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Learn moreFeb 2021
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Due to the impact of the COVID-19 epidemic, the number of unemployed people in Vietnam increased significantly in the first quarter of 2020, reaching around 700,000 by the end of the year, while millions more have seen a decrease in salary. As a result, consumers in Vietnam are moving from premium to economy brands since people prefer to spend less on goods and are focusing on savings more.
Vietnam was one of the first Asian countries to successfully contain the spread of COVID-19, resulting in very few cases in the early stages of the pandemic. Social isolation guidelines were introduced during 1-22 April 2020.
In response to falling consumer incomes throughout Vietnam, most manufacturers launched regular promotional campaigns offering up to 50% or even 80% off throughout the year in a bid to stimulate demand. Companies also focused on developing and improving their websites in line with the shift towards e-commerce and to boost value sales.
Since the government applied social distance measures across the country in April 2020, a large number of apparel and sportswear stores were closed temporarily or shut down due to the economic downturn. Consumers are increasingly staying at home and purchasing online, instead of shopping in malls or stores like before.
Over the forecast period, the Vietnamese economy is expected to recover faster than most other countries in Southeast Asia, mainly thanks to the successful control of the pandemic by the government. Combined with a huge population, this means that Vietnam is expected to become an attractive market for international companies to enter, thus bringing a large number of jobs and opportunities to improve both the economy and incomes in the future.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Apparel and Footwear industry in Vietnam with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Apparel and Footwear industry in Vietnam, our research will save you time and money while empowering you to make informed, profitable decisions.
The Apparel and Footwear in Vietnam market research report includes:
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Why buy this report?
This industry report originates from Passport, our Clothing and Footwear market research database.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.