APPAREL AND FOOTWEAR POSTS STRONG PERFORMANCE IN 2017
In 2017, apparel and footwear in Vietnam experienced healthy sales growth, mainly thanks to higher living standards, a gradual increase in average incomes and the strong development of social media. These factors have affected shopping behavior, as well as boosted demand for products in Vietnam.
NEW INTERNATIONAL PLAYERS CONTINUE TO PENETRATE VIETNAM
In the last few years, the Vietnamese government has focused strongly on creating a healthy economic environment. Furthermore, the government has also erased legal barriers and tariff fees in order to attract foreign investment.
APPAREL AND FOOTWEAR STILL DOMINATED BY UNBRANDED AND COUNTERFEIT PRODUCTS
During the review period, apparel and footwear continued to be dominated by unbranded and counterfeit products, mainly imported from China, Cambodia and Thailand. These products can be found everywhere across Vietnam, such as open markets, shopping malls, local stores and online retailers.
INTERNET RETAILING SALES CONTINUE TO GROW STRONGLY
During the review period, online retailing became a popular channel for consumers to buy apparel and footwear products due to benefits such as saving time, lower pricing and convenience. Moreover, the remarkable rise in the number of people using smartphones and the dramatic development of access to the internet and social media have also contributed to the rapid growth of internet retailing in Vietnam.
MORE PLAYERS SET TO ENTER APPAREL AND FOOTWEAR
Vietnam has recently become a member of various international organisations, including the Trans-Pacific Partnership and APEC. These agreements should help increase Vietnam’s reputation in the ASEAN region and attract foreign investment.