Vietnam is registering an increasing number of Japanese retailers entering the local market, from malls to store chains in residential areas.
At present, Japanese company Aeon has 200 stores in Vietnam, including six shopping malls. By 2025, the retailer wants to triple the number of malls in Vietnam. Another Japanese retailer, Uniqlo, plans to open more locations in Hanoi by the end of 2022, and several flagship stores will follow in 2023. Soc & Brothers, a Japanese retail chain for mothers and kids, has currently opened its fifth store in the country. Other Japanese retail brands such as Ministop, FamilyMart, and 7-Eleven are expanding their operation in Vietnam.
Japanese retailers are thriving in Vietnam thanks to their wide product offering as well as their strict adherence to operating procedures, from product selection to presentation to service.
Vietnam is a growing market for international retailers, with a value of USD 170 billion and an anticipated growth rate of 10% over the next five years. According to research by the Japan External Trade Organization (JETRO), Japan’s export turnover to Vietnam has climbed by 17%, making it one of Japan’s key markets. According to the CEO of Fast Retailing, the holding company of Uniqlo, Vietnam will be one of the world’s largest consumer markets.
(Sources: VietNamNet, The World and Viet Nam Report, VnExpress)