(VOVWORLD) -Vietnam is an attractive market for high-end brands, revenue in luxury goods will amount to 957 million USD this year, and the annual grow in the 2023-2028 period is forecast at 3.23%.
 (illustrative photo: Retail Gazette) |
Statista, a statistics portal for market data, reported that increasing consumer demand is motivation for many brands to pour their investments into Vietnam. Exclusive brands such as Dior, Louis Vuitton, Tiffany & Co., and Berluti have opened shops in Hanoi where the number of brands is not a large choice, but the demand is increasing.
Hoang Dieu Trang, Senior Leasing Manager for Savills Vietnam in Hanoi, said the capital city is about to welcome luxury hotels such as Four Seasons, Fairmont, Waldorf Astoria or the Ritz Carton, which are expected to create a new luxury shopping complex in the city, thus attracting many high-end brands to join the potential market.
Nick Bradstreet, Head of Asia Pacific Retail at Savills, said that many high-end brands have launched diversification strategy in Southeast Asia, where Vietnam is seen as one of the prominent markets for luxury brands along with Singapore and Thailand.