With a population of more than 95 million people, Vietnam is one of the fastest developing countries in the world and it’s middle class is growing faster than anywhere else in Southeast Asia. It’s expected that by 2020 about one third of the country will be defined as middle class.
The millennials, which now represent around a third of the population, are the country’s driving force and are the ones with higher exposure to global trends and brands via internet, social media and travel experiences. All that, together with higher standards of fashion is causing amongst young people a thrill for international brands and the brands have realised it!
Zara opened it’s first shop in the country in HCMC one year ago, in September 2016, it has begun to sell online on April this year and is planning to open a second shop in Hanoi.
Early this month, Vietnam’s first flagship outlet of H&M opened in HCMC. The opening was one of the most-anticipated events in the city. With customers queuing from 10pm the night before to be one of the firsts to grab the extensive fashion items on offer and one of the giving away limited edition H&M Vietnam tote bag with H&M goodies, to the first 1,000 customers in line.
As Zara and H&M, foreseeing the potential of the Vietnamese market, many foreign brands (from high-street to luxury) have landed in Vietnam already, who will be the next one to come?