More Luxury Companies Attracted by the Vietnamese Market

Mar 2021

The Vietnamese market is attracting a growing number of global luxury companies. According to Statista, Vietnam’s luxury goods market is estimated to reach USD 1.14 billion in 2021. The market is expected to grow annually by 7.17% over the 2021-2025 period.

Italian luxury brand Bvlgari has recently opened its first store in Ho Chi Minh City. The store is located at a shopping mall in District 1, featuring the brand’s full range of jewelry and watches, including its famous Bvlgari Serpenti, the B.Zero1 Jewellery collection and Octo Finissimo. Bulgari first entered Vietnam via local distributor Imex Pan Pacific Group and operated until March 2019. In this comeback, the brand set up a member company named Bulgari Vietnam in the country for direct import and distribution.

In other news, Porsche, the German automobile manufacturer, well known for its iconic high-performance sports cars, SUVs, and sedans, recently opened its second retail store located in Hanoi, Vietnam’s capital. Meanwhile, Mandarin Oriental Hotel Group has announced a new luxury resort project in Da Nang, which is scheduled to open in 2024, offering a full resort experiences with dedicated cuisines and wellness retreat.

(Sources: Retailnews; Mashable, RLI)