Apparel and Footwear in VietnamFull Market Report

Apparel and Footwear in Vietnam
Euromonitor International
February 2021
APPAREL AND FOOTWEAR IN VIETNAM Passport i
LIST OF CONTENTS AND TABLES

Apparel and Footwear in Vietnam - Industry Overview ................................................................ 1
EXECUTIVE SUMMARY .............................................................................................................. 1
COVID-19 impact on apparel and footwear .............................................................................. 1
COVID-19 country impact ......................................................................................................... 1
Company response................................................................................................................... 2
Retailing shift ............................................................................................................................ 2
What next for apparel and footwear? ........................................................................................ 3
MARKET DATA ............................................................................................................................ 3
Table 1 Sales of Apparel and Footwear by Category: Volume 2015-2020................ 3
Table 2 Sales of Apparel and Footwear by Category: Value 2015-2020................... 4
Table 3 Sales of Apparel and Footwear by Category: % Volume Growth 2015-
2020 ............................................................................................................. 4
Table 4 Sales of Apparel and Footwear by Category: % Value Growth 2015-
2020 ............................................................................................................. 4
Table 5 NBO Company Shares of Apparel and Footwear: % Value 2016-2020 ....... 4
Table 6 LBN Brand Shares of Apparel and Footwear: % Value 2017-2020 .............. 5
Table 7 Distribution of Apparel and Footwear by Format: % Value 2015-2020 ......... 6
Table 8 Distribution of Apparel and Footwear by Format and Category: %
Value 2020 ................................................................................................... 7
Table 9 Forecast Sales of Apparel and Footwear by Category: Volume 2020-
2025 ............................................................................................................. 7
Table 10 Forecast Sales of Apparel and Footwear by Category: Value 2020-
2025 ............................................................................................................. 8
Table 11 Forecast Sales of Apparel and Footwear by Category: % Volume
Growth 2020-2025 ....................................................................................... 8
Table 12 Forecast Sales of Apparel and Footwear by Category: % Value
Growth 2020-2025 ....................................................................................... 8
GLOBAL MACROECONOMIC ENVIRONMENT .......................................................................... 8
GLOBAL INDUSTRY ENVIRONMENT ........................................................................................ 9
FACE MASKS .............................................................................................................................. 9
Summary 1 Fashion Face Masks Usage, Pricing and Market Sizes in Asia Pacific
– 2020 .......................................................................................................... 9
DISCLAIMER ............................................................................................................................. 10
SOURCES.................................................................................................................................. 10
Summary 2 Research Sources ...................................................................................... 10
Childrenswear in Vietnam - Category Analysis........................................................................... 12
KEY DATA FINDINGS................................................................................................................ 12
2020 IMPACT ............................................................................................................................. 12
Childrenswear impacted by COVID-19 in 2020 ...................................................................... 12
Adoption of Western lifestyle and fashion trends to support childrenswear sales ................... 12
Global giant Gap leverages extensive distribution network and reputation ............................. 13
RECOVERY AND OPPORTUNITIES ........................................................................................ 13
Reopening of schools to drive recovery within childrenswear ................................................. 13
Growing competition fuelling increased specialisation among retailers .................................. 14
New innovative ranges key to attracting fashion conscious parents ....................................... 14
© Euromonitor International
APPAREL AND FOOTWEAR IN VIETNAM Passport ii
CATEGORY DATA ..................................................................................................................... 14

Table 13 Sales of Childrenswear by Category: Volume 2015-2020 .......................... 14
Table 14 Sales of Childrenswear by Category: Value 2015-2020 ............................. 14
Table 15 Sales of Childrenswear by Category: % Volume Growth 2015-2020 ......... 15
Table 16 Sales of Childrenswear by Category: % Value Growth 2015-2020 ............ 15
Table 17 NBO Company Shares of Childrenswear: % Value 2016-2020 .................. 15
Table 18 LBN Brand Shares of Childrenswear: % Value 2017-2020 ........................ 15
Table 19 Forecast Sales of Childrenswear by Category: Volume 2020-2025 ........... 16
Table 20 Forecast Sales of Childrenswear by Category: Value 2020-2025 .............. 16
Table 21 Forecast Sales of Childrenswear by Category: % Volume Growth
2020-2025 .................................................................................................. 16
Table 22 Forecast Sales of Childrenswear by Category: % Value Growth 2020-
2025 ........................................................................................................... 16
Apparel Accessories in Vietnam - Category Analysis ................................................................. 18
2020 IMPACT ............................................................................................................................. 18
Demand for face masks explodes in response to pandemic fears .......................................... 18
Demand for more sophisticated accessories boosted by rising living standards .................... 18
Leading brands facing growing competition from unbranded and counterfeit products .......... 19
Demand for face masks to fall as impact of pandemic subsides ............................................ 19
Recovery in ties to be driven by entry of more multinationals ................................................. 20
Expected return of tourists to boost demand for hats and caps sales ..................................... 20
CATEGORY DATA ..................................................................................................................... 20
Table 23 Sales of Apparel Accessories by Category: Volume 2015-2020 ................ 20
Table 24 Sales of Apparel Accessories by Category: Value 2015-2020 ................... 20
Table 25 Sales of Apparel Accessories by Category: % Volume Growth 2015-
2020 ........................................................................................................... 21
Table 26 Sales of Apparel Accessories by Category: % Value Growth 2015-
2020 ........................................................................................................... 21
Table 27 NBO Company Shares of Apparel Accessories: % Value 2016-2020 ........ 21
Table 28 LBN Brand Shares of Apparel Accessories: % Value 2017-2020 .............. 22
Table 29 Forecast Sales of Apparel Accessories by Category: Volume 2020-
2025 ........................................................................................................... 23
Table 30 Forecast Sales of Apparel Accessories by Category: Value 2020-
2025 ........................................................................................................... 23
Table 31 Forecast Sales of Apparel Accessories by Category: % Volume
Growth 2020-2025 ..................................................................................... 23
Table 32 Forecast Sales of Apparel Accessories by Category: % Value Growth
2020-2025 .................................................................................................. 23
Menswear in Vietnam - Category Analysis ................................................................................. 25
2020 IMPACT ............................................................................................................................. 25
Lockdown measures result in shift towards comfort rather than fashion ................................. 25
Adoption of Western lifestyle trends fuelling interest in trendy menswear .............................. 25
Growing competition from smaller domestic companies ......................................................... 26
Rising fashion awareness among men to fuel recovery in menswear .................................... 26
Shift towards e-commerce further fuelled by pandemic and convenience trend ..................... 27
APPAREL AND FOOTWEAR IN VIETNAM Passport iii
Demand for premium brands to gradually recover in line with economy ................................. 27
CATEGORY DATA ..................................................................................................................... 27
Table 33 Sales of Menswear by Category: Volume 2015-2020 ................................ 27
Table 34 Sales of Menswear by Category: Value 2015-2020 ................................... 28
Table 35 Sales of Menswear by Category: % Volume Growth 2015-2020................ 28
Table 36 Sales of Menswear by Category: % Value Growth 2015-2020................... 29
Table 37 NBO Company Shares of Menswear: % Value 2016-2020 ........................ 29
Table 38 LBN Brand Shares of Menswear: % Value 2017-2020............................... 30
Table 39 NBO Company Shares of Men’s Nightwear: % Value 2016-2020 .............. 31
Table 40 LBN Brand Shares of Men’s Nightwear: % Value 2017-2020 .................... 31
Table 41 NBO Company Shares of Men’s Outerwear: % Value 2016-2020 ............. 32
Table 42 LBN Brand Shares of Men’s Outerwear: % Value 2017-2020 .................... 32
Table 43 NBO Company Shares of Men’s Swimwear: % Value 2016-2020 ............. 33
Table 44 LBN Brand Shares of Men’s Swimwear: % Value 2017-2020 .................... 34
Table 45 NBO Company Shares of Men’s Underwear: % Value 2016-2020 ............ 34
Table 46 LBN Brand Shares of Men’s Underwear: % Value 2017-2020 ................... 34
Table 47 Forecast Sales of Menswear by Category: Volume 2020-2025 ................. 35
Table 48 Forecast Sales of Menswear by Category: Value 2020-2025 .................... 35
Table 49 Forecast Sales of Menswear by Category: % Volume Growth 2020-
2025 ........................................................................................................... 36
Table 50 Forecast Sales of Menswear by Category: % Value Growth 2020-
2025 ........................................................................................................... 36
Womenswear in Vietnam - Category Analysis............................................................................ 38
2020 IMPACT ............................................................................................................................. 38
Home seclusion and store closures negatively impact in-store sales ..................................... 38
Premiumisation trend to resume as economy and consumer incomes recover ...................... 38
Wide innovative product ranges and reputation for quality key to success ............................. 39
Brands look to respond to rising consumer price sensitivity ................................................... 39
Growing online and social media focus to boost brand awareness ........................................ 40
Global giants well positioned to benefit from fast fashion trend .............................................. 40
CATEGORY DATA ..................................................................................................................... 40
Table 51 Sales of Womenswear by Category: Volume 2015-2020 ........................... 40
Table 52 Sales of Womenswear by Category: Value 2015-2020 .............................. 41
Table 53 Sales of Womenswear by Category: % Volume Growth 2015-2020 .......... 41
Table 54 Sales of Womenswear by Category: % Value Growth 2015-2020 ............. 42
Table 55 NBO Company Shares of Womenswear: % Value 2016-2020................... 43
Table 56 LBN Brand Shares of Womenswear: % Value 2017-2020 ......................... 43
Table 57 NBO Company Shares of Women's Nightwear: % Value 2016-2020......... 44
Table 58 LBN Brand Shares of Women's Nightwear: % Value 2017-2020 ............... 45
Table 59 NBO Company Shares of Women's Outerwear: % Value 2016-2020 ........ 45
Table 60 LBN Brand Shares of Women's Outerwear: % Value 2017-2020............... 46
Table 61 NBO Company Shares of Women’s Swimwear: % Value 2016-2020 ........ 47
Table 62 LBN Brand Shares of Women’s Swimwear: % Value 2017-2020 ............... 47
Table 63 NBO Company Shares of Women's Underwear: % Value 2016-2020 ....... 48
Table 64 LBN Brand Shares of Women's Underwear: % Value 2017-2020 .............. 48
Table 65 Forecast Sales of Womenswear by Category: Volume 2020-2025 ............ 49
Table 66 Forecast Sales of Womenswear by Category: Value 2020-2025 ............... 49
APPAREL AND FOOTWEAR IN VIETNAM Passport iv
Table 67 Forecast Sales of Womenswear by Category: % Volume Growth

2020-2025 .................................................................................................. 50
Table 68 Forecast Sales of Womenswear by Category: % Value Growth 2020-
2025 ........................................................................................................... 50
Jeans in Vietnam - Category Analysis ........................................................................................ 52
2020 IMPACT ............................................................................................................................. 52
Pandemic fuels shift towards comfier clothing among consumers .......................................... 52
Demand for quality limits interest in counterfeit and unbranded ranges ................................. 52
Global fast fashion trend benefiting leading multinationals ..................................................... 53
Rising consumer price sensitivity to boost interest in economy jeans..................................... 53
Demand for premium jeans to rise in line with economic recovery ......................................... 53
Shift to more casual dress codes to boost sales ..................................................................... 54
CATEGORY DATA ..................................................................................................................... 54
Table 69 Sales of Jeans by Category: Volume 2015-2020 ....................................... 54
Table 70 Sales of Jeans by Category: Value 2015-2020 .......................................... 54
Table 71 Sales of Jeans by Category: % Volume Growth 2015-2020....................... 55
Table 72 Sales of Jeans by Category: % Value Growth 2015-2020.......................... 55
Table 73 Sales of Men’s Jeans by Category: Volume 2015-2020 ............................. 55
Table 74 Sales of Men’s Jeans by Category: Value 2015-2020 ................................ 55
Table 75 Sales of Men’s Jeans by Category: % Volume Growth 2015-2020 ............ 56
Table 76 Sales of Men’s Jeans by Category: % Value Growth 2015-2020 ............... 56
Table 77 Sales of Women’s Jeans by Category: Volume 2015-2020 ....................... 56
Table 78 Sales of Women’s Jeans by Category: Value 2015-2020 .......................... 56
Table 79 Sales of Women’s Jeans by Category: % Volume Growth 2015-2020 ....... 57
Table 80 Sales of Women’s Jeans by Category: % Value Growth 2015-2020 .......... 57
Table 81 NBO Company Shares of Jeans: % Value 2016-2020 ............................... 57
Table 82 LBN Brand Shares of Jeans: % Value 2017-2020 ..................................... 58
Table 83 Forecast Sales of Jeans by Category: Volume 2020-2025 ........................ 58
Table 84 Forecast Sales of Jeans by Category: Value 2020-2025 ........................... 59
Table 85 Forecast Sales of Jeans by Category: % Volume Growth 2020-2025 ........ 59
Table 86 Forecast Sales of Jeans by Category: % Value Growth 2020-2025 ........... 59
Table 87 Forecast Sales of Men’s Jeans by Category: Volume 2020-2025 .............. 59
Table 88 Forecast Sales of Men’s Jeans by Category: Value 2020-2025 ................. 60
Table 89 Forecast Sales of Men’s Jeans by Category: % Volume Growth 2020-
2025 ........................................................................................................... 60
Table 90 Forecast Sales of Men’s Jeans by Category: % Value Growth 2020-
2025 ........................................................................................................... 60
Table 91 Forecast Sales of Women’s Jeans by Category: Volume 2020-2025 ........ 60
Table 92 Forecast Sales of Women’s Jeans by Category: Value 2020-2025 ........... 61
Table 93 Forecast Sales of Women’s Jeans by Category: % Volume Growth
2020-2025 .................................................................................................. 61
Table 94 Forecast Sales of Women’s Jeans by Category: % Value Growth
2020-2025 .................................................................................................. 61
Hosiery in Vietnam - Category Analysis ..................................................................................... 62
2020 IMPACT ............................................................................................................................. 62
COVID-19 lifestyle changes negatively impact demand for hosiery ....................................... 62
APPAREL AND FOOTWEAR IN VIETNAM Passport v
Demand for higher quality hosiery boosted by rising consumer sophistication ....................... 62
Leading brands face strong competition from unbranded and counterfeit products ............... 63
Rising consumer price sensitivity to fuel shift towards non-brand products ............................ 63
Shift towards non-sheer hosiery fuelled by healthy lifestyle trend........................................... 64
Vietnamese climate and conservative attitudes continue to limit demand .............................. 64
CATEGORY DATA ..................................................................................................................... 64
Table 95 Sales of Hosiery by Category: Volume 2015-2020 ..................................... 64
Table 96 Sales of Hosiery by Category: Value 2015-2020 ........................................ 64
Table 97 Sales of Hosiery by Category: % Volume Growth 2015-2020 .................... 65
Table 98 Sales of Hosiery by Category: % Value Growth 2015-2020 ....................... 65
Table 99 NBO Company Shares of Hosiery: % Value 2016-2020 ............................ 65
Table 100 LBN Brand Shares of Hosiery: % Value 2017-2020 ................................... 65
Table 101 Forecast Sales of Hosiery by Category: Volume 2020-2025 ...................... 66
Table 102 Forecast Sales of Hosiery by Category: Value 2020-2025 ......................... 66
Table 103 Forecast Sales of Hosiery by Category: % Volume Growth 2020-2025 ..... 66
Table 104 Forecast Sales of Hosiery by Category: % Value Growth 2020-2025 ........ 67
Footwear in Vietnam - Category Analysis................................................................................... 68
2020 IMPACT ............................................................................................................................. 68
Sales fall strongly in light of home seclusion measures and store closures ............................ 68
Street fashion trend to fuel interest in sports-inspired footwear .............................................. 69
Effective promotional campaigns and innovative products key to success ............................. 69
No end in sight for explosive shift towards online sales .......................................................... 70
Growth potential limited by Vietnam’s ageing population........................................................ 70
Rising awareness of Western fashion supporting demand for branded products ................... 70
CATEGORY DATA ..................................................................................................................... 70
Table 105 Sales of Footwear by Category: Volume 2015-2020 .................................. 70
Table 106 Sales of Footwear by Category: Value 2015-2020 ..................................... 71
Table 107 Sales of Footwear by Category: % Volume Growth 2015-2020 ................. 71
Table 108 Sales of Footwear by Category: % Value Growth 2015-2020 .................... 71
Table 109 NBO Company Shares of Footwear: % Value 2016-2020.......................... 71
Table 110 LBN Brand Shares of Footwear: % Value 2017-2020 ................................ 72
Table 111 Distribution of Footwear by Format: % Value 2015-2020 ........................... 73
Table 112 Forecast Sales of Footwear by Category: Volume 2020-2025 ................... 73
Table 113 Forecast Sales of Footwear by Category: Value 2020-2025 ...................... 74
Table 114 Forecast Sales of Footwear by Category: % Volume Growth 2020-
2025 ........................................................................................................... 74
Table 115 Forecast Sales of Footwear by Category: % Value Growth 2020-2025 ..... 74
Sportswear in Vietnam - Category Analysis ............................................................................... 75
2020 IMPACT ............................................................................................................................. 75
Store and gym closures negatively impact demand for sportswear ........................................ 75
Demand supported by long term health awareness trend among consumers ........................ 76
Leading brands look to leverage growing popularity of street fashion .................................... 76
Growing interest in outdoor sports to support recovery .......................................................... 76
APPAREL AND FOOTWEAR IN VIETNAM Passport vi
Demand supported by rising popularity of performance and fashion wear ............................. 77

