Thousands of people queued up in front of H&M on the opening day in Hanoi. Some young women said they waited half a day to become the first people to buy H&M products.
Long queues at the counters are often seen at Zara and H&M shops in Hanoi and HCMC. Vietnam is now among Zara’s top 5 global markets with the highest revenue.
After three years in HCMC, McDonald’s decided to enter the northern market. Again, on opening day, Hanoians stood in long queues.
Local newspapers reported that many young people queued from 6-7 am on the day 7-Eleven debuted in Vietnam so as to be recognized as the first customers checking in the shop.
In the entertainment industry, CJ CGV Vietnam, encouraged by the prosperity in large cities, has been expanding provincial markets. The Republic of Korea's investor plans to build 12-15 cinema complexes each year.
The most recent report shows that 148 international brands have been successfully franchised in Vietnam.
These include many food & beverage brands such as KFC, Lotteria, Jollibee, Pizza Hut, Burger King, Starbucks, McDonald’s, Domino’s Pizza, Popeye’s Chicken, Texas Chicken and Coffee Bean & Tea Leaf.
Other well-known brands are about to come to Vietnam. Walmart is surveying the market before it officially opens supermarkets. And IKEA has confirmed its plan to come to Vietnam.
Vietnamese favor foreign goods
A representative of H&M said Vietnam is an important market for the fashion brand, ranking 68th globally and the fourth in South East Asia.
Statistics Portal, a German market analysis firm, predicted revenue in the Vietnam fashion industry in 2017 at US$358 million and CAGR at 22.5% in 2017-2022.
A survey by Nielsen showed that Vietnamese spending on clothes is the third priority after food and savings. Vietnam ranks third in the world in the number of people fond of branded goods, just after China and India.
According to VN Franchising, the Vietnamese franchise market will see 20-25% growth rate in 2017. Foreign franchisers can see great opportunities in Vietnam reflected in Vietnamese increased spending, especially on food and beverages.
Meanwhile, a media company commented that the cinema industry also has great potential in Vietnam. In developed countries, one person may see a film four times a year, while the figure is 0.2 in Vietnam.