Japanese retailers rouse Vietnamese market, despite pandemic

While most enterprises have had to scale down their business during Covid-19 and give back their retail premises to landlords, Japanese retailers have continued to open more shops in Vietnam recently.

The Japanese retail brand Muji in late July opened its first pop-up store on the first floor of Parkson Center in HCM City's district 1, displaying thousands of product items, including skincare products and clothes.

Japanese retailers rouse Vietnamese market, despite pandemic

The opening hour was set at 9.30 am, but Vietnamese youth came one hour before, queuing up for their turn. The shop received 15 clients every 30 minutes and asked people to stand at a distance from each other.

According to Thoi Bao Kinh Te Saigon, the official store will open at the Parkson center on Le Thanh Ton Street by year end.

Miki House, a high-end children’s fashion brand, opened its first store in Vietnam at the Akyruhi Shopping Center in HCM City during the first epidemic outbreak.

Just days later, the well-known Japanese fashion brand Uniqlo opened its first store in Hanoi, at Vincom building on Pham Ngoc Thach street, one of the biggest fashion areas of the capital city. It opened its first store in Vietnam in HCM City last year. It now has two stores in the city.

Meanwhile, Matsumoto Kiyoshi plans to open its first shop in Vietnam in the near future.
The newcomers have added their names to the long list of Japanese retailers present in the Vietnamese market over the last five years.

While most enterprises have had to scale down their business during Covid-19 and give back their retail premises to landlords, Japanese retailers have continued to open more shops in Vietnam recently.

JETRO’s (Japan External Trade Organization) HCM City Chief Representative Hirai Shinji said the organization has found a considerable increase in Japanese investments in non-production sectors recently. These include investments by retailers, such as Aeon, Family Mart, MiniStop and 7-Eleven.

Long-term plan

 

Vietnam has become more attractive to Japanese enterprises thanks to stable economic growth and high political certainties.

Ryohin Keikaku began eyeing the Vietnamese market three years ago and officially made public the plan to join the market in 2019.

While trying to open more new stores in Vietnam, Muji in early July announced its restructuring of its business division in the US, shutting down shops which could not bring profits. The brand also bore pressure in its home country of Japan with sales down by 50 percent when the epidemic was at its peak in April and May.

It took Miki House five years to survey the Vietnamese market and choose a partner.

According to Phan Thanh Tan, chair of Akuruhi, the partner, if the first store succeeds, the company will open two more shops in HCM City, and will consider opening shops in Hanoi and Da Nang.

The General Stastistics Office (GSO) reported that despite Covid-19, revenue from goods and service sales in Vietnam in the first seven months of the year increased by 3.6 percent compared with the same period last year, reaching VND2.218 trillion.

Kim Chi 

Hanoi retailers told to increase stocks threefold amid pandemic

Hanoi retailers told to increase stocks threefold amid pandemic

Retailers in Hanoi were told to increase stocks of essential goods by three-fold over average levels to ensure price stability amid the complex development of the COVID-19 pandemic.

Local retailers closing shops because of Covid-19

Local retailers closing shops because of Covid-19

Many retailers have had to close shops and give back retail premises to landlords because of poor patronage and a dramatic drop in sales.

 
 

Other News

.
Vietnam's economic growth to recover from Q4: Economist
Vietnam's economic growth to recover from Q4: Economist
BUSINESSicon  11/10/2021 

The Vietnamese economy is likely to gradually recover from the fourth quarter of 2021 and escape the minus growth seen in the third quarter.

Vietnam to pilot Mobile Money service for two years
Vietnam to pilot Mobile Money service for two years
BUSINESSicon  11/10/2021 

Vietnam will pilot Mobile Money service across the country for two years before officially launching it, according to Deputy Governor of the State Bank Dao Minh Tu.

Rapid vaccination and targeted policies key to Vietnam’s endemic growth
Rapid vaccination and targeted policies key to Vietnam’s endemic growth
BUSINESSicon  11/10/2021 

As the world is transitioning from pandemic to endemic, Vietnam needs to ensure its vaccination progress and greater adeptness at targeting control measures and support policies to follow suit.

Venture capital in Vietnam may surpass US$1 billion in 2021
Venture capital in Vietnam may surpass US$1 billion in 2021
BUSINESSicon  11/10/2021 

Venture capital in Vietnam will reach $600 million and may surpass $1 billion in 2021. The country is expected be an attractive destination for venture capital funds in the following years.

Vietnamese currency forecast to strengthen against US dollar in 2021
Vietnamese currency forecast to strengthen against US dollar in 2021
BUSINESSicon  11/10/2021 

Since July 2021, the Vietnamese dong has strengthened by 1.3 per cent against the US dollar and the unit has averaged VND23,930 per US dollar in the year-to-October.

