Vietnam is increasingly attracting players in the fashion and hospitality sectors, thanks to sustained economic growth and the emergence of an affluent consumer class.
Promising Growth
According to studies by specialized firms, the Vietnamese luxury market is expected to reach one billion dollars by the end of the year and experience an annual growth rate of 3.23% until 2028. This trend could position Vietnam as a key player in luxury in Asia, alongside countries like Japan and South Korea.
The Arrival of Major Luxury Brands
For over 10 years, luxury brands such as Salvatore Ferragamo, Dior, Louis Vuitton, Hermès, Tiffany, and Berluti have opened stores in Vietnam. Recently, Balmain inaugurated its first address in Hanoi, in the prestigious Trang Tien Plaza. The Vietnamese distributor DAFC (IPP Group) and Tam Son (Openasia Group) are among the main players in this expanding market.
Hanoi and Ho Chi Minh City: The New Luxury Hub
Hanoi and Ho Chi Minh City are becoming a hub for luxury, with the opening of new stores in high-end shopping centers like the Lotte Mall West Lake. Hanoi will also welcome a new department store signed by Takashimaya in 2026, featuring over a hundred luxury brands.
Vietnamese Fashion Facing International Giants
Amidst these international giants, Vietnamese designer Lam Gia Khang and his brand Gia Studios are making a name for themselves. His boutique, located in an ultra-modern building in the Vietnamese capital, offers elegant and minimalist women’s ready-to-wear, inspired by old Saigon. The success of Cong Tri abroad in recent years is changing the fashion and luxury culture of this wonderful country.
New Developments to Come
The coming years will see the opening of new luxury hotels throughout the country, accompanied by high-end boutiques. These developments should amplify the expansion of luxury. Vietnam is thus positioning itself as a true up-and-coming destination for luxury, attracting more and more international brands and affluent consumers.
