In the first six months of 2024, MWG’s revenue increased by 15 percent compared to 2023 due to a broader economic recovery, stimulating consumer spending. Profit after tax also surged to US$84.1 million compared to US$1.6 million in the first half of 2023. This improvement was primarily driven by strategic restructuring efforts–the company laid off 5,936 workers and closed a bunch of underperforming stores…

Vietnam’s Retail Industry: Overview 2024

the-shiv September 18, 2024

Traditional retail formats like markets and street vendors continue to coexist with modern outlets, catering to diverse consumer preferences. As the market matures, retailers are focusing on omnichannel strategies and enhanced customer experiences to differentiate themselves in this dynamic sector. Challenges such as intense competition and regulatory complexities remain, but the overall outlook for Vietnam’s retail industry remains positive, presenting substantial opportunities for growth and innovation.

Vietnam’s Economics Needs Tests for Foreign Retailers in 2024

the-shiv September 18, 2024

In Vietnam, the Economic Needs Test applies to foreign-invested enterprises wishing to open retail outlets beyond their first store. The ENT process is designed to assess whether the opening of additional retail stores would meet the local economic demand. This can take time and effort, however, it is a necessary

Thai retail chain opens new mall in northern Vietnam

the-shiv September 17, 2024

Of note, Central Retail recorded revenue in Vietnam of about US$777.4 million in the first half of this year. This was up from US$760 million last year. It was, however, also in the context of a 0.8 percent fall in sales in the Vietnam market for the retailer…

Vietnam Supermarkets: Foreign Retailer’s Guide 2024

the-shiv September 2, 2024

Supermarkets are rapidly proliferating in Vietnam. This is on the back of rising incomes and improved market entry conditions. These supermarkets are one of the easiest ways for foreign producers to get their products in front of Vietnamese consumers with a more Western style of doing business. What to expect

Cheap Chinese imports weighing on Vietnam’s small retailers

the-shiv September 2, 2024

Whereas Vietnam has benefit from its proximity to China with respect to developing its own manufacturing industry as firms look to diversify their supply chains out of China, its proximity also means that it is much easier for Chinese manufacturers to access Vietnam’s consumer market…

Thai retail conglomerate sees uptick in Vietnam revenue in first half 2024

the-shiv August 29, 2024

Of note, opening a retail store in Vietnam for foreign firms is not always easy. Not only are there a number of technical requirements that need to be met, but Vietnam has also developed its own retail store culture, putting its own twist on retail store shopping experiences…

Shopping in Vietnam: Complete Guide 2024

the-shiv August 24, 2024

This article covers shopping in Vietnam, breaking down the key means by which goods are bought and sold in one of Southeast Asia’s fastest-growing economies. Local markets Local markets take the lion’s share of retail sales in terms of volume by far. Local markets, generally open-air, are spread out all

New Estée Lauder cosmetics store headed for Vietnam’s Noi Bai airport

the-shiv August 21, 2024

This is inline with strong growth in Vietnam’s cosmetics market which is projected to generate a revenue of US$546.2 million this year on an anticipated annual growth rate of 3.20 percent up to 2028, according to data collated by Statista. A good portion of these sales look to be imports too with approximately US$800 million worth of essential oils, perfumes, and cosmetics imported into Vietnam in the first seven months of this year.

Vietnam Stock Reviews: FPT Retail

the-shiv August 20, 2024

In the first half of 2024, FPT Retail’s revenue increased by 22 percent compared to the same period in 2023, of which Long Chau’s revenue accounted for 63 percent. During this period, FPT Retail realigned its operations, expanding Long Chau’s network by adding 209 pharmacies and 77 vaccination centres while closing a further 113 underperforming FPT Shop stores…

Vietnam’s Cosmetics Industry for Foreign Firms 2024

the-shiv August 17, 2024

Vietnam’s cosmetics industry has witnessed remarkable growth in recent years, driven by a burgeoning middle class, increasing disposable incomes, and a growing awareness of personal care. The country’s young and fashion-conscious population has fueled demand for a wide range of beauty products, from skincare and makeup to haircare and fragrances.

Vietnam Stock Reviews: Masan Group (consumer goods)

Huong Nguyen August 16, 2024

As of the second quarter of 2024, Masan Group’s net revenue was up by 8.2 percent year-over-year, driven by its core retail consumer businesses. This was in part credited to Masan Consumer Corporation, which trades under ticker MCH on Vietnam’s Unlisted Public Companies stock market…

Consumer Goods in Vietnam: Industry Overview 2024

the-shiv August 15, 2024

Vietnam’s consumer goods market has experienced rapid growth in recent years, driven by a burgeoning middle class, increasing disposable income, and shifting consumer preferences. The country’s young and dynamic population, with a significant portion aged between 25 and 54, presents a lucrative market for a wide range of products.

Counterfeit OMO laundry detergent operation raided in northern Vietnam

the-shiv August 13, 2024

Of note, protecting intellectual property in Vietnam can be challenging. It is common for local businesses to use brand names and logos of other more well-established businesses as well as to find fake brand name goods in Vietnam’s towns and cities. As of April 2024, Vietnam remained on the Office of the US Trade Representative’s Special 301 Report which found that despite intellectual property rights reforms, there were still ‘serious concerns remain regarding IP protection and, in particular, enforcement’.

Almost 6,000 redundancies at Vietnam’s Mobile World so far this year

the-shiv August 5, 2024

Mobile World is one of the most active stocks on the Ho Chi Minh City Stock Exchange among foreign investors. Trading under the ticker MWG, shares of the company closed at VND 62,900 a share on Friday. Foreign investors currently own about 46.69 percent of the firm with a foreign ownership cap of 49 percent…

[press release] Rockbird Media Brings Retail, E-Commerce Summit to Vietnam

the-shiv August 1, 2024

The issuer is solely responsible for the content of this announcement. Ho Chi Minh City, Vietnam – Following the successful run of the Retail & E-Commerce Summit Asia (RESA) across Southeast Asia, rockbird media is thrilled to unveil the next chapter of the summit in a new destination: Vietnam. Under

Malaysian hardware retailer expands foothold in Vietnam

the-shiv July 10, 2024

This is in line with a rapidly growing DIY and home hardware industry in Vietnam–in 2024, revenue in the industry in Vietnam is expected to reach US$18.91 billion and will grow at an estimated compound annual growth rate of 3.13 percent from 2024 to 2028, according to data compiled by Statista…

Singaporean watch retailer The Hour Glass opens Vietnam store

the-shiv July 7, 2024

Of note, the Vietnamese luxury watch market generated a revenue of US$110.80 million in 2024, with a projected annual increase of 2.71 percent over the next four years, according to Statista. This surge is being driven by Vietnam’s thriving economy and rising disposable incomes…

Middle-age Vietnamese discretionary spending on the rise

the-shiv July 6, 2024

Similarly, the Vietnamese e-commerce market for products targeting middle-aged consumers is experiencing significant growth too, particularly in the fashion sector. This includes clothing, shoes, bags, and wallets for both men and women…

Two more luxury brands enter the high-end retail fray in Vietnam

the-shiv July 3, 2024

This is partly due to the growing demand for luxury goods in the rapidly developing Southeast Asian nation. According to Statista, Vietnam’s luxury goods market is projected to generate revenue of US$992 million in 2024 and is expected to have a compounded annual growth rate of 3.10 percent between 2024 and 2028. This trend, however, may be contributing to a scarcity of prime retail space for luxury brands…