Vietnam has been widely known as a clothing producer rather a consumer. It is one of the top five textile and clothing exporting countries, with textile contributing about 10% of the countryâ€™s GDP due to low labor costs also its rapidly growing economy and GDP per capita reaching $2,300, Vietnamâ€™s purchasing, rather than exporting, has come into the spotlight among the global fast fashion brands.
As a result, Vietnam has become a magnet for international fast fashion brands, Pierre Cardin and Japanâ€™s Aoyama Trading, are working with local companies to make Vietnam a base for clothing production.
Also Vietnamâ€™s huge youth population and rapidly increasing income is attracting global fast fashion brands. Fast fashion brand refers to a fashion brand that mass-produces and sells inexpensive clothing by rapidly copying the latest trends.
H&M, a Swedish multinational clothing-retail company, known for its fast-fashion clothing for men, women, teenagers and children has opened its very first store in Ho Chin Minh Cityâ€™s Vincom Center shopping mall on Sept. 9 in Vietnam, garnering a lot of attention.
A year ago, H&Mâ€™s rival brand ZARA also opened a store right next to H&M store. In addition, global fast fashion brands, such as Uniqlo, Topshop, and Mango are rushing to set up shop in the country.
The high proportion of millennials in Vietnamâ€™s population is also an important reason why global fast fashion brands are eyeing Vietnamese market. The millennials (aged 15-35 years old) account for a third of the population. They are very interested in their appearance, well aware of the latest trends in the world through social media, and have the desire to buy foreign apparel brands.
Global fast fashion brands are directly entering the Vietnamese market without going through third agencies based on the popularity among young people.
But the prices of fast fashion apparel brands are somewhat higher than those of local apparel products. However, for young people who have stable jobs, the prices of H&M and Zara products are not burdensome.
Vietnamese consumers are increasingly focusing on quality rather than price as a result of increase in per capita income and purchasing power.
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