Offering of new innovative sportswear key to attracting consumers ....................................... 77
CATEGORY DATA ..................................................................................................................... 78
Table 116 Sales of Sportswear by Category: Value 2015-2020 .................................. 78
Table 117 Sales of Sportswear by Category: % Value Growth 2015-2020 ................. 78
Table 118 NBO Company Shares of Sportswear: % Value 2016-2020 ...................... 78
Table 119 LBN Brand Shares of Sportswear: % Value 2017-2020 ............................. 79
Table 120 Distribution of Sportswear by Format: % Value 2015-2020 ........................ 79
Table 121 Forecast Sales of Sportswear by Category: Value 2020-2025 ................... 80
Table 122 Forecast Sales of Sportswear by Category: % Value Growth 2020-
2025 ........................................................................................................... 80
APPAREL AND FOOTWEAR IN VIETNAM Passport 1
APPAREL AND FOOTWEAR IN

VIETNAM - INDUSTRY OVERVIEW
EXECUTIVE SUMMARY
COVID-19 impact on apparel and footwear

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. In April 2020, shopping malls and apparel stores were required to
close, except supermarkets, hypermarkets, convenience stores and drugstores. At the
beginning of May 2020, life started to return to normal, although consumers were still not able to
go outside regularly due to concerns about the risk of contracting the virus. The second wave hit
the country at the end of June 2020. However, the government decided to lock down Da Nang
city only, while most cities were allowed to open instead of being forced to close like before in
order to boost economic growth.
At the end of March 2020, the Ministry of Transport announced that all international flights
were suspended. Only Vietnamese citizens were allowed to enter the country with the exception
of guests entering for diplomatic purposes, official duties, or foreign visitors participating in
important external activities; experts, business managers and high-tech workers. During April
2020, travel between cities such as Hanoi and Ho Chi Minh was suspended. However, people
can still travel within the country and more people started to travel by airplane in May 2020
thanks to the government’s successful control of the pandemic.
Gyms were closed in April 2020 in Hanoi and Ho Chi Minh and from May to June in Da Nang.
After these closures, the number of people going back to the gym has increased gradually due
to higher awareness of the importance of keeping fit. In 2020, both volume and value sales of
apparel and footwear declined, mainly due to social distancing and the economic downturn.
However, according to the World Bank, GDP in Vietnam grew by 2% in 2020 thanks to
successful government policies to control the pandemic. Therefore, the Vietnamese economy is
predicted to grow at a healthier rate than most countries in Southeast Asia, thus contributing to
a gradual recovery of apparel and footwear over the forecast period.
COVID-19 country impact

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. During this period, grocery retailers remained open, while
other stores were shut. In addition, social distancing of 2m was strictly imposed in all grocery
retailers. Vietnam suspended all flights from mainland China on 1 February, followed by all
international flights from 25 March.
Social isolation guidelines in Hanoi and Ho Chi Minh City were lifted, although restaurants still
have to comply with strict guidelines from local authorities. Schools and businesses reopened
from 4 May, but non-essential services such as bars and karaoke parlours remained closed.
The authorities in Ho Chi Minh City also permitted sports centres and indoor sports activities,
allowing gyms to reopen. In addition, the limit on public gatherings was increased to 30 people,
from a previous limit of 20. Vietnam gradually opened up business activities, although
restrictions on international travel remain in place until further notice, with anyone entering the
country having to quarantine for 14 days.
However, restrictions had to be re-imposed in some high-risk areas. For instance, at the end
of July Da Nang saw a resurgence of the virus, leading to a 15-day quarantine of the city and
the evacuation of 80,000 people. A few days later, the neighbouring city of Hoi An was also
quarantined. Although these quarantines have now been lifted, it remains to be seen whether
further lockdowns will be needed in other areas of the country.
All activities, including the opening of bars and clubs, resumed in Da Nang on 25 September
after it controlled the outbreak of the virus. However, Hanoi city authorities closed some bars
and karaoke outlets temporarily for failing to comply with anti-pandemic measures such as
wearing face masks and public gatherings. All passenger transport services, including planes,
buses and trains to and from Da Nang resumed operations from early September following
containment of the pandemic. However, passengers have to follow health measures, including
wearing face masks and declaring their health status. The authorities eased social distancing
measures in Da Nang, including the reopening of shops and restaurants, although only for
takeaways. In addition, gatherings of more than 20 people remain banned, while non-essential
businesses such as beauty salons, karaoke, movie theatres and gyms remain closed.
On 9 February, Ho Chi Minh City authorities announced the closure of all non-essential
businesses and entertainment activities such as bars, beauty salons, gyms, karaoke parlours,
night clubs, massage parlours, and movie theatres until further notice in response to the city
recording more than 25 cases in a single day. In addition, religious gatherings will be limited to
20 people. However, gas stations, retail stores, pharmacies and medical facilities will remain
open but with strict preventive measures.
Company response
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. Moreover, they are also looking
to increase interaction with consumers through social networks like Facebook to introduce new
products as well as attract more consumers. For example, Gumac Vietnam does livestream
promotions for its products on social media. In the future, companies are recommended to
invest in digital platforms and delivery services in line with government recommendations to
stimulate the economy.
Meanwhile, as more consumers gravitate to e-commerce for the majority of their purchases,
leading internet retailers are seeing tremendous increases in sales. In response, other leading
retailers will also look to accelerate the development of their online channels to accommodate
higher online sales after the detrimental impact of the first lockdown.
Retailing shift
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. E-commerce value sales grew strongly in
2020 due to government social distance measures. For instance, Canifa and Gumac Vietnam
saw a dramatic increase in online sales of up to over 200%. Although the COVID-19 pandemic
has been controlled very well in Vietnam, most consumers intend to continue to purchase items
online in the future. Therefore, more and more companies are paying attention to developing
their own online websites, increasing activities via social media sites such as Facebook, and
cooperating with internet retailers like Shopee, Lazada and Tiki to increase revenue.
Although consumers were gradually embracing e-commerce before the pandemic, most
apparel and footwear sales still took place in stores. However, COVID-19 lockdowns and store
closures have led apparel and footwear specialist retailers to lose significant share in 2020,
particularly to e-commerce. During the lockdowns, the only store-based outlets with apparel
sales were hypermarkets and supermarkets, which were able to remain open as they sell
essential products such as food and drinks. However, even sales of apparel and footwear in
hypermarkets and supermarkets waned due to declining traffic and rising price sensitivity,
instead choosing to focus on essentials.
What next for apparel and footwear?

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. Indeed, based
on a report by the Ministry of Planning and Investment, the amount of foreign investment in the
first eight months of 2020 reached nearly USD19.5 billion, which represents an increase of over
80% compared to the same period in the previous year. Due to these reasons, apparel and
footwear is expected to recover and grow healthily over the next two years.
Nevertheless, many apparel and footwear players are likely to be forced to close during 2021
as a result of the current crisis. As economic uncertainty continues and consumers adjust to a
“new normal” as a result of COVID-19, the market is expected to be slow to recover value sales.
On the other hand, once the world adapts to a “new normal” and a vaccine is widely distributed,
there is likely to be a catch-up effect for in-store sales in 2021-2022. Nevertheless, new e-
commerce habits mean that bricks-and-mortar sales will become less significant due to lower
footfall and high real estate costs. In the past, apparel and footwear specialist retailers relied
heavily on their bricks-and-mortar presence and promotions/discount strategies, instead of
meeting consumer demands by innovating their products, omnichannel offerings and
establishing a community and narrative that resonates with their target consumers. If they are to
survive in the “new normal”, players will have to innovate to meet these demands. Overall,
economic uncertainty means that many consumers in Vietnam continue to focus on buying low-
cost products, while wealthier consumers will choose to invest in more premium purchases from
high-end and niche players.
MARKET DATA
Table 1 Sales of Apparel and Footwear by Category: Volume 2015-2020
'000 units
2015 2016 2017 2018 2019 2020
Apparel 220,682.4 228,892.5 238,275.6 249,784.2 264,670.6 247,624.4

Footwear 89,701.4 97,801.9 105,207.6 112,626.3 119,948.8 106,032.7
Apparel and Footwear 310,383.9 326,694.4 343,483.2 362,410.5 384,619.3 353,657.1
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Note: Sportswear volume not researched
Table 2 Sales of Apparel and Footwear by Category: Value 2015-2020
VND billion
2015 2016 2017 2018 2019 2020
Apparel 45,227.1 49,691.6 54,722.4 60,364.8 66,460.1 60,054.2

Footwear 29,892.8 34,065.2 38,325.3 42,876.4 47,175.1 42,687.9
Sportswear 5,698.7 6,341.4 7,070.4 7,913.2 8,863.0 8,148.4
Table 3 Sales of Apparel and Footwear by Category: % Volume Growth 2015-2020
% volume growth
2019/20 2015-20 CAGR 2015/20 Total
Apparel -6.4 2.3 12.2

Footwear -11.6 3.4 18.2
Apparel and Footwear -8.1 2.6 13.9
Table 4 Sales of Apparel and Footwear by Category: % Value Growth 2015-2020
% current value growth

2019/20 2015-20 CAGR 2015/20 Total
Apparel -9.6 5.8 32.8

Footwear -9.5 7.4 42.8
Sportswear -8.1 7.4 43.0
Apparel and Footwear -9.6 6.5 36.8
Table 5 NBO Company Shares of Apparel and Footwear: % Value 2016-2020
% retail value rsp

Company 2016 2017 2018 2019 2020
adidas Vietnam Co Ltd 0.9 1.1 1.3 1.4 1.5

Inditex, Industria de 0.4 1.1 2.0 1.8 1.4
Diseño Textil SA
Au Chau Fashion & 1.2 1.2 1.2 1.2 1.2
Cosmetic Co Ltd (ACFC)
H&M Hennes & Mauritz - 0.2 0.8 1.1 1.1
Vietnam Co Ltd
An Phuoc Garment Co Ltd 1.3 1.2 1.2 1.2 1.1
Binh Tien Dong Nai Imex 0.5 0.7 0.8 1.0 1.1
Corp Pte Ltd
Hoang Duong Trading & 0.7 0.8 0.9 1.0 0.9
Service Co Ltd
Viet Tien Garment JSC 1.0 1.0 0.9 0.8 0.7
Kowil Fashion Vietnam JSC 0.6 0.6 0.6 0.6 0.6

Triumph International 0.5 0.5 0.5 0.5 0.5
(Vietnam) Ltd
Viet Fashion Co Ltd 0.5 0.5 0.5 0.5 0.5
Blue Exchange Co Ltd 0.6 0.6 0.5 0.5 0.4
Maison JSC 0.3 0.3 0.4 0.4 0.4
Juno Vietnam Co Ltd 0.0 0.1 0.2 0.3 0.3
Uniqlo Vietnam Co Ltd - - - 0.0 0.2
Quadrille & Vera 0.2 0.2 0.2 0.2 0.2
International Ltd
Gior Fashion Co Ltd 0.1 0.1 0.3 0.2 0.2
388 JSC 0.2 0.2 0.2 0.2 0.2
Vinh Quang Minh Trading 0.1 0.1 0.1 0.1 0.1
& Services Co Ltd
Hoang Phuc 0.2 0.2 0.2 0.1 0.1
International Co Ltd
Trung Tin Co Ltd 0.1 0.0 0.0 0.0 0.0
Others 90.6 89.0 87.1 86.6 87.2
Total 100.0 100.0 100.0 100.0 100.0
Table 6 LBN Brand Shares of Apparel and Footwear: % Value 2017-2020
% retail value rsp

Brand (GBO) Company (NBO) 2017 2018 2019 2020
adidas (adidas Group) adidas Vietnam Co Ltd 1.0 1.2 1.3 1.3
Zara Inditex, Industria de 0.9 1.6 1.5 1.2
Diseño Textil SA
H&M (H&M Hennes & H&M Hennes & Mauritz 0.2 0.8 1.1 1.1
Mauritz AB) Vietnam Co Ltd
Biti's Binh Tien Dong Nai Imex 0.7 0.8 1.0 1.1
Corp Pte Ltd
Canifa Hoang Duong Trading & 0.8 0.9 1.0 0.9
Service Co Ltd
Viet Tien (Vietnam Viet Tien Garment JSC 1.0 0.9 0.8 0.7
National Textile &
Garment Corp
(VINATEX))
An Phuoc An Phuoc Garment Co Ltd 0.6 0.6 0.6 0.6
Pierre Cardin An Phuoc Garment Co Ltd 0.6 0.6 0.6 0.5
(Pierre Cardin SA)
Triumph (Triumph Triumph International 0.5 0.5 0.5 0.5
International AG) (Vietnam) Ltd
Ninomaxx Viet Fashion Co Ltd 0.5 0.5 0.5 0.5
Blue Exchange Blue Exchange Co Ltd 0.6 0.5 0.5 0.4
Owen Kowil Fashion Vietnam JSC 0.4 0.4 0.4 0.4
Juno Juno Vietnam Co Ltd 0.1 0.2 0.3 0.3
Uniqlo (Fast Uniqlo Vietnam Co Ltd - - 0.0 0.2
Retailing Co Ltd)
Nike (Nike Inc) Au Chau Fashion & 0.2 0.2 0.2 0.2
Gap (Gap Inc, The) Au Chau Fashion & 0.3 0.2 0.2 0.2
Vera Quadrille & Vera 0.2 0.2 0.2 0.2
International Ltd
Levi's (Levi Au Chau Fashion & 0.2 0.2 0.2 0.2
Strauss & Co) Cosmetic Co Ltd (ACFC)
Winny Kowil Fashion Vietnam JSC 0.2 0.2 0.2 0.2

Giordano (Giordano Gior Fashion Co Ltd 0.1 0.3 0.2 0.2
International Ltd)
G2000 (G2000 388 JSC 0.2 0.2 0.2 0.2
(Apparel) Ltd)
Converse (Nike Inc) Au Chau Fashion & 0.2 0.2 0.2 0.2
Tommy Hilfiger (PVH Au Chau Fashion & 0.1 0.1 0.1 0.1
Corp) Cosmetic Co Ltd (ACFC)
Pull & Bear Inditex, Industria de 0.1 0.2 0.2 0.1
Diseño Textil SA
Vans (VF Corp) Vinh Quang Minh Trading 0.1 0.1 0.1 0.1
& Services Co Ltd
Reebok (adidas Group) adidas Vietnam Co Ltd 0.1 0.1 0.1 0.1
Charles & Keith Maison JSC 0.1 0.1 0.1 0.1
(Charles & Keith
(S) Pte Ltd)
Massimo Dutti Inditex, Industria de 0.1 0.1 0.1 0.1
Diseño Textil SA
Kappa (BasicNet SpA) Hoang Phuc 0.1 0.1 0.1 0.1
Bossini (Bossini Trung Tin Co Ltd 0.0 0.0 0.0 0.0
International
Holdings Ltd)
Others Others 89.7 87.9 87.4 87.9
Total Total 100.0 100.0 100.0 100.0
Table 7 Distribution of Apparel and Footwear by Format: % Value 2015-2020
% retail value rsp

2015 2016 2017 2018 2019 2020
Store-Based Retailing 96.4 94.9 93.7 92.8 91.8 87.8

- Grocery Retailers 22.0 21.1 20.4 20.3 20.6 19.5
-- Modern Grocery 6.2 6.3 6.4 6.4 6.6 6.1
Retailers
--- Convenience Stores - - - - - -
--- Discounters - - - - - -
--- Forecourt Retailers - - - - - -
--- Hypermarkets 2.3 2.4 2.4 2.4 2.4 2.3
--- Supermarkets 3.9 4.0 4.0 4.0 4.2 3.9
-- Traditional Grocery 15.8 14.8 14.0 13.9 14.0 13.4
Retailers
- Non-Grocery Specialists 70.7 70.0 69.3 68.4 67.0 64.4
-- Apparel and Footwear 64.9 64.2 64.1 63.3 61.6 59.7
Specialist Retailers
-- Leisure and Personal 2.6 2.8 3.0 3.1 3.6 3.4
Goods Specialist
Retailers
--- Sports goods stores 2.5 2.8 2.9 3.1 3.6 3.3
--- Other Leisure and 0.1 0.1 0.1 0.1 0.1 0.1
Personal Goods
Specialist Apparel
Retailers
-- Other Non-Grocery 3.2 3.0 2.3 2.0 1.8 1.3
Specialists
- Mixed Retailers 3.7 3.8 3.9 4.1 4.2 3.9
-- Department Stores 3.6 3.8 3.9 4.1 4.2 3.9

-- Mass Merchandisers - - - - - -
-- Variety Stores 0.0 0.0 0.0 0.0 0.0 0.0
-- Warehouse Clubs - - - - - -
Non-Store Retailing 3.6 5.1 6.3 7.2 8.2 12.2
- Direct Selling - - - - - -
- Homeshopping - - - - - -
- E-Commerce 3.6 5.1 6.3 7.2 8.2 12.2
- Vending - - - - - -
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 8 Distribution of Apparel and Footwear by Format and Category: % Value 2020
% retail value rsp

AP FW SW
Store-Based Retailing 84.2 92.9 81.0

- Grocery Retailers 18.1 21.5 12.5
-- Modern Grocery Retailers 5.7 6.7 6.0
--- Convenience Stores 0.0 0.0 0.0
--- Discounters 0.0 0.0 0.0
--- Forecourt Retailers 0.0 0.0 0.0
--- Hypermarkets 2.1 2.5 2.5
--- Supermarkets 3.6 4.2 3.5
-- Traditional Grocery Retailers 12.4 14.8 6.5
- Non-Grocery Specialists 62.6 66.9 64.5
-- Apparel and Footwear Specialist 59.5 60.0 46.6
Retailers
-- Leisure and Personal Goods 2.3 4.8 14.4
--- Sports goods stores 2.2 4.8 14.4
--- Other Leisure and Personal Goods 0.1 0.0 0.0
Specialist Apparel Retailers
-- Other Non-Grocery Specialists 0.7 2.1 3.5
- Mixed Retailers 3.5 4.5 4.0
-- Department Stores 3.4 4.5 4.0
-- Mass Merchandisers 0.0 0.0 0.0
-- Variety Stores 0.1 0.0 0.0
-- Warehouse Clubs 0.0 0.0 0.0
Non-Store Retailing 15.8 7.1 19.0
- Direct Selling 0.0 0.0 0.0
- Homeshopping 0.0 0.0 0.0
- E-Commerce 15.8 7.1 19.0
- Vending 0.0 0.0 0.0
Total 100.0 100.0 100.0
Key: AP = apparel; FW = footwear; SW = Sportswear
Table 9 Forecast Sales of Apparel and Footwear by Category: Volume 2020-2025
'000 units
2020 2021 2022 2023 2024 2025
Apparel 247,624.4 272,242.4 290,085.2 307,161.3 325,430.6 343,826.9
Footwear 106,032.7 110,572.7 116,895.6 124,410.2 132,937.7 142,028.5

Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 10 Forecast Sales of Apparel and Footwear by Category: Value 2020-2025
VND billion
2020 2021 2022 2023 2024 2025
Apparel 60,054.2 66,475.2 71,242.4 76,084.2 81,196.3 86,435.2

Footwear 42,687.9 44,678.2 47,386.5 50,554.9 54,162.9 58,038.3
Sportswear 8,148.4 8,479.2 9,007.4 9,653.2 10,390.0 11,217.8
trade sources
Table 11 Forecast Sales of Apparel and Footwear by Category: % Volume Growth 2020-
2025
% volume growth
2020/21 2020-25 CAGR 2020/25 Total
Apparel 9.9 6.8 38.9

Footwear 4.3 6.0 33.9
Apparel and Footwear 8.2 6.6 37.4
trade sources
Table 12 Forecast Sales of Apparel and Footwear by Category: % Value Growth 2020-
2025
% constant value growth

2020/2021 2020-25 CAGR 2020/25 Total
Apparel 10.7 7.6 43.9

Footwear 4.7 6.3 36.0
Sportswear 4.1 6.6 37.7
Apparel and Footwear 8.2 7.1 40.6
trade sources
GLOBAL MACROECONOMIC ENVIRONMENT
▪ The COVID-19 pandemic has forced governments to quarantine entire countries, disrupted
global supply chains, slashed business and consumer confidence and affected financial
markets. The effects on the global economy are already being felt, and will be substantial, but
the exact magnitude will depend on the length of COVID-19 restrictions.
▪ COVID-19 will severely impact both the supply and demand sides of the economy. At the
same time, monetary policy tools are almost exhausted due to the slow recovery from the
Global Financial Crisis. Interest rates have not recovered, so central banks have to resort to
Quantitative Easing programmes (QEs), but QEs have limited effect on labour markets,
consumer spending and other aspects of the real economy.
▪ Thus, countries have to turn to fiscal stimulus. However, the response to fiscal stimulus will be
limited too as long as people are quarantined in their homes. In the meantime, governments
are helping businesses and citizens by providing emergency loans to cover expenses and
lower the spillover effects through economies, but uncertainty surrounding the pandemic limits
economic activity.
GLOBAL INDUSTRY ENVIRONMENT
▪ The COVID-19 pandemic has put manufacturing supply chains and retail operations under
unprecedented pressure, given the abrupt reduction in consumer demand, and caused
operational challenges, as a result of lockdowns, which have led to the closure of fashion
retailers and enforced travel restrictions.
▪ The non-essential nature of the apparel and footwear industry made it especially vulnerable at
a time when consumers were rapidly channelling disposable income towards essential
purchases, in anticipation of the financial and economic turmoil expected to follow the
pandemic.
▪ Manufacturing slowdown in China was quickly replicated across other markets, with retailing
partially frozen around the globe. Many operators were also unable to push stock through e-
commerce platforms, given weakened consumer demand and growing concerns around the
health and safety of warehouse and delivery workers.
▪ The severity of the downturn and its global nature is likely to encourage fashion players to
consider bold strategies to survive, including never before considered collaboration with
competitors, partnerships with suppliers or agreements with landlords on a mutually beneficial
basis, building on the sense of community unlocked by COVID-19.
FACE MASKS
▪ Following the pandemic, 2020 saw a massive surge in demand for fashion face masks across
the world. Growth across countries has been fuelled by both government regulation, enforcing
people to wear masks in shops, bars, restaurants and all other enclosed public spaces, and
rising health and hygiene concerns amongst consumers, across countries.
▪ While many leading fashion labels have launched branded products to address this demand,
the category was largely dominated by unbranded multipacks and artisanal items, many
crafted under apparel retailers’ own branding.
▪ Euromonitor International has established the value of 2020 market sizes for each of its
researched markets by evaluating the percentage of the population that purchased reusable
face masks in 2020, taking into consideration how many they bought and reconciling this to
average unit prices. The category is tracked under other apparel accessories up until the end
of the forecast period (2025).
Summary 1 Fashion Face Masks Usage, Pricing and Market Sizes in Asia Pacific – 2020
Country % Population Average number Average price 2020 Market

that purchased a of masks per mask (USD) Size (USD
reusable fashion purchased million)
face mask
Australia 31% 3.0 5.10 99.5
China 15% 3.0 2.73 1,398.5
Hong Kong, 16% 3.0 10.25 31.9

China
India 12% 3.0 2.03 725.2
Indonesia 32% 4.0 0.69 176.5
Japan 27% 7.6 4.38 1,025.5
Malaysia 15% 4.0 1.42 21.6
Philippines 40% 2.0 1.71 82.8
Singapore 20% 3.0 5.76 17.4
South Korea 11% 2.5 3.94 49.4
Taiwan 54% 6.8 5.50 412.9
Thailand 60% 7.0 0.95 233.1
Vietnam 10% 2.0 0.60 9.0
Source: Euromonitor International
DISCLAIMER
Forecast closing date: 14 December 2020
Report closing date: 12 February 2021
Analysis and data in this report give full consideration to the impact of COVID-19 on
consumer behaviour and market performance in 2020 and beyond. However, the situation
continues to develop rapidly, and the influence and severity of the pandemic are constantly
evolving. For the very latest insight on COVID-19 and its impact on industries and consumers, at
both global and national level, readers can access strategic analysis and updates
on www.euromonitor.com and via the Passport system, where new content is being added on a
systematic basis.
SOURCES
Sources used during research included the following:
Summary 2 Research Sources

Official Sources Business Studies & Assistance Center
General Statistics Office
Ministry of Industry & Trade
Vietnam Chamber of Commerce & Industry
Trade Associations Dai Su Hang Viet
giaydaviet.net
Vietnam Leather & Footwear Association
Vietnam Textile & Apparel Association
Trade Press Bao Ha Tinh
Bao Moi
baocongthuong.com
Business Review, The
Café F
Công Ly News
Doanh Nhan Sai Gon
Dung Hang Viet
Entrepreneur Forum
Ha Giang News Online
Sai Gon Giai Phong Online
Sai Gon News
Saigon Tiep Thi Online
Saigon Times Online
Textile & Garment News
Thanh Nien Online
Thao So, The
Tin Moi
Tin Tuc Online
Tuoi Tre Online
Vietnam Business Forum
Vietnam Business News
Vietnam Economy Times
Vietnam Investment Review
Vinacorp.vn
VTC News
Source: Euromonitor International
CHILDRENSWEAR IN VIETNAM -
CATEGORY ANALYSIS
KEY DATA FINDINGS
▪ School closures and home seclusion measures in response to COVID-19 drastically reduce
demand for childrenswear
▪ Childrenswear current retail value sales decline by 28% to VND7,248 billion in 2020
▪ Baby and toddler wear sees the lowest decline in 2020, with current value sales falling by just
13%
▪ Hoang Duong Trading & Service continues to lead sales in 2020, posting a retail value share
of 2%
▪ Over the forecast period, childrenswear is expected to post a retail value CAGR of 15% at
current 2020 prices (11% constant value), with sales reaching VND14,622 billion in 2025
2020 IMPACT
Childrenswear impacted by COVID-19 in 2020

Due to COVID-19, childrenswear value and volume sales plummeted in 2020 as children
were recommended to stay at home by the government for their safety. Indeed, from Lunar New
Year to the beginning of May 2020, school in Vietnam was closed, while most countries still
allowed students to study in school. Moreover, the rapidly aging population is also a factor
contributing to slower growth within childrenswear.
According to The General Department of Population and Family Planning, while there were
only five provinces with a low birth rate (below 2.1 children per woman) in Vietnam 10 years
ago, there were 21 such provinces by the end of 2019. The department predicts that the birth
rate could continue to decrease in the future due to busier lifestyles and higher living costs.
Therefore, baby and toddler wear is predicted to see slower value and volume growth due to the
fast aging population over the coming years. Despite the pandemic, more and more local
companies such as Canifa, Gumac and Ivy Moda are focusing on launching new designs for
both boy’s and girl’s apparel in a bid to create popular domestic brands where families can go
shopping together.
Adoption of Western lifestyle and fashion trends to support

childrenswear sales
As Vietnamese parents like to take good care of their children, they have started to pay
greater attention to childrenswear and are showing more willingness to spend on good quality
products. This can also be attributed to rising disposable incomes and improving living
standards in the country. In terms of supply, players have taken advantage of rising consumer
demand for childrenswear by concentrating on expanding their product ranges. For example,
Vietnam Junior Fashion Week, organised annually by model Xuan Lan, is one noteworthy
example of the development of childrenswear in Vietnam. Fashion week gives designers the
chance to showcase various new childrenswear collections, allowing Vietnamese consumers to
search for suitable childrenswear. In addition to product innovation, players also focus on
reaching untapped markets such as suburban areas and small cities through different
distribution channels.
Global giant Gap leverages extensive distribution network and

reputation
Gap remains the leading brand within childrenswear, although its sales share remains very
limited given the highly fragmented nature of the category. During the review period, the brand
received a warm welcome from Vietnamese parents due to its fashionable designs, following the
strong penetration of Western culture among younger generations. The key purchasers of Gap
are affluent consumers residing in cities such as Ho Chi Minh and Hanoi. In addition, Gap has
also offered numerous discounting campaigns as an effective way to attract parents, with most
Vietnamese consumers remaining highly price sensitive. Nevertheless, Gap is experiencing
growing competition from cheaper priced rivals. Indeed, the leading player is expected to come
under increasing pressure from other Western brands such as H&M and Zara Kids.
The competitive landscape within childrenswear in Vietnam remains highly fragmented, partly
due to the huge popularity and availability of very cheap unbranded and counterfeit products
from neighbouring countries, especially China, Thailand and Cambodia. These products are
sold across Vietnam, including via traditional markets, street vendors, local small stores and
social media sites like Facebook, and offer diversified designs and materials. In general, many
local consumers tend to choose unbranded products as they can reach products easily and
have greater choice. The presence of branded products, including international and local
players, thus remains insignificant.
Consequently, childrenswear is expected to remain fragmented over the forecast period.
However, branded products from both local and international players are focusing on expanding
their sales shares by establishing and increasing their number of outlets to reach consumers.
RECOVERY AND OPPORTUNITIES
Reopening of schools to drive recovery within childrenswear

Over the forecast period, childrenswear is expected to recover and grow healthily, mainly
thanks to the gradual improvement of the economy in Vietnam. Furthermore, the efforts of local
brands to launch new brands will also help to improve the outlook for childrenswear and attract
more consumers to this category. According to the General Statistics Office, the birth rate for
boys will remain slightly higher than for girls over the coming years. Partly as a result of this
trend, growth potential for boy’s apparel is thus heathier than in other childrenswear categories.
Like the rest of the apparel and footwear market, the competitive landscape in childrenswear
is undergoing significant disruption. To avoid being forced to close, childrenswear retailers and
brands will have to consider a number of key strategies for their survival. The pandemic has
already been forcing companies within the value chain to revisit their current operations, as the
fashion industry adapts to changing customer attitudes, social distancing and health issues.
COVID-19 has seen growth in the virtual personal shopping experience. For example, leading
brands will look to offer a virtual shopping service for new and expectant parents, whereby
shoppers can now book appointments with store associates in the shop via video call to see
demonstrations of products and get more information. In addition, some brands will also look to
respond to growing concerns over sustainability and environmental awareness among
consumers.
Growing competition fuelling increased specialisation among retailers

Childrenswear has traditionally suffered from the widespread availability of counterfeit and
unbranded goods imported from China. However, Vietnamese consumers have become
increasingly concerned about such products following various scandals related to safety and the
use of potentially hazardous materials. Towards the end of the review period, childrenswear
specialist retailers grew in popularity, especially in urban areas and cities, in line with the rise in
demand for safe and branded childrenswear. With the development of childrenswear specialist
retailers, Vietnamese consumers are becoming increasingly exposed to good quality clothing
from both international and local players. In addition, it is also easier and more convenient for
consumers to purchase childrenswear from specialist retailers since most are located in central
areas or popular shopping centres. As a result, consumers feel comfortable and secure in
purchasing childrenswear from specialists, thus boosting the overall category.
Over the forecast period, childrenswear specialist retailers are expected to continue to expand
and support the performance of childrenswear in Vietnam. In addition, such players are also
expected to expand their online operations in order to provide greater convenience to
consumers and boost sales.
New innovative ranges key to attracting fashion conscious parents

Over the forecast period, demand for childrenswear will be limited by Vietnam’s ageing
population, with the country’s birth rate continuing to decline according to the World Health
Organisation. Childrenswear made from lighter and cooler materials such as Bamboo is growing
in popularity due to its higher quality and fashionable image. In response to this premiumisation
trend, producers such as Canifa Vietnam are focusing on developing clothes made from other
innovative materials. This trend is expected to continue over the forecast period in line with
rising incomes, with producers increasingly looking to innovate in order to attract the attention of
consumers.
CATEGORY DATA
Table 13 Sales of Childrenswear by Category: Volume 2015-2020
'000 units
2015 2016 2017 2018 2019 2020
Baby and Toddler Wear 12,681.4 13,343.8 13,965.6 14,576.2 15,115.5 12,848.2
Boys' Apparel 13,323.7 13,790.0 14,341.6 14,958.3 15,631.4 10,095.3
Girls' Apparel 19,436.8 20,253.1 21,164.5 22,180.4 23,067.6 15,916.4
Childrenswear 45,441.9 47,387.0 49,471.7 51,714.9 53,814.6 38,859.9
Table 14 Sales of Childrenswear by Category: Value 2015-2020
VND billion
2015 2016 2017 2018 2019 2020
Boys' Apparel 2,154.1 2,391.0 2,658.8 2,964.6 3,262.0 2,120.3
Girls' Apparel 3,363.7 3,700.1 4,088.6 4,456.6 4,785.4 3,349.8
Childrenswear 6,996.4 7,710.1 8,512.1 9,337.7 10,091.5 7,247.6
Table 15 Sales of Childrenswear by Category: % Volume Growth 2015-2020
% volume growth
2019/20 2015-20 CAGR 2015/20 Total
Baby and Toddler Wear -15.0 0.3 1.3

Boys' Apparel -35.4 -5.4 -24.2
Girls' Apparel -31.0 -3.9 -18.1
Childrenswear -27.8 -3.1 -14.5
Table 16 Sales of Childrenswear by Category: % Value Growth 2015-2020

2019/20 2015-20 CAGR 2015/20 Total
Baby and Toddler Wear -13.0 3.8 20.2

Boys' Apparel -35.0 -0.3 -1.6
Girls' Apparel -30.0 -0.1 -0.4
Childrenswear -28.2 0.7 3.6
Table 17 NBO Company Shares of Childrenswear: % Value 2016-2020
% retail value rsp

Company 2016 2017 2018 2019 2020

Service Co Ltd
Au Chau Fashion & 0.8 0.8 0.8 0.8 0.9
Vietnam Co Ltd
Diseño Textil SA
Others 98.0 97.6 97.3 97.0 96.2
Total 100.0 100.0 100.0 100.0 100.0
Table 18 LBN Brand Shares of Childrenswear: % Value 2017-2020
% retail value rsp


Service Co Ltd

Retailing Co Ltd)
Zara Kids Inditex, Industria de 0.1 0.2 0.2 0.2
Diseño Textil SA
Others Others 97.7 97.4 97.1 96.4
Total Total 100.0 100.0 100.0 100.0
Table 19 Forecast Sales of Childrenswear by Category: Volume 2020-2025
'000 units
2020 2021 2022 2023 2024 2025
Boys' Apparel 10,095.3 15,218.4 15,973.5 16,710.0 17,414.8 18,066.2
Girls' Apparel 15,916.4 22,601.3 24,364.2 25,777.4 27,169.3 28,500.6
Childrenswear 38,859.9 51,053.4 53,915.4 56,391.0 58,765.8 61,003.7
trade sources
Table 20 Forecast Sales of Childrenswear by Category: Value 2020-2025
VND billion
2020 2021 2022 2023 2024 2025
Boys' Apparel 2,120.3 3,276.2 3,455.9 3,622.5 3,779.1 3,924.4
Girls' Apparel 3,349.8 4,852.4 5,235.5 5,549.7 5,854.9 6,147.6
Childrenswear 7,247.6 9,965.4 10,583.4 11,111.4 11,615.8 12,093.5
trade sources
Table 21 Forecast Sales of Childrenswear by Category: % Volume Growth 2020-2025
% volume growth
2020/21 2020-25 CAGR 2020/25 Total
Baby and Toddler Wear 3.0 2.4 12.4

Boys' Apparel 50.7 12.3 79.0
Girls' Apparel 42.0 12.4 79.1
Childrenswear 31.4 9.4 57.0
trade sources
Table 22 Forecast Sales of Childrenswear by Category: % Value Growth 2020-2025

2020/2021 2020-25 CAGR 2020/25 Total
Baby and Toddler Wear 3.3 2.6 13.7

Boys' Apparel 54.5 13.1 85.1
Girls' Apparel 44.9 12.9 83.5
Childrenswear 37.5 10.8 66.9
trade sources
APPAREL ACCESSORIES IN VIETNAM

