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How attractive is Vietnam’s fashion market for foreign retailers?

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More than 200 foreign fashion brands are present in Vietnam, providing a wide range of products from mid- to high-end products, which hold 60 percent of the market share, according to the Vietnam Retailers Association.

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People queue up for their turn to buy products

 

A representative from H&M said at least 2,000 people queued up for their turn to buy products on the opening day of H&M shop in Hanoi some days ago.

Vietnam is now among Zara’s five best markets globally. And a number of foreign fashion brands opened shops in Vietnam in the last three months, including Stradivarius, Massimo Dutti, Pull&Bear and H&M. 

The US store Old Navy opened its first shop in mid-2017, while GAP, Topshop and Mango have been expanding their networks.

Asian brands are also entering the Vietnamese market. Uniqlo plans to open its first shop in Vietnam, while Stripe International from Japan is reportedly completing a deal to buy NEM, a Vietnamese fashion brand which targets female office workers.

In late 2016, in a trade promotion event, nine Japanese companies with 14 fashion brands came to Vietnam to look for franchisees. The CEO of a company said Vietnam has become very attractive because of its young population, developing economy and improved income.

A survey by Statistics Portal from Germany predicted that revenue from fashion products of the Vietnamese market may reach $358 million in 2017, while the CAGR would be 22.5 percent in 2017-2022, which means revenue would be $998 million by 2022. 

The market analysis firm found that clothing is the biggest segment of the fashion market with estimated value of $245 million in 2017.

According to Nielsen, Vietnamese spending on clothes is now the third priority, after spending on food and savings. Another report of the market analysis firm showed that Vietnam ranks third in the world in number of people fond of branded goods. The No 1 and No 2 positions belong to China and India, respectively.

Q&Me, which conducted a market survey in early 2017 on customers aged 18-39, found that 52 percent of polled people buy fashion products (clothes, footwear) more than once a month.

According to the Vietnam Retailers Association chair Dinh Thi My Loan, there are over 200 foreign fashion brands in Vietnam. She said foreign brands show big interest in Vietnam because of the high average growth rate of 15-20 percent.

The representative of H&M said H&M spent two years to learn about the Vietnamese market before deciding to open the first shop in HCMC and the second in Hanoi.

He said Vietnam is a market with great potential. “Vietnamese are always catching up with the latest trends in the world,” he said.

 

 

Source: VietNamNet

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