HO CHI MINH CITY, Vietnam, June 2, 2018 /PRNewswire/ -- According to the General Statistics Office of Vietnam, the total retail sales in Vietnam reached $129.56 billion in 2017, increasing 10.9% compared with the previous year. The Vietnamese market has become a fertile ground for many international retail brands, including 7-Eleven, Family Mart, ZARA, MINISO and other well-known retail brands.
MINISO is not the first retail brand to enter the market, but it is one of the strongest. Since its establishment in September 2016, the Vietnamese subsidiary of MINISO has opened nearly 40 stores in Vietnam and plans to open another 50 stores by the end of 2018.
MINISO has adopted the strategy of developing around "north-south" key cities, centering on Ho Chi Minh in the south of Vietnam and Hanoi in the north. Mr. Ted, the general manager of MINISO Vietnam expressed that, currently there are 17 MINISO stores in Ho Chi Minh, 19 stores in Hanoi, and 4 stores in different provinces, and the performances of those stores were prominent.
Mr. Ted indicated that MINISO's current consumer group is mainly young women. Those who shop in stores are mainly young people, both men and women, but their income levels vary from medium to upper class. At the same time, their consumption level is relatively high, with per capita consumption as high as RMB 60-80. This is one of the major reasons that the retail market of Vietnam has huge potential.
With the influx of foreign investment, especially the rapid development of the third industry, MINISO, which is keenly aware of the trend, has adjusted its expansion strategy in the Vietnamese market, moving from crowded neighborhoods to malls and shopping centers.
Last October, MINISO reached cooperation with Vincom, Vietnam's largest commercial real estate group, to pave the way for the brand's future development in Vietnam's major commercial and shopping centers.
In recent years, the development of MINISO in the global market is eye-catching. So far, MINISO has opened more than 2,600 stores worldwide, covering over 62 countries and regions. In 2017, the turnover of MINISO reached USD 1.8 billion, which has doubled comparing the turnover of 2015. It is expected to open 10,000 stores throughout the world by 2022, among which there will be 400 stores being opened in Vietnam.