- CATEGORY ANALYSIS
KEY DATA FINDINGS
▪ Demand for face masks surges throughout Vietnam in 2020 in response to the COVID-19
pandemic
▪ Apparel accessories current retail value sales rise by 16% to VND786 billion in 2020
▪ Other apparel accessories leads growth in 2020, with current retail value sales skyrocketing
by 858%
▪ H&M Hennes & Mauritz Vietnam leads sales in 2020, posting a retail value share of 13%
▪ Over the forecast period, apparel accessories is expected to post a retail value CAGR of 11%
at current 2020 prices (7% constant value), with sales reaching VND1,301 billion in 2025
2020 IMPACT
Demand for face masks explodes in response to pandemic fears

Unexpectedly, the COVID-19 pandemic resulted in an explosion in demand for face masks in
Vietnam during 2020. Overall sales of apparel accessories therefore continued to grow in
current value terms in 2020. This is in stark contrast with the declines seen in all other apparel
and footwear categories. Growth has been solely due to other apparel accessories, which saw a
triple-digit spike in growth in 2020, with all other categories seeing declines. Consumers have
had to adjust to a new way of living, and face masks have become part of the “new normal”.
Due to COVID-19, outdoor activities were limited or banned from February 2020 to May 2020
according to new government regulation to control the pandemic. In addition, from February
2020, the tourism industry also started to be impacted, with people being unable to travel and
move between provinces. Therefore, demand for other apparel accessories dropped
significantly in 2020. Many companies in big cities like Hanoi and Ho Chi Minh are also allowing
their employees to work at home. On the other hand, the decline in business travel and
meetings had a negative impact on demand for ties.
Demand for more sophisticated accessories boosted by rising living

standards
Apparel accessories remain popular in Vietnam, despite tough competition from unbranded
and counterfeit products. This can be partly attributed to rising disposable incomes, resulting in
higher living standards. In addition, the growing influence of social media, as well as ongoing
globalisation, is also greatly enhancing local consumers’ standards, especially when it comes to
apparel accessories, with interest in Korean and Western fashion styles continuing to rise. A
growing amount of money is also being spent on these products through reliable channels,
especially in big cities such as Hanoi and Ho Chi Minh. Among retailers, modern grocery
channels such as supermarkets, hypermarkets and department stores are particularly renowned
for quality and branded products.
Over the forecast period, living standards will continue to improve, although issues related to
products from China and unclear product origin will limit growth. Most purchases of apparel
accessories are made by mid-high income consumers, many of whom prefer to visit branded
outlets in shopping centres in order to ensure their money is spent appropriately. Moreover, the
fact that modern channels such as supermarkets and hypermarkets, as well as shopping
centres like Co.opmart, Vincom and Aeon, are expected to expand in Vietnam will also help to
boost value sales of apparel accessories over the forecast period.
Leading brands facing growing competition from unbranded and

counterfeit products
Unbranded and counterfeit products continue to pose a problem for branded players due to
their lower prices and increasing resemblance to branded products in Vietnam. In addition, such
products are widely available, including via traditional markets, street vendors, local small stores
and social media sites such as Facebook. Most of these goods are imported from nearby
countries such as China and Thailand or made by small local companies or individuals. Overall,
as the vast majority of Vietnamese consumers are highly price sensitive, it will be difficult for
them to resist the temptation of counterfeit, unbranded and unauthorised products for the
foreseeable future, thus limiting the share of branded players.
Inditex remains strongly positioned in apparel accessories in Vietnam due to the widespread
popularity of its Zara brand, which is expanding throughout the country and gaining value share.
The brand’s success can mainly be attributed to its strong reputation for quality and the growing
popularity of Western designs. H&M also continues to expand rapidly and gain sales share, with
more affluent young Vietnamese consumers embracing the globally-renowned Western brand,
which only entered the country in 2017. Indeed, H&M opened three new stores towards the end
of the review period.
Demand for face masks to fall as impact of pandemic subsides

Wearing face masks is set to become a permanent habit among may consumers, even after
the pandemic subsides, like after the SARS outbreak in 2003. Nevertheless, demand is likely to
drop considerably if usage of face masks is not mandated by the government. In Vietnam,
apparel accessories will continue to be dominated by unbranded and counterfeit products due to
the wide distribution networks and cheaper pricing of such products. These products can be
sold everywhere across Vietnam, including traditional markets, street vendors, local small stores
and internet sites like Facebook. However, due to the COVID-19 pandemic, growth in most
areas is expected to be limited by the fact that people are spending less on apparel and
footwear goods.
As more foreign investors enter Vietnam, the number of white-collar workers is predicted to
increase slightly over the forecast period. Indeed, by the end of April 2020, total foreign direct
investment (FDI) in Vietnam had increased to USD12.3 billion based on a report of the Ministry
of Planning and Investment (MPI). Ties are expected to see declining demand over the next two
years and then start to recover gradually. Overall demand will be boosted as people start to
travel and go outside more than during the last six months of 2020. Moreover, thanks to
aggressive pandemic control measures, tourism in Vietnam is predicted to recover gradually,
with the country becoming an attractive destination for foreign tourists to travel to in the future.
Therefore, apparel accessories like hats/caps and scarves are expected to recover gradually
over the coming years.
Recovery in ties to be driven by entry of more multinationals

Over the review period, demand for ties was boosted by the rise in the number of white collar
workers in large cities, the opening of the Vietnamese market and the Vietnam’s joining of
various international trade agreements such as the Trans-Pacific Partnership and APEC. As a
result of such developments, the number of multinational companies entering the country is
rising strongly. Globalisation has also boosted cultural penetration from the West, resulting in an
increase in the number of office workers. As a result, highly reputable brands such as Zara, Viet
Tien and An Phuoc are recording strong value growth due to their product quality and attractive
tie designs.
Over the forecast period, apparel accessories is expected to record further current value
growth, with major players attempting to expand their sales shares by investing more in e-
commerce and making their products more easily accessible to consumers. Furthermore, Zara,
H&M, and other international brands will continue to introduce more attractive designs and strive
to retain consumer interest through promotional campaigns.
Expected return of tourists to boost demand for hats and caps sales
Hats and caps have strong growth potential assuming that the tourism industry starts to
recover as expected. According to the Ministry of Tourism, 15.5 million tourists visited Vietnam
in 2018, a 20% increase from 2017, while the number of domestic visitors reached over 80
million. This increase in prominence as a leading international tourist destination has helped to
boost demand for hats and caps given the country’s very hot climate and the popularity of
outdoor activities among tourists.
CATEGORY DATA
Table 23 Sales of Apparel Accessories by Category: Volume 2015-2020
'000 units
2015 2016 2017 2018 2019 2020
Belts 1,283.1 1,315.1 1,346.7 1,377.7 1,405.2 1,180.4

Gloves 424.2 431.0 439.6 450.6 466.4 401.1
Hats/Caps 150.5 154.7 159.2 164.7 171.3 149.1
Scarves 196.3 202.8 209.3 215.8 221.2 179.2
Ties 459.2 473.9 490.5 510.1 533.1 431.8
Other Apparel Accessories 309.8 315.4 323.3 333.0 344.7 15,248.8
Apparel Accessories 2,823.2 2,893.0 2,968.6 3,052.0 3,141.9 17,590.3
Table 24 Sales of Apparel Accessories by Category: Value 2015-2020
VND billion
2015 2016 2017 2018 2019 2020
Belts 295.6 319.3 343.2 367.9 389.1 330.3

Gloves 30.4 32.9 35.2 37.5 40.2 35.4
Hats/Caps 26.1 28.9 31.8 34.9 37.6 33.1
Scarves 26.3 28.9 31.5 34.1 36.3 30.1
Ties 107.5 118.2 129.8 141.9 153.2 126.9
Other Apparel Accessories 17.6 19.2 20.9 22.6 24.1 230.5
Apparel Accessories 503.5 547.5 592.5 638.8 680.5 786.2

Table 25 Sales of Apparel Accessories by Category: % Volume Growth 2015-2020
% volume growth
2019/20 2015-20 CAGR 2015/20 Total
Belts -16.0 -1.7 -8.0

Gloves -14.0 -1.1 -5.5
Hats/Caps -13.0 -0.2 -0.9
Scarves -19.0 -1.8 -8.7
Ties -19.0 -1.2 -6.0
Other Apparel Accessories 4,324.3 118.0 4,821.4
Apparel Accessories 459.9 44.2 523.1
Table 26 Sales of Apparel Accessories by Category: % Value Growth 2015-2020

2019/20 2015-20 CAGR 2015/20 Total
Belts -15.1 2.2 11.7

Gloves -12.0 3.0 16.2
Hats/Caps -12.0 4.9 27.1
Scarves -17.2 2.7 14.4
Ties -17.2 3.4 18.1
Other Apparel Accessories 858.0 67.2 1,206.1
Table 27 NBO Company Shares of Apparel Accessories: % Value 2016-2020
% retail value rsp

Company 2016 2017 2018 2019 2020

Vietnam Co Ltd
Diseño Textil SA
Au Chau Fashion & 4.2 4.1 4.1 4.1 3.2
Maison JSC 2.3 2.5 2.8 3.0 2.2
Vascara Vietnam Co Ltd 0.8 1.2 1.4 1.7 1.4
Service Co Ltd
LVMH Moët Hennessy 0.8 0.8 0.8 0.8 0.4
Louis Vuitton SA

& Services Co Ltd
Hoang Phuc 0.2 0.2 0.2 0.2 0.1
Khai Silk Co 1.3 0.6 - - -
Others 79.9 69.5 51.2 48.1 62.4
Total 100.0 100.0 100.0 100.0 100.0
Table 28 LBN Brand Shares of Apparel Accessories: % Value 2017-2020
% retail value rsp

Diseño Textil SA
Vascara Vascara Vietnam Co Ltd 1.2 1.4 1.7 1.4
Pedro (Charles & Maison JSC 1.4 1.6 1.7 1.3
Keith (S) Pte Ltd)
(Charles & Keith
(S) Pte Ltd)
Service Co Ltd
Retailing Co Ltd)
Calvin Klein (PVH Au Chau Fashion & 0.9 0.9 0.9 0.7
National Textile &
Garment Corp
(VINATEX))
Louis Vuitton LVMH Moët Hennessy 0.8 0.8 0.8 0.4
Louis Vuitton SA
(Pierre Cardin SA)
& Services Co Ltd
N&M Viet Fashion Co Ltd 0.1 0.1 0.1 0.1
Khai Silk Khai Silk Co 0.6 - - -
Others Others 69.6 51.2 48.2 62.5
Total Total 100.0 100.0 100.0 100.0
Table 29 Forecast Sales of Apparel Accessories by Category: Volume 2020-2025
'000 units
2020 2021 2022 2023 2024 2025
Belts 1,180.4 1,201.6 1,267.7 1,362.8 1,455.5 1,550.1

Gloves 401.1 407.1 435.6 477.0 516.1 554.8
Hats/Caps 149.1 151.7 157.8 169.7 180.7 191.2
Scarves 179.2 181.9 187.3 197.6 212.4 226.9
Ties 431.8 495.4 547.8 588.8 622.4 654.8
Other Apparel Accessories 15,248.8 17,364.5 19,452.9 20,471.1 21,791.6 22,769.6
Apparel Accessories 17,590.3 19,802.2 22,049.1 23,267.0 24,778.7 25,947.4
trade sources
Table 30 Forecast Sales of Apparel Accessories by Category: Value 2020-2025
VND billion
2020 2021 2022 2023 2024 2025
Belts 330.3 336.9 357.1 385.7 412.7 439.5

Gloves 35.4 36.1 39.0 42.8 46.5 50.1
Hats/Caps 33.1 33.8 35.5 38.3 41.0 43.5
Scarves 30.1 30.7 31.9 33.8 36.5 39.1
Ties 126.9 147.1 162.9 175.5 185.6 195.4
Other Apparel Accessories 230.5 252.3 272.0 288.8 301.3 308.6
Apparel Accessories 786.2 836.8 898.4 964.9 1,023.5 1,076.2
trade sources
Table 31 Forecast Sales of Apparel Accessories by Category: % Volume Growth 2020-

2025
% volume growth
2020/21 2020-25 CAGR 2020/25 Total
Belts 1.8 5.6 31.3

Gloves 1.5 6.7 38.3
Hats/Caps 1.8 5.1 28.2
Scarves 1.5 4.8 26.6
Ties 14.7 8.7 51.6
Other Apparel Accessories 13.9 8.3 49.3
trade sources
Table 32 Forecast Sales of Apparel Accessories by Category: % Value Growth 2020-

2025

2020/2021 2020-25 CAGR 2020/25 Total
Belts 2.0 5.9 33.1

Gloves 2.0 7.2 41.7
Hats/Caps 2.0 5.6 31.2
Scarves 2.0 5.4 29.9
Ties 15.9 9.0 54.0
Other Apparel Accessories 9.4 6.0 33.9
trade sources
MENSWEAR IN VIETNAM -
CATEGORY ANALYSIS
KEY DATA FINDINGS
▪ Reduced socialising and store closures due to COVID-19 negatively impact demand for
menswear throughout Vietnam during 2020
▪ Menswear current retail value sales decline by 4% to VND21,279 billion in 2020
▪ Men’s underwear sees the lowest decline in 2020, with current value sales falling by just 1%
▪ An Phuoc Garment continues to lead sales in 2020, posting a retail value share of 5%
▪ Over the forecast period, menswear is expected to post a retail value CAGR of 12% at current
2020 prices (8% constant value), with sales reaching VND37,615 billion in 2025
2020 IMPACT
Lockdown measures result in shift towards comfort rather than fashion

In 2020, menswear saw negative value and volume growth, mainly due to the economic
downturn in the wake of the COVID-19 crisis. Similar to womenswear, the closure of a large
number of businesses and decreasing number of white-collar jobs had a particularly strong
impact on super premium jeans and suits. Compared to women, male consumers typically
prefer shopping in offline channels and buying branded products. However, as people are
recommended to limit going outside due to COVID-19, online shopping is becoming a habit
among Vietnamese men, with this trend expected to increase gradually in the future, especially
among younger people.
In 2020, leading manufacturers such as Zara and G2000 launched various promotional
campaigns offering 50-70% off to stimulate demand among consumers. In addition, such
players also worked closely with online retailers such as Shopee and Lazada to reach more
consumers and boost value sales. Moreover, during the pandemic, a large number of local
companies such as Canifa and Viettien started paying strong attention to developing and
improving their websites in response to the growing popularity of online shopping among female
consumers.
Adoption of Western lifestyle trends fuelling interest in trendy menswear

Over the review period, demand for menswear was boosted by the improving economic
outlook and higher living standards. Male consumers living in cities like Hanoi and Ho Chi Minh
are willing to spend more on premium brands such as Zara, Levi’s, adidas and An Phuoc as a
way to show off their status. In addition, men’s sportswear is becoming more of a fashion trend,
with a growing number of consumers becoming aware of the importance of regular exercise as
a result of government health campaigns.
Male consumers also continue to become more aware of the importance of personal
appearance, believing that it can influence many aspects of their daily lives. This is mainly due
to the strong development of social networks and improving living standards. For example, male
consumers have started to pay attention to improving their appearance and are more willing to
purchase branded products as a way to display their social status. These consumers tend to be
from younger demographics living in big cities across Vietnam, especially Hanoi and Ho Chi
Minh. Moreover, since menswear is receiving greater attention from various companies such as
Owen, Zara, Ivy Mode Man and Aristino, male consumers now have a greater range of options
to choose from when shopping. Furthermore, menswear designs are also improving as
companies look to attract consumers.
Growing competition from smaller domestic companies

Vietnamese company Viet Tien Garment JSC continues to perform well within menswear due
to the widespread popularity of its Viet Tien and Ninomaxx brands. The success of the company
can mainly be attributed to its well-known local reputation, a diversified product portfolio,
acceptable quality and affordable prices. During the review period, Viet Tien Garment continued
to focus on improving production technology, customer service and store image, as well as
expanding its distribution network nationwide to reach a higher number of new customers
across the country. In recognition of such efforts, the company received the Vietnamese High
Quality Goods Reward from the Vietnam Business Association at the end of 2017. In addition,
Viet Tien was also listed among the top 50 reliable local companies for customer service.
Over the forecast period, the company aims to strengthen its position by focusing on
improving both customer service and product quality to meet the rising standards of local
consumers. For example, the company recently opened two new Viet Tien houses with a
revamped and modern retail concept in order to compete with international brands. This new
concept will offer customers a more convenient and faster way to find clothes in line with
individual needs, as well as a more attractive and modern shopping environment.
In line with rising appearance awareness, an increasing number of male consumers are
showing a preference for purchasing branded products to experience higher quality and better
designs. As a result, a growing number of new small local players are entering the market in
order to respond to higher demand. Domestic companies such as Viet Tien, Owen, Canifa and
Blue Exchange are all gaining attention among Vietnamese consumers due to strong
investment in marketing, and the selling of products through various online retailers such as
Lazora, Shopee and Adayroi. In addition to large domestic players, various small local
companies such as Rap have also been warmly received by Vietnamese consumers due to
unique designs combining Vietnamese and Western or Korean styles. Consequently, over the
forecast period, the market is expected to continue to become more competitive.
Rising fashion awareness among men to fuel recovery in menswear

