Fast Retailing will soon open its first Uniqlo store in Vietnam as the company forays into the sixth market in Southeast Asia which is also one of the fastest growing economies in the region. Fast Retailing hopes Vietnam will drive its regional growth as consumption rises and at the same time, become a manufacturing hub for the company in the face of a prolonged U.S.-China trade war.
Located next to other fast-fashion brands H&M and Zara, Uniqlo's store in a shopping mall in Dong Khoi in Ho Chi Minh City will be one of its largest stores in Southeast Asia with a gross floor area of 3,107 sq. meters and three stories high.
Vietnam is one of the key markets for Uniqlo, which currently has more than 2,000 stores worldwide and plans to quadruple stores in Southeast Asia to 800 in 10 years. Fast Retailing hopes to increase sales by 30 per cent every year in India -- where it opened its first store in October -- Southeast Asia and Australia.