Around 200 foreign fashion brands have entered the Vietnam market including Zara, H&M, Giordano, Mango, Topshop, Gap, and Old Navy. Japanese casual wear brand Uniqlo will open its first store in the country in Ho Chi Minh City’s District 1 on December 6. The 3,000-sq-m store would be one of its biggest in Southeast Asia.
These brands are attracted by the 15-20 per cent annual growth recorded by Vietnam. Also, with its young demographic, growing incomes and 95 million population, Vietnam is considered a hugely promising market.
Vietnamese consumers are also shifting towards prioritising items like clothes and fashion. In a report released last year market research firm Nielsen said clothes were Vietnamese consumers’ third spending priority after food and saving. The survey also found that Vietnam ranked third globally in the number of people fond of branded goods after only China and India.