The COVID-19 pandemic has negatively impacted sales of menswear, mainly due to the
forced closure of non-essential retail stores during the lockdown. Nevertheless, assuming that
the pandemic eases in the first half of 2021 along with mass vaccination, menswear is expected
to see a return to growth. Unlike women, male consumers in Vietnam tend to buy branded
products rather than unbranded ones and counterfeits as they believe that their image is
important to improving their career and impressing people. Therefore, it is expected that
economy and premium brands will recover and grow steadily over the forecast period. Despite
COVID-19, demand for menswear is predicted to recover and increase gradually over the
forecast period as male consumers start to pay more attention to their image. As a result, more
new small local players are appearing on the market in response to rising demand. Over the
forecast period, the market is thus predicted to be more competitive for both existing and new
players to penetrate.
As Vietnam has become an attractive market for international apparel brands to enter such as
Uniqlo, Lacoste, and Cotton On, the market is expected to become more competitive for both
foreign and domestic companies. Over the forecast period, while most international brands
focus on competing in big cities like Hanoi, Ho Chi Minh and Danang, local brands like Canifa or
Viettien are likely to expand distribution to other smaller cities across Vietnam, targeting middle
and low-income consumers.
Shift towards e-commerce further fuelled by pandemic and convenience

trend
Leading e-commerce platforms such as Zalora, Shopee and Adayroi continue to develop
strongly in Vietnam. This is helping to boost menswear value sales, with male consumers
searching and buying products easily from wherever they want. Rising use of social media
networks will also help to raise awareness of menswear over the forecast period, with brands
increasingly using this channel to reach out to potential customers. Growing availability, the
trend towards e-commerce, and rising social media exposure are also resulting in men making
more of their own apparel purchases, rather than relying on their mothers or partners like
before. This trend is expected to continue over the forecast period, in line with the general
increase in male image awareness.
Demand for premium brands to gradually recover in line with economy

There is currently a gradual shift from purchasing economy products to premium brands such
as Levi’s and Zara in big cities. Indeed, premium jeans recorded strong value growth within
menswear over the review period. During the review period, Hanoi and Ho Chi Minh City were
targeted by premium brands because of their huge populations and large number of medium
and high income consumers. Many younger Vietnamese like to wear premium products to
display their status and convey a more fashionable image and are thus willing to spend more on
these brands, despite their high prices.
Over the forecast period, sales of premium brands are expected to continue growing strongly
due to higher living standards and the strong penetration of international brands such as Zara
and Uniqlo. Furthermore, unit prices of premium brands will fall slightly due to the reduced tariff
fee policy of up to 0% for various agreements between Vietnam and international organisations
such as the Trans-Pacific Partnership and APEC. As a result, companies are predicted to
continue launching discount campaigns regularly to attract Vietnamese consumers.
CATEGORY DATA
Table 33 Sales of Menswear by Category: Volume 2015-2020
'000 units
2015 2016 2017 2018 2019 2020
Men's Nightwear 297.2 304.7 312.6 320.4 327.4 298.0

Men's Outerwear 35,744.4 37,121.6 38,769.7 40,791.8 43,352.6 40,879.3
Men's Jeans 3,458.1 3,564.1 3,714.7 3,906.1 4,075.1 3,887.1
- Economy Men's Jeans 2,503.8 2,553.9 2,617.8 2,696.3 2,755.6 2,645.4
- Standard Men's Jeans 848.1 892.2 941.2 1,002.4 1,072.6 1,029.7
- Premium Men's Jeans 77.6 87.2 122.6 172.2 209.6 184.5
- Super Premium Men's 28.6 30.8 33.0 35.2 37.3 27.6
Jeans
Men's Outerwear (Excl 32,286.3 33,557.6 35,055.1 36,885.7 39,277.5 36,992.2
Jeans)
- Men's Jackets and Coats 4,448.1 4,572.7 4,705.3 4,846.4 5,037.2 4,533.5
- Men's Jumpers 926.9 936.1 944.1 950.7 956.4 879.9
- Men's Shirts 9,344.9 9,718.7 10,234.4 10,901.2 11,750.3 10,869.0
- Men's Shorts and 5,904.1 6,228.8 6,590.1 6,978.9 7,491.2 7,116.6
Trousers
- Men's Suits 92.6 95.1 98.0 101.1 105.9 85.8
- Men's Tops 11,472.7 11,908.7 12,385.0 13,007.9 13,836.5 13,421.4
- Other Men's Outerwear 97.0 97.5 98.2 99.4 100.0 86.0
Men's Swimwear 1,647.8 1,717.0 1,794.3 1,869.7 1,940.7 1,645.7
Men's Underwear 26,859.8 27,853.6 28,939.9 29,981.7 31,700.4 30,590.9
Menswear 64,549.3 66,996.9 69,816.5 72,963.6 77,321.1 73,413.9
Table 34 Sales of Menswear by Category: Value 2015-2020
VND billion
2015 2016 2017 2018 2019 2020
Men's Nightwear 111.8 120.7 129.2 137.6 144.6 134.8

Men's Outerwear 13,374.6 14,699.2 16,162.0 17,817.2 19,648.7 18,760.8
Men's Jeans 1,928.8 2,104.8 2,339.0 2,612.4 2,861.9 2,738.4
- Standard Men's Jeans 657.2 723.0 798.9 884.0 979.5 963.3
Jeans
Jeans)
- Men's Jumpers 204.9 218.2 232.2 245.9 257.3 234.4
- Men's Shirts 3,826.2 4,247.1 4,722.7 5,270.6 5,903.0 5,622.0
- Men's Shorts and 3,029.5 3,332.5 3,649.1 4,006.7 4,407.3 4,288.8
Trousers
- Men's Suits 119.2 130.2 140.6 152.1 165.0 136.7
- Men's Tops 2,161.5 2,377.6 2,591.6 2,837.8 3,135.8 3,083.9
Men's Swimwear 414.9 452.2 491.1 531.3 568.5 500.2
Men's Underwear 1,365.9 1,482.0 1,606.5 1,738.3 1,894.7 1,883.0
Menswear 15,267.2 16,754.2 18,388.9 20,224.3 22,256.6 21,278.8
Table 35 Sales of Menswear by Category: % Volume Growth 2015-2020
% volume growth
2019/20 2015-20 CAGR 2015/20 Total
Men's Nightwear -9.0 0.1 0.3

Men's Outerwear -5.7 2.7 14.4
Men's Jeans -4.6 2.4 12.4
- Economy Men's Jeans -4.0 1.1 5.7
- Standard Men's Jeans -4.0 4.0 21.4
- Premium Men's Jeans -12.0 18.9 137.6
- Super Premium Men's Jeans -26.0 -0.7 -3.5
Men's Outerwear (Excl Jeans) -5.8 2.8 14.6
- Men's Jackets and Coats -10.0 0.4 1.9
- Men's Jumpers -8.0 -1.0 -5.1

- Men's Shirts -7.5 3.1 16.3
- Men's Shorts and Trousers -5.0 3.8 20.5
- Men's Suits -19.0 -1.5 -7.4
- Men's Tops -3.0 3.2 17.0
- Other Men's Outerwear -14.0 -2.4 -11.3
Men's Swimwear -15.2 0.0 -0.1
Men's Underwear -3.5 2.6 13.9
Menswear -5.1 2.6 13.7
Table 36 Sales of Menswear by Category: % Value Growth 2015-2020

2019/20 2015-20 CAGR 2015/20 Total
Men's Nightwear -6.8 3.8 20.6

Men's Outerwear -4.5 7.0 40.3
Men's Jeans -4.3 7.3 42.0
- Super Premium Men's Jeans -27.5 0.2 1.1
Men's Outerwear (Excl Jeans) -4.6 7.0 40.0
- Men's Jackets and Coats -8.9 4.8 26.6
- Men's Jumpers -8.9 2.7 14.4
- Men's Shirts -4.8 8.0 46.9
- Men's Shorts and Trousers -2.7 7.2 41.6
- Men's Suits -17.2 2.8 14.7
- Men's Tops -1.7 7.4 42.7
- Other Men's Outerwear -12.0 2.2 11.7
Men's Swimwear -12.0 3.8 20.6
Men's Underwear -0.6 6.6 37.9
Menswear -4.4 6.9 39.4
Table 37 NBO Company Shares of Menswear: % Value 2016-2020
% retail value rsp

Company 2016 2017 2018 2019 2020

Diseño Textil SA
Au Chau Fashion & 2.2 2.3 2.3 2.3 2.1
Service Co Ltd
Vietnam Co Ltd

388 JSC 0.6 0.7 0.7 0.7 0.5
Hoang Phuc 0.3 0.3 0.3 0.3 0.2
Trung Tin Co Ltd 0.2 0.1 0.1 0.1 0.1
Others 78.7 76.7 73.6 73.5 76.9
Total 100.0 100.0 100.0 100.0 100.0
Table 38 LBN Brand Shares of Menswear: % Value 2017-2020
% retail value rsp


National Textile &
Garment Corp
(VINATEX))
(Pierre Cardin SA)
Diseño Textil SA
Service Co Ltd
International Ltd)
G2000 (G2000 388 JSC 0.7 0.7 0.7 0.5
(Apparel) Ltd)
Retailing Co Ltd)
Diseño Textil SA
Calvin Klein Jeans Au Chau Fashion & 0.1 0.2 0.2 0.1
(PVH Corp) Cosmetic Co Ltd (ACFC)
Diseño Textil SA
Calvin Klein Au Chau Fashion & 0.1 0.1 0.1 0.1
Underwear (PVH Corp) Cosmetic Co Ltd (ACFC)
International
Holdings Ltd)
Hilfiger Denim (PVH Au Chau Fashion & 0.2 0.2 0.2 0.1

Replay (Equibox Hoang Phuc 0.1 0.1 0.1 0.1
Holding SpA) International Co Ltd
Others Others 76.8 73.7 73.7 77.0
Total Total 100.0 100.0 100.0 100.0
Table 39 NBO Company Shares of Men’s Nightwear: % Value 2016-2020
% retail value rsp

Company 2016 2017 2018 2019 2020

Service Co Ltd
Vietnam Co Ltd
Au Chau Fashion & 0.8 0.8 0.8 0.8 0.8
Diseño Textil SA
An Phuoc Garment Co Ltd 0.9 0.2 - - -
Others 92.7 91.0 88.2 85.4 84.6
Total 100.0 100.0 100.0 100.0 100.0
Table 40 LBN Brand Shares of Men’s Nightwear: % Value 2017-2020
% retail value rsp


Service Co Ltd
Retailing Co Ltd)
Diseño Textil SA
Pierre Cardin An Phuoc Garment Co Ltd 0.2 - - -
(Pierre Cardin SA)
Calvin Klein Au Chau Fashion & - - - -
(Warnaco Group Inc) Cosmetic Co Ltd (ACFC)
Others Others 91.0 88.2 85.4 84.6
Total Total 100.0 100.0 100.0 100.0

Table 41 NBO Company Shares of Men’s Outerwear: % Value 2016-2020
% retail value rsp

Company 2016 2017 2018 2019 2020

Diseño Textil SA
Au Chau Fashion & 2.4 2.4 2.4 2.4 2.2
Service Co Ltd
Vietnam Co Ltd
388 JSC 0.7 0.8 0.8 0.8 0.6
Hoang Phuc 0.4 0.4 0.3 0.3 0.2
Trung Tin Co Ltd 0.2 0.2 0.2 0.1 0.1
Maison JSC 0.1 0.0 0.0 0.0 0.0
Others 76.6 74.5 71.2 71.2 75.0
Total 100.0 100.0 100.0 100.0 100.0
Table 42 LBN Brand Shares of Men’s Outerwear: % Value 2017-2020
% retail value rsp


National Textile &
Garment Corp
(VINATEX))
(Pierre Cardin SA)
Diseño Textil SA
Service Co Ltd

International Ltd)
G2000 (G2000 388 JSC 0.8 0.8 0.8 0.6
(Apparel) Ltd)
Retailing Co Ltd)
Diseño Textil SA
Diseño Textil SA
International
Holdings Ltd)
Puma (Kering SA) Maison JSC 0.0 - - -
Puma (PPR SA) Maison JSC - - - -
Others Others 74.6 71.4 71.4 75.1
Total Total 100.0 100.0 100.0 100.0
Table 43 NBO Company Shares of Men’s Swimwear: % Value 2016-2020
% retail value rsp

Company 2016 2017 2018 2019 2020

Vietnam Co Ltd
Diseño Textil SA
Au Chau Fashion & 0.6 0.6 0.6 0.6 0.6
Others 91.6 90.6 88.5 87.7 87.1
Total 100.0 100.0 100.0 100.0 100.0
Table 44 LBN Brand Shares of Men’s Swimwear: % Value 2017-2020
% retail value rsp

Diseño Textil SA
Others Others 90.6 88.5 87.7 87.1
Total Total 100.0 100.0 100.0 100.0
Table 45 NBO Company Shares of Men’s Underwear: % Value 2016-2020
% retail value rsp

Company 2016 2017 2018 2019 2020

Service Co Ltd
Au Chau Fashion & 1.4 1.5 1.6 1.6 1.4
Vietnam Co Ltd
Diseño Textil SA
Others 94.1 93.4 92.3 91.5 92.1
Total 100.0 100.0 100.0 100.0 100.0
Table 46 LBN Brand Shares of Men’s Underwear: % Value 2017-2020
% retail value rsp


Service Co Ltd
Retailing Co Ltd)

(Pierre Cardin SA)
Diseño Textil SA
Underwear (Warnaco Cosmetic Co Ltd (ACFC)
Group Inc)
Others Others 93.4 92.3 91.5 92.1
Total Total 100.0 100.0 100.0 100.0
Table 47 Forecast Sales of Menswear by Category: Volume 2020-2025
'000 units
2020 2021 2022 2023 2024 2025
Men's Nightwear 298.0 327.5 352.7 372.1 390.7 409.4

Men's Outerwear 40,879.3 43,710.4 47,240.1 50,819.6 54,499.2 58,080.1
Men's Jeans 3,887.1 4,116.4 4,363.4 4,589.7 4,783.3 4,961.9
- Standard Men's Jeans 1,029.7 1,076.0 1,140.1 1,222.2 1,305.3 1,388.9
Jeans
Jeans)
- Men's Jumpers 879.9 959.1 996.6 1,024.5 1,048.1 1,068.0
- Men's Shirts 10,869.0 11,847.2 13,100.2 14,422.9 15,778.4 17,024.9
- Men's Shorts and 7,116.6 7,614.8 8,185.9 8,734.3 9,302.1 9,878.8
Trousers
- Men's Suits 85.8 106.3 120.6 133.1 140.6 147.1
- Men's Tops 13,421.4 13,891.1 14,752.4 15,755.5 16,889.9 18,072.2
Men's Swimwear 1,645.7 1,942.0 2,163.0 2,390.1 2,569.4 2,710.7
Men's Underwear 30,590.9 31,722.7 33,150.2 34,708.3 36,443.7 38,338.8
Menswear 73,413.9 77,702.6 82,906.1 88,290.1 93,903.0 99,539.1
trade sources
Table 48 Forecast Sales of Menswear by Category: Value 2020-2025
VND billion
2020 2021 2022 2023 2024 2025
Men's Nightwear 134.8 149.9 161.5 170.8 179.8 188.5

Men's Outerwear 18,760.8 20,596.2 22,427.6 24,176.8 25,992.1 27,705.6
Men's Jeans 2,738.4 2,990.1 3,212.3 3,391.9 3,597.9 3,766.0
- Standard Men's Jeans 963.3 1,017.7 1,082.0 1,163.1 1,244.5 1,325.4
Jeans
Jeans)
- Men's Jumpers 234.4 268.3 279.1 287.2 294.1 299.7
- Men's Shirts 5,622.0 6,187.5 6,854.8 7,554.0 8,271.6 8,933.4
- Men's Shorts and 4,288.8 4,659.5 5,027.4 5,366.4 5,717.0 6,074.2
Trousers
- Men's Suits 136.7 171.6 195.0 215.7 228.1 239.1
- Men's Tops 3,083.9 3,268.9 3,481.4 3,725.1 4,004.5 4,292.8
Men's Swimwear 500.2 590.7 659.0 728.8 784.8 830.1
Men's Underwear 1,883.0 1,963.9 2,052.7 2,151.3 2,263.1 2,387.6
Menswear 21,278.8 23,300.8 25,300.8 27,227.7 29,219.9 31,111.7
trade sources
Table 49 Forecast Sales of Menswear by Category: % Volume Growth 2020-2025
% volume growth
2020/21 2020-25 CAGR 2020/25 Total
Men's Nightwear 9.9 6.6 37.4

Men's Outerwear 6.9 7.3 42.1
Men's Jeans 5.9 5.0 27.6
- Economy Men's Jeans 5.5 4.0 21.6
- Standard Men's Jeans 4.5 6.2 34.9
- Premium Men's Jeans 14.0 11.1 68.9
- Super Premium Men's Jeans 41.9 10.0 61.2
Men's Outerwear (Excl Jeans) 7.0 7.5 43.6
- Men's Jackets and Coats 12.0 8.5 50.2
- Men's Jumpers 9.0 4.0 21.4
- Men's Shirts 9.0 9.4 56.6
- Men's Shorts and Trousers 7.0 6.8 38.8
- Men's Suits 23.9 11.4 71.5
- Men's Tops 3.5 6.1 34.7
- Other Men's Outerwear 14.0 6.7 38.1
Men's Swimwear 18.0 10.5 64.7
Men's Underwear 3.7 4.6 25.3
Menswear 5.8 6.3 35.6
trade sources
Table 50 Forecast Sales of Menswear by Category: % Value Growth 2020-2025

2020/2021 2020-25 CAGR 2020/25 Total
Men's Nightwear 11.2 6.9 39.9

Men's Outerwear 9.8 8.1 47.7
Men's Jeans 9.2 6.6 37.5
Men's Outerwear (Excl Jeans) 9.9 8.4 49.4
- Men's Jackets and Coats 14.8 9.1 54.6
- Men's Jumpers 14.4 5.0 27.9
- Men's Shirts 10.1 9.7 58.9
- Men's Shorts and Trousers 8.6 7.2 41.6

