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Is Vietnam becoming the new luxury Eldorado? Even if this market is still a long way behind the leading high-end destinations, it is showing promising growth…and attracting more and more players, whether in the fashion or hotel sectors.
According to data from the Statista (CAD) portal, the Vietnamese luxury goods market is expected to reach $957.2 million in 2023. Admittedly, this represents a “straw” compared to the American market, the sector’s largest ($75 billion). But it will post an attractive annual growth rate of +3.23% until 2028. This could position it in the years to come as a major Asian market, alongside more established destinations such as Japan and South Korea.
Economic and demographic growth
This boom is underpinned by both economic and demographic growth in this Southeast Asian country. According to the World Bank, the Vietnamese economy is set to grow by 6.3% in 2023. At the same time, its population has already more than doubled, from 15 million in 2016 to between 33 and 44 million today, according to the Boston Consulting Group and Nielsen!
It’s hardly surprising, then, that luxury brands are setting up shop in this new promised land.
Berluti, Dior, Hermès, Louis Vuitton, Tiffany & Co, etc.: they all want to be there…
Hermès in Ho Chi Minh
Hermès has chosen Ho Chi Minh, the country’s capital, to open its new two-storey boutique in September 2022. The House has taken advantage of the best of the country’s tradition and modernity. It has set up shop in the Union Square shopping center, itself located in the bustling District 1 district. But the Parisian architectural firm RDAI has not forgotten to pay homage to the country’s artisan heritage. The store’s façade, for example, is adorned with woven wooden panels in the style of local basketry.
Some brands rely on local distributors, such as DFAC or S&S Group, to give themselves every opportunity in this market. Berluti, Lvmh’s men’s fashion house, joined forces with S&S Group to inaugurate its first store in Vietnam, in Hanoi, last September.
Already the importer, distributor and exclusive representative of numerous luxury brands in Vietnam, including watchmakers Audemars Piguet and Richard Mille and carmaker Lamborghini, S&S Group has been developing its own chain of multi-brand watch and jewelry boutiques – S&S Knightsbridge – as well as single-brand franchises for the past ten years.
2025: the arrival of the Waldorf Astoria Hanoi
But Vietnam’s luxury ecosystem is also expanding into the hotel sector. Last October, Waldorf Astoria Hotels & Resorts, the ultra-premium hotel brand of the American Hilton Group, announced the conversion of the existing Hilton Hanoi Opera into the Waldorf Astoria Hanoi. In addition to renovating the 187 existing rooms and suites, the Waldorf Astoria Hanoi will feature over 1,000 square metres of event space, four restaurant concepts (including the brand’s signature lounge-bar, Peacock Alley) and the Waldorf Astoria Spa.
The new Waldorf Astoria Hanoi hotel is scheduled to open in 2025. And all this in a historic center that’s ideal for discovering the former capital of North Vietnam: located just a 40-minute drive from Noi Bai international airport, it allows guests to immediately immerse themselves in the nostalgic atmosphere of the old “French Quarter” and Hoan Kiem Lake…while being close to Hanoi’s new commercial facilities.
This project is part of the Hilton Group’s ambitious policy in Asia and Vietnam, particularly for its Waldorf Astoria Hotels & Resorts brand. The latter will at least double its presence in Asia-Pacific (currently six hotels in China, Thailand and the Maldives, c by 2028. In addition to the Waldorf Astoria Hanoi, Hilton will open nine other hotels and resorts in Vietnam over the next few years.
Vietnam has never ceased to seduce tourists…
Read also >Vietnam: Why do luxury brands see great potential there?
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Is Vietnam becoming the new luxury Eldorado? Even if this market is still a long way behind the leading high-end destinations, it is showing promising growth…and attracting more and more players, whether in the fashion or hotel sectors.
According to data from the Statista (CAD) portal, the Vietnamese luxury goods market is expected to reach $957.2 million in 2023. Admittedly, this represents a “straw” compared to the American market, the sector’s largest ($75 billion). But it will post an attractive annual growth rate of +3.23% until 2028. This could position it in the years to come as a major Asian market, alongside more established destinations such as Japan and South Korea.
Economic and demographic growth
This boom is underpinned by both economic and demographic growth in this Southeast Asian country. According to the World Bank, the Vietnamese economy is set to grow by 6.3% in 2023. At the same time, its population has already more than doubled, from 15 million in 2016 to between 33 and 44 million today, according to the Boston Consulting Group and Nielsen!
It’s hardly surprising, then, that luxury brands are setting up shop in this new promised land.
Berluti, Dior, Hermès, Louis Vuitton, Tiffany & Co, etc.: they all want to be there…
Hermès in Ho Chi Minh
Hermès has chosen Ho Chi Minh, the country’s capital, to open its new two-storey boutique in September 2022. The House has taken advantage of the best of the country’s tradition and modernity. It has set up shop in the Union Square shopping center, itself located in the bustling District 1 district. But the Parisian architectural firm RDAI has not forgotten to pay homage to the country’s artisan heritage. The store’s façade, for example, is adorned with woven wooden panels in the style of local basketry.
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Is Vietnam becoming the new luxury Eldorado? Even if this market is still a long way behind the leading high-end destinations, it is showing promising growth…and attracting more and more players, whether in the fashion or hotel sectors.
According to data from the Statista (CAD) portal, the Vietnamese luxury goods market is expected to reach $957.2 million in 2023. Admittedly, this represents a “straw” compared to the American market, the sector’s largest ($75 billion). But it will post an attractive annual growth rate of +3.23% until 2028. This could position it in the years to come as a major Asian market, alongside more established destinations such as Japan and South Korea.
Economic and demographic growth
This boom is underpinned by both economic and demographic growth in this Southeast Asian country. According to the World Bank, the Vietnamese economy is set to grow by 6.3% in 2023. At the same time, its population has already more than doubled, from 15 million in 2016 to between 33 and 44 million today, according to the Boston Consulting Group and Nielsen!
It’s hardly surprising, then, that luxury brands are setting up shop in this new promised land.
Berluti, Dior, Hermès, Louis Vuitton, Tiffany & Co, etc.: they all want to be there…
Hermès in Ho Chi Minh
Hermès has chosen Ho Chi Minh, the country’s capital, to open its new two-storey boutique in September 2022. The House has taken advantage of the best of the country’s tradition and modernity. It has set up shop in the Union Square shopping center, itself located in the bustling District 1 district. But the Parisian architectural firm RDAI has not forgotten to pay homage to the country’s artisan heritage. The store’s façade, for example, is adorned with woven wooden panels in the style of local basketry.
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