The Hour Glass, a Singaporean luxury watch retail, has officially opened its first store in Hanoi. The store will be located in Hanoi’s Old Quarter right by the Opera House putting it in the company of other big luxury brands including Prada, Valentino, and Berluti.
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.
That said, counterfeit goods, which are readily available from high-end malls and street vendors, can pose a problem for luxury brands in Vietnam. Notably, the country is a permanent fixture on the US Trade Representative’s Special 301 Report watchlist which monitors intellectual property protections around the world. This can pose a substantial threat to sales of genuine items as well as brand reputation.
In this light, brands looking to enter the Vietnam market should make sure they are familiar with intellectual property protections and risks.
See also: How to Open a Retail Store in Vietnam: Ultimate Guide 2024