- Men's Suits 25.5 11.8 74.9
- Men's Tops 6.0 6.8 39.2
- Other Men's Outerwear 15.9 7.2 41.3
Men's Swimwear 18.1 10.7 65.9
Men's Underwear 4.3 4.9 26.8
Menswear 9.5 7.9 46.2
trade sources
WOMENSWEAR IN VIETNAM -
CATEGORY ANALYSIS
KEY DATA FINDINGS
▪ Womenswear sales are negatively impacted by the impact of COVID-19 and consequent
store closures and increased consumer focus on essential items
▪ Womenswear current retail value sales decline by 8% to VND29,496 billion in 2020
▪ Women’s tops sees the lowest decline in 2020, with current value sales falling by just 4%
▪ Inditex, Industria de Diseño Textil continues to lead sales in 2020, posting a retail value share
of 3%
▪ Over the forecast period, womenswear is expected to post a retail value CAGR of 11% at
2020 IMPACT
Home seclusion and store closures negatively impact in-store sales

In 2020, womenswear saw a decline in value sales, mainly due to lower demand and the
overall economic downturn. Within womenswear, super premium jeans and suits benefited the
most from the impact of COVID-19 since large numbers of business and white-collar jobs were
lost. In the last few years, the online channel has become an effective platform to reach women,
who tend to search for apparel and footwear online more than male consumers. This is
particularly common among busy white-collar workers in urban areas. Due to COVID-19, the
epidemic continues to boost e-commerce value sales dramatically, while offline channels such
as shopping malls, supermarkets, hypermarkets, apparel and footwear specialist stores have
seen a strong drop in sales share due to social distancing measures. In 2020, manufacturers
such as Mango, Zara and G2000 launched various promotional campaigns offering 50-70% off
in a bid to stimulate demand from consumers. Companies also worked closely with online
retailers such as Shopee and Lazada to reach more consumers and boost value sales.
Moreover, during the pandemic, a large number of local companies such as Canifa, Viettien ad
Ivy Moda started paying strong attention to developing and improving their websites in response
to the growing popularity of online shopping among female consumers.
The uncertainty caused by the pandemic has taken a psychological toll on apparel and
footwear shoppers, who tend to make more impulsive discretionary purchases when there is
stability. Even after the first national lockdown ended, broader macroeconomic and political
uncertainty due to the inability to control the pandemic continued to make consumers cautious
about resuming pre-crisis spending patterns.
Premiumisation trend to resume as economy and consumer incomes

recover
Over the review period, until the COVID-19 crisis, demand for womenswear was boosted
strongly by improving economic performance and higher living standards. Female consumers
are increasingly willing to spend more not only on branded products, but also on luxury and
premium brands in order to show off their status, especially in large cities like Hanoi and Ho Chi
Minh. This trend is highlighted by rising demand for premium jeans in recent years. In addition,
baggy and skinny jeans are also growing in popularity among female consumers. This
premiumisation trend is expected to continue, thus fuelling value sales over the coming years.
Wide innovative product ranges and reputation for quality key to

success
Inditex continues to lead womenswear sales in Vietnam due to the widespread popularity of
its Zara, Massimo Dutti, Pull & Bear and Stradivarius brands. The company’s success can
mainly be attributed to its strong brand reputation, Western designs and high product quality.
Zara leads sales and has been present in Vietnam for one year longer than Stradivarius and
Massimo Dutti, with the brand continuing to attract consumers. In addition, new entries Massimo
Dutti, Pull & Bear and Stradivarius have also received attention from Vietnamese consumers,
especially white collar workers in upper-mid and high income segments. Over the forecast
period, Inditex is planning to expand its business network by opening an increasing number of
new stores within Hanoi and Ho Chi Minh to compete with new international players that are
emerging such as Uniqlo and Forever 21.
Following FTA agreements with Japan and Korea, and the joining of the Trans-Pacific
Partnership and APEC in the last five years, Vietnam has become attractive for foreign players,
thus fuelling overall competition. For example, Uniqlo opened its first store in Ho Chi Minh at the
end of 2019 and is predicted to prove hugely popular among Vietnamese consumers due to its
product quality and brand reputation. In addition, the sales share of branded products is also
being boosted by rising fashion awareness among Vietnamese consumers and increasing living
standards. Fast-fashion brands such as Zara and H&M are performing particularly well and
seeing strong value growth, mainly due to huge interest in international brands among
Vietnamese consumers. Indeed, H&M has recently opened three new stores in the country.
Brands look to respond to rising consumer price sensitivity

Thanks to aggressive pandemic control measures by the government, Vietnam’s economy is
predicted to recover and grow healthily over the forecast period, thus helping to boost sales
performance within womenswear over the next two years. With average incomes among
Vietnamese consumers being hit hard by COVID-19, women are tending to spend less on
unnecessary goods like clothes & footwear and are focusing more on saving and essential
items. Consequently, over the next few years, there is expected to be a major shift from
premium brands to counterfeits, unbranded, unauthorised, small and economy brands. Imported
and counterfeit products mainly come from China, Cambodia and Thailand and are sold across
Vietnam via open markets, street vendors, local stores, online retailers and social media sites
like Facebook.
As Vietnam has become an attractive market for international apparel brands to enter such as
Uniqlo, Lacoste and Cotton On, the market is expected to become more competitive for both
foreign and domestic companies. Over the forecast period, while most international brands will
focus on competing in big cities like Hanoi, Ho Chi Minh and Danang, local brands are likely to
expand their distribution networks to other smaller cities across Vietnam and target the middle
and low income segment.
Growing online and social media focus to boost brand awareness

Vietnam has the 14th largest number of internet users in the world, ranking sixth among the
35 countries and territories in Asia. Vietnam has over 64 million internet users, equivalent to
67% of the country’s population based on a report by the Ministry of Information and
Communication. Due to the increasingly hectic pace of modern life, e-commerce is playing a
significant role in boosting value sales within womenswear, making it easier to approach new
customers and reducing transaction time. In line with this trend, social media sites such as
Facebook continue to have a strong influence on Vietnamese consumers within womenswear.
For example, Facebook Livestream has become a popular way to promote products and
connect with consumers. Indeed, this channel can generate a remarkable number of sales due
to its entertainment value and practicality, as well as rising consumer confidence. In addition, it
is ideal for keeping customers up to date regarding new product launches. Also, consumers
often make a purchasing decision after reading feedback from other users online.
Various companies are thus collaborating with famous “livestreamers” to introduce products
and approach new customers. For example, Lazada Vietnam recently invited various celebrities
such as Huynh Lap, Cat Tuong and Duy Khanh to join their livestreams and try to use products
and offer feedback from their experiences to customers. In the future, this trend will continue
due to the gradual increase in the number of internet users in Vietnam.
Global giants well positioned to benefit from fast fashion trend

During the review period, two famous international brands, Zara and H&M, emerged in
Vietnam, focusing mainly on Hanoi and Ho Chi Minh City due to their large mid-high income
populations. In addition, various new brands such as Massimo Dutti, Pull & Bear and
Stradivarius also entered Vietnam over the last two years of the review period and targeted
different types of consumers based on their incomes, age and needs. Overall, these fast fashion
brands received huge attention from Vietnamese consumers, especially young people. For
example, over 4,000 people attended the opening of H&M’s first store in Vietnam towards the
end of the review period.
Over the forecast period, fast fashion is expected to grow in popularity due to the improving
economy and higher living standards. Combined with the strong penetration of Western culture,
local consumers are increasingly aware of the importance of wearing branded apparel and are
willing to spend money on premium brands to display their status. In the future, both Zara and
H&M are planning to open new stores in Hanoi and Ho Chi Minh City, targeting main districts
and popular shopping centres such as Vincom, where most high-income consumers tend to
shop.
CATEGORY DATA
Table 51 Sales of Womenswear by Category: Volume 2015-2020
'000 units
2015 2016 2017 2018 2019 2020
Women's Nightwear 761.3 833.1 879.1 931.2 1,003.4 892.6

Women's Outerwear 51,000.5 52,813.2 54,905.7 57,860.9 61,784.4 56,195.0
Women's Jeans 4,260.9 4,359.5 4,492.2 4,713.1 4,999.0 4,598.4
- Economy Women's Jeans 2,726.4 2,767.3 2,821.9 2,922.9 3,076.9 2,861.5
- Standard Women's Jeans 1,420.2 1,470.1 1,522.4 1,606.3 1,710.7 1,556.7
- Premium Women's Jeans 91.7 98.0 122.0 156.5 182.5 157.9
- Super Premium Women's 22.7 24.3 25.8 27.4 28.9 22.3
Jeans
Women's Outerwear (Excl 46,739.6 48,453.7 50,413.5 53,147.7 56,785.3 51,596.6
Jeans)
- Women's Dresses 997.2 1,052.1 1,124.6 1,216.5 1,345.3 1,244.4
- Women's Jackets and 2,296.7 2,377.1 2,465.0 2,597.7 2,808.3 2,597.7
Coats
- Women's Jumpers 3,053.2 3,123.4 3,192.1 3,240.0 3,278.9 2,803.4
- Women's Leggings 34.4 35.8 37.3 38.5 40.8 37.8
- Women's Shirts and 10,588.7 10,969.9 11,375.8 11,808.0 12,523.0 11,395.9
Blouses
- Women's Shorts and 10,116.4 10,521.1 11,047.2 11,867.6 12,950.8 11,655.7
Trousers
- Women's Skirts 1,639.5 1,705.1 1,781.8 1,860.2 1,940.2 1,736.5
- Women's Suits 134.6 137.5 140.7 144.9 150.0 119.5
- Women's Tops 14,551.1 15,104.1 15,708.2 16,709.5 17,944.2 16,867.5
- Other Women's Outerwear 3,327.8 3,427.6 3,540.7 3,664.6 3,803.9 3,138.2
Women's Swimwear 1,071.1 1,114.0 1,169.7 1,230.5 1,304.3 1,121.7
Women's Underwear 28,233.6 29,504.2 30,920.4 32,832.4 35,494.2 31,412.4
Womenswear 81,066.6 84,264.4 87,874.9 92,854.9 99,586.3 89,621.7
Table 52 Sales of Womenswear by Category: Value 2015-2020
VND billion
2015 2016 2017 2018 2019 2020
Women's Nightwear 236.5 276.2 311.0 346.8 385.2 351.0

Women's Jeans 2,461.3 2,660.5 2,901.6 3,200.1 3,518.8 3,276.0
Jeans
Jeans)
- Women's Dresses 605.6 677.0 760.5 859.3 979.6 933.0
- Women's Jackets and 703.7 777.5 863.1 962.3 1,077.8 1,026.5
Coats
- Women's Jumpers 514.2 549.2 585.4 621.8 652.4 574.1
- Women's Leggings 3.3 3.6 3.8 4.1 4.4 4.2
Blouses
Trousers
- Women's Skirts 602.9 669.2 739.5 811.9 880.9 810.5
- Women's Suits 258.4 275.2 291.7 308.6 327.7 268.8
- Women's Tops 1,598.8 1,761.8 1,955.6 2,190.3 2,436.9 2,339.4
Women's Swimwear 246.9 268.7 294.2 323.0 355.4 312.8
Womenswear 21,495.4 23,631.1 26,085.6 28,917.2 32,071.5 29,496.0
Table 53 Sales of Womenswear by Category: % Volume Growth 2015-2020
% volume growth
2019/20 2015-20 CAGR 2015/20 Total
Women's Nightwear -11.0 3.2 17.3

Women's Outerwear -9.0 2.0 10.2
Women's Jeans -8.0 1.5 7.9
- Economy Women's Jeans -7.0 1.0 5.0
- Standard Women's Jeans -9.0 1.9 9.6
- Premium Women's Jeans -13.5 11.5 72.3
- Super Premium Women's Jeans -23.0 -0.4 -2.1
Women's Outerwear (Excl Jeans) -9.1 2.0 10.4
- Women's Dresses -7.5 4.5 24.8
- Women's Jackets and Coats -7.5 2.5 13.1
- Women's Jumpers -14.5 -1.7 -8.2
- Women's Leggings -7.5 1.9 9.9
- Women's Shirts and Blouses -9.0 1.5 7.6
- Women's Shorts and Trousers -10.0 2.9 15.2
- Women's Skirts -10.5 1.2 5.9
- Women's Suits -20.4 -2.4 -11.2
- Women's Tops -6.0 3.0 15.9
- Other Women's Outerwear -17.5 -1.2 -5.7
Women's Swimwear -14.0 0.9 4.7
Women's Underwear -11.5 2.2 11.3
Womenswear -10.0 2.0 10.6
Table 54 Sales of Womenswear by Category: % Value Growth 2015-2020

2019/20 2015-20 CAGR 2015/20 Total
Women's Nightwear -8.9 8.2 48.4

Women's Outerwear -7.6 6.3 35.9
- Super Premium Women's Jeans -22.4 1.6 8.2
Women's Outerwear (Excl Jeans) -7.7 6.4 36.5
- Women's Dresses -4.8 9.0 54.1
- Women's Jackets and Coats -4.8 7.8 45.9
- Women's Jumpers -12.0 2.2 11.7
- Women's Leggings -4.8 5.2 28.6
- Women's Shirts and Blouses -6.8 5.4 30.1
- Women's Shorts and Trousers -8.0 7.4 43.2
- Women's Skirts -8.0 6.1 34.4
- Women's Suits -18.0 0.8 4.0
- Women's Tops -4.0 7.9 46.3
- Other Women's Outerwear -15.0 4.2 22.8
Women's Swimwear -12.0 4.8 26.7
Women's Underwear -8.9 7.1 40.7
Womenswear -8.0 6.5 37.2
Table 55 NBO Company Shares of Womenswear: % Value 2016-2020
% retail value rsp

Company 2016 2017 2018 2019 2020

Diseño Textil SA
Vietnam Co Ltd
(Vietnam) Ltd
Service Co Ltd
Au Chau Fashion & 1.2 1.2 1.2 1.2 1.1
Quadrille & Vera 0.7 0.7 0.7 0.7 0.7
International Ltd
Vietnam Wacoal Co Ltd 0.2 0.2 0.2 0.2 0.2
388 JSC 0.4 0.4 0.3 0.3 0.2
Maison JSC 0.2 0.2 0.2 0.2 0.2
Duy Anh Fashion & 0.2 0.2 0.2 0.2 0.1
Cosmetics Co Ltd (DAFC)
Hoang Phuc 0.1 0.1 0.1 0.1 0.1
Trung Tin Co Ltd 0.1 0.1 0.0 0.0 0.0
Viet Thang Jean Co Ltd - - - - -
Others 88.9 87.1 84.6 84.6 85.6
Total 100.0 100.0 100.0 100.0 100.0
Table 56 LBN Brand Shares of Womenswear: % Value 2017-2020
% retail value rsp


Diseño Textil SA
Service Co Ltd
International Ltd
National Textile &

Garment Corp
(VINATEX))
Retailing Co Ltd)
Wacoal (Wacoal Vietnam Wacoal Co Ltd 0.2 0.2 0.2 0.2
Holdings Corp)
G2000 (G2000 388 JSC 0.4 0.3 0.3 0.2
(Apparel) Ltd)
Diseño Textil SA
Diseño Textil SA
Mango (Punto Fa SL Maison JSC 0.2 0.2 0.2 0.2
(Mango))
(Pierre Cardin SA)
Stradivarius Inditex, Industria de 0.2 0.3 0.2 0.2
Diseño Textil SA
International Ltd)
Burberry (Burberry Duy Anh Fashion & 0.2 0.2 0.2 0.1
Group Plc) Cosmetics Co Ltd (DAFC)
International
Holdings Ltd)
Esprit (Esprit Viet Thang Jean Co Ltd - - - -
Holdings Ltd)
Others Others 87.7 85.1 85.1 86.1
Total Total 100.0 100.0 100.0 100.0
Table 57 NBO Company Shares of Women's Nightwear: % Value 2016-2020
% retail value rsp

Company 2016 2017 2018 2019 2020

(Vietnam) Ltd
Service Co Ltd
Quadrille & Vera 6.4 6.2 6.1 5.9 5.5
International Ltd
Vietnam Co Ltd
Au Chau Fashion & 0.7 0.7 0.7 0.7 0.7

Diseño Textil SA
Others 12.8 12.7 12.8 13.0 12.5
Total 100.0 100.0 100.0 100.0 100.0
Table 58 LBN Brand Shares of Women's Nightwear: % Value 2017-2020
% retail value rsp


Service Co Ltd
International Ltd
Retailing Co Ltd)
Diseño Textil SA
Others Others 12.7 12.8 13.0 12.5
Total Total 100.0 100.0 100.0 100.0
Table 59 NBO Company Shares of Women's Outerwear: % Value 2016-2020
% retail value rsp

Company 2016 2017 2018 2019 2020

Diseño Textil SA
Vietnam Co Ltd
Au Chau Fashion & 1.6 1.7 1.6 1.6 1.5
Service Co Ltd
388 JSC 0.6 0.5 0.5 0.4 0.3
Maison JSC 0.4 0.3 0.3 0.3 0.3

Duy Anh Fashion & 0.3 0.2 0.2 0.2 0.1
Cosmetics Co Ltd (DAFC)
Hoang Phuc 0.1 0.1 0.1 0.1 0.1
Trung Tin Co Ltd 0.1 0.1 0.1 0.1 0.1
Khai Silk Co 0.0 0.0 - - -
Others 89.9 87.5 84.1 84.1 85.5
Total 100.0 100.0 100.0 100.0 100.0
Table 60 LBN Brand Shares of Women's Outerwear: % Value 2017-2020
% retail value rsp


