Japanese Retailers to Target Affluent Customers in Vietnam

April 2023

It has recently been reported that Japanese retailers are flocking to Vietnam to build additional outlets.

In February 2023, the clothing giant Uniqlo, which currently operates 15 stores in Vietnam confirmed plans to expand its footprint in the southern province of Binh Duong by opening the first store this spring or summer.

Another Japanese firm, MUJI, recently opened a new retail outlet in Thu Duc City (Ho Chi Minh City) with a total area of 2,000 square meters. The brand-new store sells a wide range of products, such as food, home appliances, clothing, furniture, and accessories. MUJI currently has three stores in Ho Chi Minh City and two in Hanoi, with an average area of 2,000 square meters.

In February 2023, Aeon commenced the construction of its seventh mall in the central city of Hue, with a total investment of nearly USD 170 million. It will be the largest supermarket in the central region when it will be inaugurated by April 2025.

The Japan External Trade Organization (JETRO) has disclosed that almost all Japanese retailers in Vietnam forecast profits to improve in 2023, with 80% of them with plans expand their businesses in the next one or two years, according to a recent business survey. JETRO highlighted that Japanese retailers are targeting high-income earners in Vietnam.

(Source: Retail News Asia)

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