Over the review period, footwear sales in Vietnam were boosted by the expansion of sports and sports-inspired footwear. However, the outbreak of COVID-19 resulted in a major decline in sales in 2020.
Footwear continues to post strong value and volume growth in Vietnam. This can partly be attributed to the growing popularity of sports-inspired footwear, especially among young Vietnamese consumers living in big cities looking for active, fashionable and youthful designs.
While the market is dominated by international brands such as adidas and Nike, local brands like Bitis are becoming a popular footwear option among younger people thanks to its youthful designs and dynamic marketing activities through 2020, despite the COVID-19 pandemic. For example, Bitis launched four innovative concept stores with totally different appearances in 2020.
Online penetration of footwear sales has reached a record-breaking high. One major factor in this is regional and national lockdowns and store closures, which led consumers to turn to e-commerce as one of their only shopping channels.
Population growth is expected to decline over the forecast period as a growing number of millennials and urban consumers are looking to delay parenthood. While the marriage rate remains unchanged, there has been a slight increase in the average age at which people marry.
Although footwear value sales in Vietnam continue to be dominated by unbranded and counterfeit goods, an increasing number of Vietnamese consumers are starting to purchase branded products due to huge efforts by both the government and manufacturers. According to Vietnam Footwear Cooperation, these efforts aim to help domestic companies by supporting or acknowledging new technology applied to footwear to improve local product quality and design.
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Understand the latest market trends and future growth opportunities for the Footwear industry in Vietnam with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Footwear industry in Vietnam, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This report originates from Passport, our Footwear research and analysis database.
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