Diseño Textil SA
Service Co Ltd
National Textile &
Garment Corp
(VINATEX))
Retailing Co Ltd)
G2000 (G2000 388 JSC 0.5 0.5 0.4 0.3
(Apparel) Ltd)
Diseño Textil SA
Diseño Textil SA
(Mango))
(Pierre Cardin SA)
Diseño Textil SA
International Ltd)
Burberry (Burberry Duy Anh Fashion & 0.2 0.2 0.2 0.1
Group Plc) Cosmetics Co Ltd (DAFC)
International
Holdings Ltd)
Khai Silk Khai Silk Co 0.0 - - -
Holdings Ltd)
Others Others 87.8 84.4 84.4 85.8
Total Total 100.0 100.0 100.0 100.0
Table 61 NBO Company Shares of Women’s Swimwear: % Value 2016-2020
% retail value rsp

Company 2016 2017 2018 2019 2020

(Vietnam) Ltd
Quadrille & Vera 9.8 9.7 9.6 9.3 9.5
International Ltd
Vietnam Co Ltd
Diseño Textil SA
Au Chau Fashion & 1.4 1.4 1.3 1.4 1.3
Others 62.0 58.6 53.2 52.4 51.0
Total 100.0 100.0 100.0 100.0 100.0
Table 62 LBN Brand Shares of Women’s Swimwear: % Value 2017-2020
% retail value rsp

International Ltd
Diseño Textil SA

Others Others 58.6 53.2 52.4 51.0
Total Total 100.0 100.0 100.0 100.0
Table 63 NBO Company Shares of Women's Underwear: % Value 2016-2020
% retail value rsp

Company 2016 2017 2018 2019 2020

(Vietnam) Ltd
Quadrille & Vera 1.9 2.0 2.0 1.9 2.0
International Ltd
Vietnam Wacoal Co Ltd 0.9 0.9 0.9 0.8 0.8
Service Co Ltd
Vietnam Co Ltd
Au Chau Fashion & 0.2 0.2 0.2 0.2 0.2
Diseño Textil SA
Others 90.8 90.9 90.6 90.5 90.7
Total 100.0 100.0 100.0 100.0 100.0
Table 64 LBN Brand Shares of Women's Underwear: % Value 2017-2020
% retail value rsp


International Ltd
Wacoal (Wacoal Vietnam Wacoal Co Ltd 0.9 0.9 0.8 0.8
Holdings Corp)
Service Co Ltd
Retailing Co Ltd)
Diseño Textil SA
Others Others 90.9 90.6 90.5 90.7
Total Total 100.0 100.0 100.0 100.0
Table 65 Forecast Sales of Womenswear by Category: Volume 2020-2025
'000 units
2020 2021 2022 2023 2024 2025
Women's Nightwear 892.6 1,008.7 1,107.3 1,201.0 1,292.1 1,371.6

Women's Jeans 4,598.4 4,826.8 5,137.7 5,495.5 5,858.0 6,234.4
Jeans
Jeans)
- Women's Dresses 1,244.4 1,312.8 1,398.2 1,498.8 1,615.7 1,745.0
Coats
- Women's Jumpers 2,803.4 2,938.0 3,137.8 3,370.0 3,626.1 3,879.9
- Women's Leggings 37.8 40.0 42.3 45.0 48.0 51.3
Blouses
Trousers
- Women's Skirts 1,736.5 1,823.3 1,947.3 2,091.4 2,237.8 2,387.8
- Women's Suits 119.5 123.6 132.0 142.3 153.7 166.6
- Women's Tops 16,867.5 17,542.2 18,419.3 19,561.3 20,891.5 22,353.9
Women's Swimwear 1,121.7 1,161.0 1,228.3 1,302.0 1,382.7 1,475.4
Womenswear 89,621.7 93,409.7 98,947.2 105,266.1 112,279.8 120,112.3
trade sources
Table 66 Forecast Sales of Womenswear by Category: Value 2020-2025
VND billion
2020 2021 2022 2023 2024 2025
Women's Nightwear 351.0 400.9 440.3 478.5 515.3 547.5

Women's Jeans 3,276.0 3,454.5 3,691.3 3,963.5 4,251.3 4,560.6
Jeans
Jeans)
- Women's Dresses 933.0 989.0 1,058.2 1,137.6 1,228.6 1,329.3
Coats
- Women's Jumpers 574.1 602.8 645.0 693.4 747.5 801.3
- Women's Leggings 4.2 4.5 4.8 5.1 5.4 5.8
Blouses

Trousers
- Women's Skirts 810.5 859.1 919.2 988.2 1,059.3 1,131.4
- Women's Suits 268.8 279.5 299.1 323.0 349.5 379.2
- Women's Tops 2,339.4 2,456.4 2,603.7 2,773.0 2,967.1 3,180.7
Women's Swimwear 312.8 325.3 344.8 366.2 390.0 416.5
Womenswear 29,496.0 31,001.8 32,997.7 35,231.8 37,705.0 40,447.2
trade sources
Table 67 Forecast Sales of Womenswear by Category: % Volume Growth 2020-2025
% volume growth
2020/21 2020-25 CAGR 2020/25 Total
Women's Nightwear 13.0 9.0 53.7

Women's Outerwear 4.5 6.2 35.1
Women's Jeans 5.0 6.3 35.6
- Economy Women's Jeans 5.5 6.0 33.7
- Standard Women's Jeans 4.0 6.6 37.5
- Premium Women's Jeans 5.0 8.6 51.1
- Super Premium Women's Jeans 4.0 6.4 36.1
Women's Outerwear (Excl Jeans) 4.5 6.2 35.0
- Women's Dresses 5.5 7.0 40.2
- Women's Jackets and Coats 5.5 7.0 40.0
- Women's Jumpers 4.8 6.7 38.4
- Women's Leggings 5.8 6.3 35.8
- Women's Shirts and Blouses 4.0 5.9 33.3
- Women's Shorts and Trousers 5.5 6.9 39.3
- Women's Skirts 5.0 6.6 37.5
- Women's Suits 3.5 6.9 39.5
- Women's Tops 4.0 5.8 32.5
- Other Women's Outerwear 3.0 5.1 28.3
Women's Swimwear 3.5 5.6 31.5
Women's Underwear 3.5 5.7 31.7
Womenswear 4.2 6.0 34.0
trade sources
Table 68 Forecast Sales of Womenswear by Category: % Value Growth 2020-2025

2020/2021 2020-25 CAGR 2020/25 Total
Women's Nightwear 14.2 9.3 56.0

Women's Outerwear 5.4 6.7 38.3
Women's Outerwear (Excl Jeans) 5.4 6.7 38.1
- Women's Dresses 6.0 7.3 42.5
- Women's Jackets and Coats 6.0 7.2 41.8
- Women's Jumpers 5.0 6.9 39.6
- Women's Leggings 6.0 6.5 37.0

- Women's Shirts and Blouses 5.0 6.3 35.5
- Women's Shorts and Trousers 6.0 7.1 41.2
- Women's Skirts 6.0 6.9 39.6
- Women's Suits 4.0 7.1 41.1
- Women's Tops 5.0 6.3 36.0
- Other Women's Outerwear 4.0 5.5 30.6
Women's Swimwear 4.0 5.9 33.2
Women's Underwear 4.0 5.9 33.4
Womenswear 5.1 6.5 37.1
trade sources
JEANS IN VIETNAM - CATEGORY

ANALYSIS
KEY DATA FINDINGS
▪ Demand for jeans is limited by increased focus on more comfortable clothing for wearing
around the house during COVID-19 lockdown
▪ Jeans current retail value sales decline by 6% to VND6,014 billion in 2020
▪ Economy jeans sees the lowest decline in 2020, with current value sales falling by just 4%
▪ Au Chau Fashion & Cosmetic continues to lead sales in 2020, posting a retail value share of
5%
▪ Over the forecast period, jeans is expected to post a retail value CAGR of 11% at current
2020 IMPACT
Pandemic fuels shift towards comfier clothing among consumers

Jeans sales fell sharply in Vietnam in 2020. As a result of COVID-19, consumers have been
spending most of their time at home and thus paying less attention to getting dressed, instead
focusing on comfort. Many consumers thus opted to buy loungewear items, such as jogging
bottoms and yoga pants, to the detriment of sales of jeans.
Within jeans, economy women’s jeans were less affected than other areas by the COVID-19
pandemic as most products are sold in local stores, which were not forced to close during the
social distance period in April and June 2020. Moreover, with the decline in the average salary
of middle and low income consumers, many Vietnamese consumers looked to save money
rather than spend on premium goods. Super premium women’s jeans was thus hit particularly
hard by the crisis, especially since such products are mainly sold in department stores. As
people have limited going outside since the beginning of March 2020 and focused on essential
items, both value and volume sales in this category fell strongly in 2020.
On the other hand, with online shopping becoming more popular during lockdown, leading
brands such as Levi’s focused on boosting their online sales through internet retailers such as
Shopee and Lazada. For example, Levi’s sold its goods on Laz Mall in 2020.
Demand for quality limits interest in counterfeit and unbranded ranges

Over most of the review period, demand for jeans was boosted by the improving economy
and higher living standards. However, branded jeans face strong competition from the large
number of counterfeit and unbranded goods available. Local consumers can easily access
these products and have a greater choice as unbranded and counterfeit jeans are sold widely
across Vietnam, offering very low prices as well as diversified designs and materials. However,
an increasing number of more affluent Vietnamese consumers have started to purchase
branded products in line with rising incomes and fashion awareness. In addition, companies
have also started to offer discounts of up to over 50% in a bid to attract price sensitive
consumers.
Over the forecast period, demand for branded jeans is expected to increase strongly, together
with the gradually improving economy. Furthermore, consumers are also aware of the benefits
of an attractive physical appearance, with some higher earners choosing premium jeans as a
way to display their social status. However, counterfeit and unbranded goods will continue to
offer strong competition to branded jeans, despite the wave of new international players entering
Vietnam.
Global fast fashion trend benefiting leading multinationals

Inditex retains its leading position within jeans due to the widespread popularity of its Zara
and Pull & Bear brands, with the company taking over Au Chau Fashion & Cosmetic in 2018.
This success can mainly be attributed to a stronger brand reputation, Western designs and high
product quality. Indeed, Zara is now the most popular brand within jeans and continues to gain
value share and post strong double-digit growth. Over the forecast period, Inditex plans to
expand its business network by opening an increasing number of new stores in Hanoi and Ho
Chi Minh City to compete with new international players.
H&M has proven popular among Vietnamese consumers showing interest in international fast
fashion brands. Indeed, the company has recently opened three new stores. Now strongly
positioned within jeans, despite only entering the category in 2017, the company is expected to
continue to attract consumers due to its offering of extensive distribution, wide product ranges
and the constant introduction of new trendy and innovative ranges in line with the latest Western
fashion trends.
Rising consumer price sensitivity to boost interest in economy jeans

Thanks to aggressive government pandemic control measures, the Vietnamese economy is
predicted to recover and grow healthily over the forecast period, thus helping to boost sales of
standard and premium brands such as Bossini and Levi’s. Over the forecast period, economy’s
jeans is predicted to see stronger growth than most jean categories due to lower pricing and
wide distribution across the country as most players in this area are usually local and small
businesses. These companies also sell products both online and offline, with consumers finding
products easily across the country, while most premium brands are usually located in big cities
like Hanoi and Ho Chi Minh.
As more international apparel players such as Cotton On will enter the Vietnam market in the
future, both existing and local companies are expected to look to adjust unit prices through
various promotional campaigns, as well as to continue increasing brand reputation on online
platforms. As fit and comfort are integral for customers when buying a new pair of jeans, this
can be an impediment to purchasing jeans online. Retailers operating in this area have therefore
realised that they must identify innovative solutions. Jeans producers must also work to
minimise returns by providing more in-depth and interesting size guides.
Demand for premium jeans to rise in line with economic recovery

Despite the premiumisation trend, economy jeans continue to lead overall sales in Vietnam
due to their wide distribution network, large number of options and lower pricing. Nevertheless,
demand for premium jeans continues to rise strongly among both men and women, mainly due
to the boom in the number of new international brands such as Zara and Levi’s. These
international brands have played a significant role in boosting value sales of premium jeans due
to strong marketing activities during the review period. Since these fast fashion brands entered
Vietnam, there has been a gradual movement from purchasing economy jeans to premium
brands, especially in Hanoi and Ho Chi Minh City. Most purchasers of jeans tend to be younger
urban consumers who have had some experience of Western culture, are aware of the benefits
of buying premium products and are willing to spend more on higher quality.
Over the forecast period, demand for premium products is expected to increase strongly due
to a gradual rise in average incomes and living standards. Moreover, the fact that Vietnam has
joined various international organisations such as the Trans-Pacific Partnership and APEC
could marginally reduce the unit price of these premium brands due to the reduction of tariff fees
to as low as 0%. These factors will help to contribute to strong value growth within premium
jeans over the forecast period.
Shift to more casual dress codes to boost sales

The rise in the number of start-up companies and adoption of Western working practices in
Vietnam is also resulting in a shift from traditional formal workwear towards casual alternatives.
Indeed, even established companies such as DBS Bank, Unilever and adidas are complying
with this trend and changing their official regulations. Jeans are consequently benefiting from
this change as they are perceived as casual, neat, fashionable and comfy to work in.
In addition, the athleisure and street-style trends are also supporting demand for jeans.
Usually, sneakers are associated with jeans, while ripped jeans are very popular as street-style
fashion items. Therefore, fashion and jeans companies are expected to see higher demand for
jeans over the forecast period. In addition, demand is rising particularly strongly within standard
and premium jeans, while the return to 1980s and 1990s fashion style is also corelated with
denim fashion.
CATEGORY DATA
Table 69 Sales of Jeans by Category: Volume 2015-2020
'000 units
2015 2016 2017 2018 2019 2020
Economy Jeans 5,230.2 5,321.2 5,439.7 5,619.2 5,832.5 5,506.9

Standard Jeans 2,268.3 2,362.2 2,463.7 2,608.7 2,783.3 2,586.4
Premium Jeans 169.3 185.1 244.7 328.7 392.2 342.4
Super Premium Jeans 51.3 55.1 58.9 62.6 66.2 49.8
Jeans 7,719.1 7,923.6 8,206.9 8,619.2 9,074.1 8,485.5
Table 70 Sales of Jeans by Category: Value 2015-2020
VND billion
2015 2016 2017 2018 2019 2020
Economy Jeans 2,137.4 2,286.9 2,445.1 2,609.8 2,775.0 2,671.0

Standard Jeans 1,824.9 1,995.7 2,179.8 2,403.0 2,658.0 2,527.1
Premium Jeans 265.8 304.2 420.2 588.2 721.8 647.6
Jeans 4,390.0 4,765.3 5,240.5 5,812.5 6,380.7 6,014.4
Table 71 Sales of Jeans by Category: % Volume Growth 2015-2020
% volume growth
2019/20 2015-20 CAGR 2015/20 Total
Economy Jeans -5.6 1.0 5.3

Standard Jeans -7.1 2.7 14.0
Premium Jeans -12.7 15.1 102.2
Super Premium Jeans -24.7 -0.6 -2.8
Jeans -6.5 1.9 9.9
Table 72 Sales of Jeans by Category: % Value Growth 2015-2020

2019/20 2015-20 CAGR 2015/20 Total
Economy Jeans -3.8 4.6 25.0

Standard Jeans -4.9 6.7 38.5
Premium Jeans -10.3 19.5 143.6
Super Premium Jeans -25.3 0.8 4.2
Jeans -5.7 6.5 37.0
Table 73 Sales of Men’s Jeans by Category: Volume 2015-2020
'000 units
2015 2016 2017 2018 2019 2020
Men's Jeans 3,458.1 3,564.1 3,714.7 3,906.1 4,075.1 3,887.1

- Standard Men's Jeans 848.1 892.2 941.2 1,002.4 1,072.6 1,029.7
Jeans
Table 74 Sales of Men’s Jeans by Category: Value 2015-2020
VND billion
2015 2016 2017 2018 2019 2020
Men's Jeans 1,928.8 2,104.8 2,339.0 2,612.4 2,861.9 2,738.4

- Standard Men's Jeans 657.2 723.0 798.9 884.0 979.5 963.3
Jeans
Table 75 Sales of Men’s Jeans by Category: % Volume Growth 2015-2020
% volume growth
2019/20 2015-20 CAGR 2015/20 Total
Men's Jeans -4.6 2.4 12.4

- Super Premium Men's Jeans -26.0 -0.7 -3.5
Table 76 Sales of Men’s Jeans by Category: % Value Growth 2015-2020

2019/20 2015-20 CAGR 2015/20 Total
Men's Jeans -4.3 7.3 42.0

- Super Premium Men's Jeans -27.5 0.2 1.1
Table 77 Sales of Women’s Jeans by Category: Volume 2015-2020
'000 units
2015 2016 2017 2018 2019 2020
Women's Jeans 4,260.9 4,359.5 4,492.2 4,713.1 4,999.0 4,598.4

Jeans
Table 78 Sales of Women’s Jeans by Category: Value 2015-2020
VND billion
2015 2016 2017 2018 2019 2020
Women's Jeans 2,461.3 2,660.5 2,901.6 3,200.1 3,518.8 3,276.0

Jeans
Table 79 Sales of Women’s Jeans by Category: % Volume Growth 2015-2020
% volume growth
2019/20 2015-20 CAGR 2015/20 Total

- Super Premium Women's Jeans -23.0 -0.4 -2.1
Table 80 Sales of Women’s Jeans by Category: % Value Growth 2015-2020

2019/20 2015-20 CAGR 2015/20 Total

- Super Premium Women's Jeans -22.4 1.6 8.2
Table 81 NBO Company Shares of Jeans: % Value 2016-2020
% retail value rsp

Company 2016 2017 2018 2019 2020
Au Chau Fashion & 5.6 5.7 5.6 5.7 5.1

Service Co Ltd
Diseño Textil SA
Vietnam Co Ltd
Hoang Phuc 0.5 0.5 0.5 0.5 0.3
Trung Tin Co Ltd 0.4 0.3 0.2 0.2 0.1
Maison JSC 0.2 0.2 0.1 0.1 0.1
Giorgio Armani SpA 0.2 0.2 0.2 0.2 0.1
Others 84.9 82.0 78.2 77.1 79.0
Total 100.0 100.0 100.0 100.0 100.0
Table 82 LBN Brand Shares of Jeans: % Value 2017-2020
% retail value rsp