Foreign businesses continue to see Vietnam as a good investment location
Foreign businesses continue to see Vietnam as a good investment location
BUSINESSicon  11/10/2021 

While a number of foreign companies have moved part of their production or orders to other countries, many said they still see Viet Nam as a good...

Will Mobile World open new TopZone chain abroad?
Will Mobile World open new TopZone chain abroad?
BUSINESSicon  11/10/2021 

The Gioi Di Dong (Mobile World) has revealed the opening of a new chain named TopZone, with many indications that it will be their second retail chain abroad.

Domestic petrol prices to reach new highs on global market rally
Domestic petrol prices to reach new highs on global market rally
BUSINESSicon  10/10/2021 

Retail petrol prices in Vietnam are likely to reach new highs when the Ministry of Finance and the Ministry of Industry and Trade announce their price adjustments on October 11.

Media, businesses together overcome impact of Covid-19 pandemic
Media, businesses together overcome impact of Covid-19 pandemic
BUSINESSicon  10/10/2021 

The online forum "The press accompanies businesses to restore production and business, overcome the impact of the pandemic" to mark Vietnam Entrepreneurs' Day on October 13.

Efforts made to protect interests of Vietnamese products in EU market
Efforts made to protect interests of Vietnamese products in EU market
BUSINESSicon  10/10/2021 

Vietnam has taken various measures in a bid to protect the interest of Vietnamese products and exporters in the EU markets, according to the Trade Remedies Authority of Vietnam under the Ministry of Industry and Trade (MoIT).

Local property market expects strong rebound
Local property market expects strong rebound
BUSINESSicon  09/10/2021 

The country’s real estate market has seen positive signs for recovery following the economic reopening, experts said.

'Nike leaves Vietnam': phony news and warnings
'Nike leaves Vietnam': phony news and warnings
FEATUREicon  10/10/2021 

"Nike is leaving Vietnam" has been confirmed as misinformation. Nike does not own any factories in Vietnam, but only hires partners in Vietnam to process its products.

Nine ministries want to return VND8 trillion of public capital
Nine ministries want to return VND8 trillion of public capital
BUSINESSicon  10/10/2021 

Nine ministries have told the Ministry of Finance they want to return a total of VND 8,054 billion of foreign loans that they could not disburse.

Vietnam works towards responsible, sustainable fishery sector
Vietnam works towards responsible, sustainable fishery sector
BUSINESSicon  09/10/2021 

Vietnam’s fishermen, businesses and government have joined hands in implementing fishing regulations, in a bid to have the European Commission (EC)’s illegal, unreported and unregulated (IUU) fishing “yellow card” removed. ​

Resumption of flights to Hanoi, no concentrated quarantine for people with negative Covid tests proposed
Resumption of flights to Hanoi, no concentrated quarantine for people with negative Covid tests proposed
FEATUREicon  09/10/2021 

The Vietnam Aviation Business Association (VABA) has cities and provinces to resume flights to their localities, especially flights to/from Noi Bai, Da Nang and Tan Son Nhat, on October 10.

Which bailout package for the economy will be passed?
Which bailout package for the economy will be passed?
FEATUREicon  09/10/2021 

Minister of Planning and Investment Nguyen Chi Dung has been assigned a difficult task – drafting a program on recovering and developing the economy in association with improving economic autonomy in 2022-2023.

Wind and solar power: race to exploit endless resources
Wind and solar power: race to exploit endless resources
FEATUREicon  08/10/2021 

In the Draft Power Development Planning 8, one of the power source scenarios with the highest scores is the development of power sources associated with renewable energy under Resolution 55 of the Politburo.

Vietnamese giants acquire foreign corporations
Vietnamese giants acquire foreign corporations
FEATUREicon  11/10/2021 

In 2020, Masan took over the tungsten division of H.C. Starck Tungsten, the world’s leading manufacturer with thermal resistance technology, as part of its plan to become a leading high-tech industrial material manufacturer.

Military Bank named among ‘Best Companies to Work for in Asia 2021’
Military Bank named among ‘Best Companies to Work for in Asia 2021’
BUSINESSicon  08/10/2021 

The Military Commercial Joint Stock Bank (MB) on October 8 received the "Best Companies to Work for in Asia 2021" award by HR Asia, a leading HR magazine in Asia.

Vietnam’s steel group in the world’s top 15 for market capitalization
Vietnam’s steel group in the world’s top 15 for market capitalization
BUSINESSicon  08/10/2021 

Hoa Phat Stee Group of billionaire Tran Dinh Long has entered the world's top 15 corporations in terms of market capitalization.

 
 
 
Leave your comment on an article

OR QUICK LOGIN