The Hanoitimes - World renowned fashion brands have continuously entered the Vietnamese market, fueled by its high annual average market growth rate of between 15 to 20 percent. Casual clothing retailer Uniqlo from Japan has recently announced that it plans to open stores in new markets, including Vietnam. “We want to have stores in all countries [in the region], especially Vietnam, Laos and Myanmar,” said Satoshi Hatase, group senior vice president at Fast Retailing, Uniqlo’s parent. Analysts are also sure about the opening of Uniqlo’s stores in Vietnam, explaining that many fashion brands such as Zara, H&M and Mango are present in Vietnam and Uniqlo doesn't want to lose its part, especially when Vietnamese consumers tend to prefer Japanese goods. There are over 200 foreign fashion brands in Vietnam In addition, Uniqlo has so far also shifted its production from China to Vietnam to take advantage of low labor costs. The opening of stores in Vietnam … [Read more...] about Vietnamese market allures foreign fashion giants
Vietnamese market
Singaporean enterprises eye Vietnamese market
Singaporean enterprises eye Vietnamese marketBy Minh Tam Consumers at SC Vivo City shopping mall, a joint venture of Saigon Co.op Investment Development JSC and Singapore-based Mapletree Investments Pte Ltd - PHOTO: MINH TAM HCMC – Many small and medium Singaporean enterprises consider Vietnam an attractive market and are planning to expand in the country, according to a survey commissioned by the Singapore Business Federation and conducted by HSBC. The survey polled more than 1,000 enterprises in Singapore, with 86% of them being small and medium ones with annual revenue of US$100 million and less than 200 employees. Singaporean firms have invested heavily in the ASEAN region, with Vietnam being one of their key markets thanks to the growth of the consumer goods market and the country’s healthy investment environment. Of the surveyed companies, more than three-quarters said they already had a footprint in Vietnam and 30% intended to further expand there in the … [Read more...] about Singaporean enterprises eye Vietnamese market
Italian wood, furniture businesses eye Vietnamese market
(VEN) - Italian Trade Commission (ITA/ICE), Trade Promotion Section of the Italian Consulate General in Ho Chi Minh City, and Federlegno Arredo Eventi, the Italian Federation of wood, furniture and furnishing manufacturers, jointly organized the first trade mission to Vietnam to explore the potential market for furniture and interior design “made in Italy”. The event took place in Ho Chi Minh City from June 26-28. At the event, Vietnamese real estate developers, architects, interior designers, importers, distributors and dealers had the chance to meet 7 renowned Italian manufacturing companies working in the following sectors: furniture, kitchens, lighting and artistic mosaic. Seven Italian representatives from Badari Lighting, Cantori, Diemme Cucine, Formitalia, Officina Luce, Sicis and Versace Home also joined the dedicated B2B working session on June 27. The Italian trade mission had the opportunity to know the state- of- the- art of real estate industry and … [Read more...] about Italian wood, furniture businesses eye Vietnamese market
E-commerce giants struggle to find profit in Vietnamese market
Multiple online retailers in Vietnam have been struggling to gain profits for years due to high operational costs in a competitive market. Tiki.vn, one of the most popular e-commerce firms in Vietnam, recently reported a VND322 billion ($14 million) loss in two years. The loss in 2017 of the online retailer, which sells a variety of products including clothes, household items and electronic devices, has tripled its charter capital and is seven times its loss in 2016. Tiki.vn is not the only e-commerce company in Vietnam that has been suffering from losses in recent years. Before being acquired by the Chinese giant retailer Alibaba in 2016, Lazada Group said that it has lost $334 million in 2015 the Southeast Asia market, including Vietnam. This lost is double what it posted in 2014, according to TechCrunch. Some local e-commerce companies like Lingo.vn, Deca.vn and Beyeu.com have also been forced to shut down due to prolonged losses. Challenges for online retailers … [Read more...] about E-commerce giants struggle to find profit in Vietnamese market
Dior products suspended from Vietnamese market
The cosmetic products were withdrawn because the formula noted on their labels different from those submitted to the administration. The withdrawn products include the Dior Sourcil Poudre Cayron à Sourcils Mine Poudre Power Eyebrow Pencils with colours 093 black, 593 brown, and 453 sand; two perfumes of Dior Homme Sport very cool spray fresh eau de toillete and Dior J’Adore L’or Essence de Parfum. The Drug Administration asked L-Beauty Vietnam company to recall beauty products before April 25. By MINH KHANG – Translated by Kim Khanh Tags: Dior products suspended from Vietnamese market The Drug Administration of Vietnam … [Read more...] about Dior products suspended from Vietnamese market