Revenue in the luxury goods market in Vietnam will amount to 957.2 million USD in 2023, and grow annually by 3.23% in the 2023-2028 period, according to Statista, a statistics portal for market data.
Trang Tien Plaza - the first and only luxury shopping centre in Vietnam (Photo: VNA)
Hanoi (VNA) - Revenue in the luxurygoods market in Vietnam will amount to 957.2 million USD in 2023, and growannually by 3.23% in the 2023-2028 period, according to Statista, a statistics portal for marketdata.
Increasing consumer demand is said to be a motivation for many brands to pour their investment in Vietnam. Luxury brandslike Dior, Louis Vuitton, Tiffany & Co., and Berluti have opened shops inHanoi - where the number of brands is not big but the demand is increasing, Statistareported.
HoangDieu Trang, Senior Leasing Manager for Savills Vietnam in Hanoi, said the capital is about to welcome luxury hotels such as FourSeasons, Fairmont, Waldorf Astoria or Ritz Carton, which are expected to createa new luxury shopping complex in the city, thus attracting manyhigh-end brands to join the potential market.
According to NickBradstreet, Head of Asia Pacific Retail at Savills, Vietnam is seen as one ofthe prominent markets for luxury brands along with Singapore and Thailand.
Hanoi is about to welcome luxury hotels. - Illustrative image (Photo: VNA)
Vietnam'seconomy is forecast to grow by 6.3% in 2023 despite the global difficultsituation, according to a report by the World Bank.
Under the national masterplan for 2021 – 2030, Vietnam is targeting an annual average GDP growth of 7%during the period.
By 2050, GDP per capita at current prices will reach about27,000 –32,000 USD.
Data fromthe General Statistics Office show that domestic consumption has gradually reboundedwith the nation’s total revenue from retail sales of goods and services in the last four months, increasing by26.7% compared to the same period of 2019 - the time before the outbreak of COVID-19./.
Vietnam pales in comparison with Japan and China in regard to the size of the luxury market, but it has a great potential to become a highly profitable market in the near future, according to Jing Daily, a leading digital publication on luxuries in China.
Real estate and entertainment firm Sun Group has launched its Sun Air, the first luxury airline in Vietnam, providing private jet management and air charter services, and sightseeing flights using helicopters and seaplanes.
The branded residence market is gaining a stronger foothold in the Vietnamese market with potential to further develop, shaping the lifestyle of the country’s elite, according to experts.
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The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
Trang Tien Plaza - the first and only luxury shopping centre in Vietnam (Photo: VNA) 
Hanoi is about to welcome luxury hotels. - Illustrative image (Photo: VNA) 
