Vietnam has recently become a new destination for several luxury brands to expand their presence, thanks to its fast-expanding middle-class and robust economic growth.
Specifically, Lamborghini, the Italian luxury automobile manufacturer, has recently marked its return collaborating with a new distributor, S&S Automotive, after a year of inactivity. The new car dealer, which also partners with Rolls-Royce and McLaren, aims to open a new Lamborghini showroom in Ho Chi Minh City (HCMC) in the second quarter of 2022.
Previously, the German company Porsche inaugurated The Porsche Center Saigon in HCMC and a Porsche Studio in Hanoi last year, indicating the firm’s commitment to one of the fastest-growing economies in the Asia Pacific.
Prestige fashion brands have also been stepping up their presence in the South East Asian nation. In 2020, two flagship stores of Louis Vuitton and Christian Dior were launched in Hanoi’s downtown area, followed by the reopening of Italy’s BVLGARI store in HCMC.
According to the German portal Statista, Vietnam’s luxury products industry is expected to increase by 35.7%, reaching USD 912 million in 2022. A strong recovery from the Covid-19 pandemic also supports the industry in the next five years, with an annual growth of 3.3% and a total value exceeding USD 1 billion by 2025. In addition, cosmetics, fashion, cars, wines, and fragrances are forecast to be among the top desired items of Vietnamese consumers.
(Source: RetailNews Asia)