIER RANGES
Sources: RA, Price Tier market: 6 Cities TT Enh,
Pack size market: 36 Cities Enh TT + Rural
Data ended Mar’12
VOLUME SHARE OF PACK-SIZE RANGES – GT URBAN
Shampoo Fabclean
Small Pack <400ml
<3kg
Big Pack
>= 400ml >=3kg
DWL
HCL
=<1000L =<500ml
>1L
>500ml
44
Source: Nielsen Retail Audit
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
Innovation themes…
Taste changing
Cigarette
Organic
products
Perfume Fabric
Softener
Milk
Beverage
Ecobags
No fried
Instant
Noodle
Laundry
Liquid
45
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
SHOPPERS
Belt Buckling
Connected
Consumers
46
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
What’s Next: Consumers are
more and more
Connected
**End of 2012:
Every 5 Vietnamese consumers, there will be
and Tablet users will increase from
1 smartphone
2% to 5%
2015: Mobile phones will overtake PCs as the most common web access
Speed of action
Offers flexibility
47
Grocery report 2012
Image/Vietnam
Buzz
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
92% of Vietnamese consumers are more likely to
trust recommendations from people they know*
Conduct product research online
72
Look up product information online
70
Read a grocery retailer's circular/flyer online
59
Compare prices for a grocery product online
59
Browse a manufacturer's website for a grocery
category
53
Look for deals online
49
Look for coupons from an online coupon site
48
Purchase a product online
47
Provide feedback about a grocery category through
social media (wrote a review, blogged)
27
Use a digital shopping list
12
Other
11
None of the above
63% are
more likely to trust
consumer opinion
posted online**
6
Thinking about Household Grocery Shopping, which of the following activities
have you done in the last month on any online connected device?*
Sources: * Global Trust in advertising Q3 2011
**Nielsen Global Digital Shopping –Q1 2012
48
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
To stay in the game, manufacturers keep an eye on internet
advertisements.
Marketing return on investment*
Advertisers’ spending - % Chg YTD – Global Average**
49
Vietnam Grocery report 2012
Sources: *Nielsen Advanced Analytics Consulting - 2009
**Nielsen Global Ad View Pulse Lite Q1 2012 Copyright © 2012 The Nielsen Company. Confidential and proprietary.
Building demand by connecting consumers (with each other and
with brand).
Collective Buying Power
Sharing Experiences
Reviews
Ratings
Recommendations
Referrals
Forums, Social Q&A
Sharing Ideas
50
50
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
Change and adapt… Now!
Shopper
Opportunities
Need to Have
Proximity
Private
Label
Cocooning
Value-seeking
Connected
Speed of
actions
Flexibility of
offer
Home
Entertainment
products
Home
Cooking
M-commerce
Innovation
Price
Buzz
E-Promo
51
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.
Thank you!
52
Vietnam Grocery report 2012
Copyright © 2012 The Nielsen Company. Confidential and proprietary.