Japanese retailers have started expanding business in Vietnam as localities loosen social distancing restrictions and accelerate vaccination against Covid. Coffee chain Arabica, which currently has over 100 outlets in 18 countries, will open its first shop in Vietnam. Casual wear producer and retailer Uniqlo has opened a new store, its tenth outlet in Vietnam. In early November, it had inaugurated an online store in the country.
Beauty brand ReFa will open three stores late this year before expanding by mid-2022. Retail group Aeon plans to double the number of shopping malls across the country in the coming time. It also plans to list shares on the Vietnamese stock market, and facilitate export of Vietnamese seafood, garments and other products to Japan. Japanese firms are scaling up investment in Vietnam’s textile and garment sector.
Japanese company Matsuoka produces casual apparel in Vietnam to be exported to Japan and China. Vietnam’s total goods retail sales and service revenues in October 2021 rose 18.5 per cent over the previous month. The retail sector is expected to grow late this year, when vaccination is stepped up, more economic activities resume and many festivals take place. The sector’s profit is expected to increase over 20 per cent this year.