The retail market is shaped by Vietnamese tycoons
When Vietnam’s retail market was fully opened in 2015, not many people could foresee the lack of contributions from foreign enterprises in such a place where consumerism was being spread rapidly, approaching developed countries in Asia and around the world.
Rewinding the clock back to 2004, when Vietnam’s modern retail market took its very first steps by introducing the first shopping mall in the northern of Vietnam called Vincom Center Ba Trieu. 14 years later, in 2018 alone, Vincom opened 20 more shopping centers, bringing the total number of shopping malls across the system to 66, present in 38 provinces and cities across the country with a total retail area of approximately 1.5 million square meters, welcomed 157 million visits for a fully shopping, entertainment and cuisine experience.
International shopping experiences are offered at Vincom shopping centers.
These numbers display an important fact about the continuing rise of Vietnam’s retail market in stature, scale, segment and diversity with the wise directions from representative domestic enterprises like Vincom.
With malls that fully meet the needs of shopping, cuisine enjoyment and entertainment of modern consumers that no other foreign company could compete, Vincom has guaranteed the sustainable growth of domestic firms in the market.
The best trend-catching retail model in Vietnam
In the Vietnamese market, besides Vincom, most other major shopping centers are belonged to foreign enterprises. This situation unintentionally obstructs Vietnamese retailers from approaching modern retail channels and multi-service shopping complexes to increase their presence in the eyes of consumers, especially when foreign companies offer incentives for businesses from their own countries when signing retail rental contract.
In this circumstance, the appearance of Vincom is essential as they give chances of standing out inside modern, luxury shopping centers for domestic retailers in order to help them raise brand awareness. Vincom’s development also creates a great impact for other big local brands like Canifa, An Phuoc, Golden Gate’s restaurant chain, etc. and motivates them to expand aggressively in the future.
Vincom is preferred by most international brands for faster access to Vietnamese consumers.
Having met all extremely strict worldwide standards and requirements about the area, services, utilities of international brands and constantly anticipating new trends, Vincom is also a “home” for Zara, H&M, Gap, Xiaomi, etc. thereby leveling up Vietnam's retail market to approach the regional and world markets.
Inherited the model of Simon Group (USA), Siam (Thailand), Dubai Mall (Dubai, UAE), etc. Vincom even made a bigger move by constantly expanding in all provinces of Vietnam instead of focusing on only Hanoi and Ho Chi Minh City like other tycoons. This strategic move quickly helped Vincom occupy the role of a "dream destination" with different models suitable for each specific locality.
Vincom Plaza Thai Nguyen is one of the city’s new financial symbols.
For example, Vincom has already put more utilities and technologies into shopping which are similar to modern shopping models worldwide while other competitors are still struggling with the expansion problem.
Discussing about the role of domestic retail premise suppliers, Ms. Dinh Thi My Loan – President of Association of Vietnam Retailers said: “We can expect Vincom Retail to work with other chain retailers to have high coordination in creating an exciting, seamless shopping and entertaining environment, bringing new and different experiences to domestic consumers and international friends when coming to Vietnam”.
