Japanese retailer Fast Retailing’s clothing chain Uniqlo will open its 13th outlet in Vietnam this Friday, followed by another two.
With the three new ones, all in Hanoi, Uniqlo will operate 15 stores in the Vietnamese market, which it entered late 2019.
Its 13th outlet at the Vincom Ba Trieu mall will have three floors, covering about 2,000 square meters altogether, the brand said. The next two stores, at malls Vincom Royal City and Vincom Tran Duy Hung, will cover 1,500 square meters and 2,000 square meters, respectively.
Fast Retailing, one of Asia’s biggest apparel retailers, belongs to Japanese billionaire Tadashi Yanai.
Like Uniqlo, Aeon - Japan’s biggest retailer - is expanding its business in Vietnam in a race joined by Korea’s Lotte Group, Thai duo Central Retail and TCC Holding, as well as Vietnamese corporations like Masan, Thaco, Mobil World, FPT Retail, and Nova Retail.
Vietnam’s total revenue from goods retail and services in the January-September period increased by 21% year-on-year to almost $168 billion, which was the five-year highest rate for the nine-month period, according to the General Statistics Office.
Meanwhile, Vietnam’s economy expanded 8.83% year-on-year in the first nine months, posting thehighest recorded in 12 years.