Service Co Ltd
Diseño Textil SA
Retailing Co Ltd)
Diseño Textil SA
International Ltd)
Diseño Textil SA
Diesel (OTB Group) Au Chau Fashion & 0.2 0.2 0.2 0.1
International
Holdings Ltd)
(Mango))
Armani Jeans Giorgio Armani SpA 0.2 0.2 0.2 0.1
Calvin Klein Jeans Au Chau Fashion & - - - -
Diesel (Only the Au Chau Fashion & - - - -
Brave Srl) Cosmetic Co Ltd (ACFC)
Holdings Ltd)
Others Others 82.1 78.3 77.2 79.1
Total Total 100.0 100.0 100.0 100.0
Table 83 Forecast Sales of Jeans by Category: Volume 2020-2025
'000 units
2020 2021 2022 2023 2024 2025
Economy Jeans 5,506.9 5,809.8 6,158.8 6,489.0 6,774.2 7,042.5

Standard Jeans 2,586.4 2,695.0 2,869.2 3,072.3 3,290.5 3,528.9
Premium Jeans 342.4 376.1 407.4 455.6 505.2 550.1

Jeans 8,485.5 8,943.2 9,501.1 10,085.3 10,641.3 11,196.2
trade sources
Table 84 Forecast Sales of Jeans by Category: Value 2020-2025
VND billion
2020 2021 2022 2023 2024 2025
Economy Jeans 2,671.0 2,859.7 3,038.0 3,203.2 3,349.7 3,484.0

Standard Jeans 2,527.1 2,659.7 2,838.9 3,046.6 3,269.2 3,512.1
Premium Jeans 647.6 717.3 806.4 873.7 986.3 1,074.4
Jeans 6,014.4 6,444.6 6,903.6 7,355.5 7,849.2 8,326.5
trade sources
Table 85 Forecast Sales of Jeans by Category: % Volume Growth 2020-2025
% volume growth
2020/21 2020-25 CAGR 2020/25 Total
Economy Jeans 5.5 5.0 27.9

Standard Jeans 4.2 6.4 36.4
Premium Jeans 9.8 9.9 60.7
Super Premium Jeans 25.0 8.4 50.0
Jeans 5.4 5.7 31.9
trade sources
Table 86 Forecast Sales of Jeans by Category: % Value Growth 2020-2025

2020/2021 2020-25 CAGR 2020/25 Total
Economy Jeans 7.1 5.5 30.4

Standard Jeans 5.2 6.8 39.0
Premium Jeans 10.8 10.7 65.9
Super Premium Jeans 23.2 8.7 51.7
Jeans 7.2 6.7 38.4
trade sources
Table 87 Forecast Sales of Men’s Jeans by Category: Volume 2020-2025
'000 units
2020 2021 2022 2023 2024 2025
Men's Jeans 3,887.1 4,116.4 4,363.4 4,589.7 4,783.3 4,961.9

- Standard Men's Jeans 1,029.7 1,076.0 1,140.1 1,222.2 1,305.3 1,388.9

Jeans
Table 88 Forecast Sales of Men’s Jeans by Category: Value 2020-2025
VND billion
2020 2021 2022 2023 2024 2025
Men's Jeans 2,738.4 2,990.1 3,212.3 3,391.9 3,597.9 3,766.0

- Standard Men's Jeans 963.3 1,017.7 1,082.0 1,163.1 1,244.5 1,325.4
Jeans
Table 89 Forecast Sales of Men’s Jeans by Category: % Volume Growth 2020-2025
% volume growth
2020/21 2020-25 CAGR 2020/25 Total
Men's Jeans 5.9 5.0 27.6

Table 90 Forecast Sales of Men’s Jeans by Category: % Value Growth 2020-2025

2020/2021 2020-25 CAGR 2020/25 Total
Men's Jeans 9.2 6.6 37.5

Table 91 Forecast Sales of Women’s Jeans by Category: Volume 2020-2025
'000 units
2020 2021 2022 2023 2024 2025
Women's Jeans 4,598.4 4,826.8 5,137.7 5,495.5 5,858.0 6,234.4


Jeans
Table 92 Forecast Sales of Women’s Jeans by Category: Value 2020-2025
VND billion
2020 2021 2022 2023 2024 2025
Women's Jeans 3,276.0 3,454.5 3,691.3 3,963.5 4,251.3 4,560.6

Jeans
Table 93 Forecast Sales of Women’s Jeans by Category: % Volume Growth 2020-2025
% volume growth
2020/21 2020-25 CAGR 2020/25 Total

Table 94 Forecast Sales of Women’s Jeans by Category: % Value Growth 2020-2025

2020/2021 2020-25 CAGR 2020/25 Total

HOSIERY IN VIETNAM - CATEGORY

ANALYSIS
KEY DATA FINDINGS
▪ The reduction in the need for formal attire due to COVID-19 limits demand for hosiery
throughout Vietnam
▪ Hosiery current retail value sales decline by 8% to VND1,246 billion in 2020
▪ Non-sheer hosiery sees the slowest current value decline in 2020, falling by 7%
▪ Hoang Duong Trading & Service leads sales in 2020, posting a retail value share of 3%
▪ Over the forecast period, hosiery is expected to post a retail value CAGR of 11% at current
2020 IMPACT
COVID-19 lifestyle changes negatively impact demand for hosiery

In response to COVID-19, the Vietnamese government called for regional and national
lockdowns and social distancing measures. This prevented many people from working, studying
and socialising as they normally would, which led to a strong current value sales decline for
hosiery in 2020. Also, many companies in large cities like Hanoi and Ho Chi Minh City are
allowing their employees to work at home. Sheer hosiery, which was seeing stable growth
before the pandemic, has been significantly negatively impacted because many women who
were confined to their homes as a result of the pandemic were not using these items of clothing
for more formal work or social occasions, as they normally would, leading to a sharp decline in
demand. Due to its more casual and comfort-oriented nature, non-sheer hosiery has been
slightly less affected than sheer hosiery.
Due to COVID-19, outdoor activities were limited or banned from February 2020 to May 2020
in line with new regulation for government control. For example, sport events such as marathons
and charity events were cancelled and moved to July 2020. Moreover, the tourism industry has
also been strongly impacted by COVID-19 as people limited or stopped travelling and moving
between provinces. Therefore, demand for non-sheer hosiery dropped significantly in 2020.
Since consumers became used to online shopping during the COVID-19 pandemic, they are
increasingly buying hosiery through internet retailers such as Shopee, Lazada and Tiki or
purchasing online through social media sites like Facebook. However, most of these goods are
usually unbranded and counterfeits, which are sold by individual or small shops. Overall, the
sales share for hosiery in the offline channel thus decreased strongly.
Demand for higher quality hosiery boosted by rising consumer

sophistication
Both sheer and non-sheer hosiery performed well over most of the review period, despite the
fact that the category is starting to mature. Indeed, hosiery is deemed an essential product in
Vietnam. An increasing number of consumers are showing greater interest in using hosiery to
mix with other items of clothing to convey their fashion style and personality. Brands are also
introducing a wide range of hosiery made from different materials and designs in response to
various consumer preferences. Furthermore, companies are trying to enhance their presence in
modern distribution channels such as supermarkets and hypermarkets, shopping centres and
independent specific sports goods stores in order to reach consumers looking for high-quality
hosiery.
Over the forecast period, Vietnamese consumers are expected to continue to demand
hosiery, especially high-quality products, in line with rising disposable incomes and the
increasing focus on personal appearance. Companies will invest in widescale promotional
events throughout the year to encourage Vietnamese consumers to buy branded products.
Leading brands face strong competition from unbranded and counterfeit

products
Hosiery in Vietnam remains highly fragmented, with unbranded products imported from
neighbouring countries such as China and Thailand enjoying a very high level of popularity.
Consumers can easily purchase unbranded products from residential areas as they are sold
widely across Vietnam for lower prices, offering diversified designs and materials. Indeed, such
products are sold everywhere, including via traditional markets, street vendors, local small
stores and social media sites like Facebook. However, branded products from both international
and local players are gradually gaining sales share within hosiery in line with rising consumer
demand for higher quality and safer products. Over the forecast period, hosiery is expected to
remain fragmented since most Vietnamese consumers are price conscious and would prefer to
purchase unbranded products due to more accessible pricing.
Fast-fashion brands such as Zara and H&M have performed well in recent years in Vietnam.
Demand for international brands is being fuelled by rising disposable incomes, increasing
fashion awareness and the adoption of Western fashion trends, especially in urban areas. This
trend is highlighted by the fact that H&M recently opened three new stores. Such players are
expected to continue to perform well over the forecast period and gradually gain sales share at
the expense of unbranded and counterfeit products.
Rising consumer price sensitivity to fuel shift towards non-brand

products
As a result of the impact of COVID-19 on average incomes, Vietnamese consumers are
spending less on unnecessary goods like clothes and footwear and focusing on savings. In the
next few years, there is expected to be an increase in the movement from brands to
counterfeits, unbranded, unauthorised, small and economy brands due to lower average
incomes among Vietnamese consumers.
In Vietnam, hosiery sales continue to be dominated by unbranded and counterfeit products
due to their wide distribution networks and cheaper pricing. These products can be sold
everywhere across Vietnam, including traditional markets, street vendors, local small stores and
social media sites like Facebook. Due to the COVID-19 pandemic, the growth rate for these
goods is expected to rise slightly in the short term as consumers spend less on apparel and
footwear goods. Over the forecast period, non-sheer hosiery is expected to see the strongest
recovery within hosiery as more outdoor sport events have been organised in Vietnam since
June 2020. Moreover, the large number of people going back to gyms will also help to increase
volume sales.
Overall, women’s hosiery will continue to be geared more towards disposability and fashion
rather than function and longevity. However, the pandemic has intensified consumer awareness
of the detrimental impact of consumption habits on the environment.
Shift towards non-sheer hosiery fuelled by healthy lifestyle trend

Non-sheer hosiery has benefited from the growing popularity of sport and gym workouts
among Vietnamese consumers. In comparison with sheer hosiery, non-sheer products are able
to serve various consumer segments for a wide range of different purposes. On the other hand,
sheer hosiery is mostly purchased by female professionals. Due to the hot climate in Vietnam,
women rarely wear certain types of hosiery, despite fashion trends. In addition, non-sheer
hosiery continues to record faster current value growth compared to sheer hosiery. This can be
attributed to the growing health and wellness trend in the country, with fitness becoming
increasingly fashionable among younger people, thus boosting demand for non-sheer hosiery
such as sports socks.
Over the forecast period, non-sheer hosiery will continue to dominate value sales and grow
strongly, in line with the rising popularity of sports footwear. Furthermore, key players such as
Nike and adidas are projected to increase their marketing and sales activities to encourage
more people to exercise regularly, thus boosting overall value sales within sportswear and
demand for non-sheer hosiery.
Vietnamese climate and conservative attitudes continue to limit demand

While non-sheer hosiery sales are rising rapidly, demand for sheer hosiery continues to be
limited by Vietnam’s tropical climate and humid weather. In addition, the athleisure trend is
resulting in women opting for sports footwear rather than pump heels. The fact that sheer
hosiery is only used by women, along with the significant change in footwear preferences, will
continue to limit demand for sheer hosiery over the coming years. Although the number of
female white collar workers is increasing gradually in cities, such consumers do no tend to be
familiar with wearing sheer hosiery.
CATEGORY DATA
Table 95 Sales of Hosiery by Category: Volume 2015-2020
'000 units
2015 2016 2017 2018 2019 2020
Sheer Hosiery 2,713.2 2,781.0 2,836.6 2,879.2 2,908.0 2,471.8

Non-Sheer Hosiery 24,088.4 24,570.2 25,307.3 26,319.6 27,898.7 25,666.8
Hosiery 26,801.6 27,351.2 28,143.9 29,198.8 30,806.7 28,138.6
Table 96 Sales of Hosiery by Category: Value 2015-2020
VND billion
2015 2016 2017 2018 2019 2020
Sheer Hosiery 267.9 289.3 309.6 329.7 346.6 301.4

Non-Sheer Hosiery 696.6 759.3 833.8 917.1 1,013.4 944.2
Hosiery 964.5 1,048.7 1,143.3 1,246.8 1,360.0 1,245.6
Table 97 Sales of Hosiery by Category: % Volume Growth 2015-2020
% volume growth
2019/20 2015-20 CAGR 2015/20 Total
Sheer Hosiery -15.0 -1.8 -8.9

Non-Sheer Hosiery -8.0 1.3 6.6
Hosiery -8.7 1.0 5.0
Table 98 Sales of Hosiery by Category: % Value Growth 2015-2020

2019/20 2015-20 CAGR 2015/20 Total
Sheer Hosiery -13.0 2.4 12.5

Non-Sheer Hosiery -6.8 6.3 35.5
Hosiery -8.4 5.2 29.1
Table 99 NBO Company Shares of Hosiery: % Value 2016-2020
% retail value rsp

Company 2016 2017 2018 2019 2020

Service Co Ltd
Diseño Textil SA
Vietnam Co Ltd
Au Chau Fashion & 0.3 0.2 0.2 0.2 0.2
Crc Sport Vietnam JSC 0.1 0.1 0.1 0.1 0.1
Central Retail Corp 0.1 0.1 0.1 0.1 0.1
Others 96.3 95.0 93.2 92.7 92.5
Total 100.0 100.0 100.0 100.0 100.0
Table 100 LBN Brand Shares of Hosiery: % Value 2017-2020
% retail value rsp

Service Co Ltd
Diseño Textil SA
Retailing Co Ltd)
(Pierre Cardin SA)
New Balance (New Crc Sport Vietnam JSC 0.1 0.1 0.1 0.1
Balance Athletic
Shoe Inc)
Fila (Fila Holding Central Retail Corp 0.1 0.1 0.1 0.1
SpA)
Others Others 95.0 93.2 92.7 92.5
Total Total 100.0 100.0 100.0 100.0
Table 101 Forecast Sales of Hosiery by Category: Volume 2020-2025
'000 units
2020 2021 2022 2023 2024 2025
Sheer Hosiery 2,471.8 2,834.3 2,997.6 3,127.0 3,256.2 3,374.9

Non-Sheer Hosiery 25,666.8 27,440.2 29,269.7 30,820.1 32,447.1 33,849.6
Hosiery 28,138.6 30,274.5 32,267.3 33,947.0 35,703.3 37,224.5
trade sources
Table 102 Forecast Sales of Hosiery by Category: Value 2020-2025
VND billion
2020 2021 2022 2023 2024 2025
Sheer Hosiery 301.4 349.3 370.1 388.0 404.7 420.3

Non-Sheer Hosiery 944.2 1,021.3 1,092.1 1,160.4 1,227.3 1,286.3
Hosiery 1,245.6 1,370.5 1,462.2 1,548.4 1,632.1 1,706.6
trade sources
Table 103 Forecast Sales of Hosiery by Category: % Volume Growth 2020-2025
% volume growth
2020/21 2020-25 CAGR 2020/25 Total
Sheer Hosiery 14.7 6.4 36.5

Non-Sheer Hosiery 6.9 5.7 31.9
Hosiery 7.6 5.8 32.3
trade sources
Table 104 Forecast Sales of Hosiery by Category: % Value Growth 2020-2025

2020/2021 2020-25 CAGR 2020/25 Total
Sheer Hosiery 15.9 6.9 39.4

Non-Sheer Hosiery 8.2 6.4 36.2
Hosiery 10.0 6.5 37.0
trade sources
FOOTWEAR IN VIETNAM -
CATEGORY ANALYSIS
KEY DATA FINDINGS
▪ Lockdown measures in response to COVID-19 result in less need for footwear among
Vietnamese consumers
▪ Footwear current retail value sales decline by 10% to VND42,688 billion in 2020
▪ Women’s footwear sees the slowest current value decline in 2020, with sales falling by 8% to
VND25,653 billion
▪ Binh Tien Dong Nai Imex Corp continues to lead sales in 2020, posting a retail value share of
3%
▪ Over the forecast period, footwear is expected to post a retail value CAGR of 11% at current
2020 IMPACT
Sales fall strongly in light of home seclusion measures and store

closures
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. Many players have had to shift their focus to online sales and building
relationships with consumers in the digital sphere. Furthermore, the lifestyle changes imposed
by the pandemic have led to a change in consumer priorities, leading many of them to focus on
buying more essential items and causal styles that they can wear during their time in and
around their homes. This has benefited shoe styles such as house slippers and sneakers, while
causing categories like dress shoes and high heels to suffer. With many people worried about
their finances due to the ongoing uncertainty and the looming recession caused by the virus, the
category has become even more polarised. This is expected to have a longer-lasting effect on
sales, as many more consumers trade down to lower-priced options, while luxury consumers
trade up.
From Lunar New Year to the beginning of May 2020, children were kept at home by parents
for their safety since school was closed. Therefore, children’s footwear saw a dramatic decline
in both value and volume sales in 2020 mainly due to government social distancing measures.
Both women and men’s footwear also saw a drop in value sales due to an increase in the
number of unemployed people and lower average salaries as a result of the impact of COVID-
19. Consequently, consumers looked to spend less on goods like footwear and focused on
savings. In order to stimulate demand, leading players continued to offer promotional campaigns
of up to 50% on their websites and via internet retailers like Shopee and Lazada.
In 2020, due to government social distancing measures to control the pandemic, there was
also a strong decrease in the number of consumers going shopping in modern retailers such as
shopping malls, supermarkets and hypermarkets. Therefore, a number of leading footwear
specialist stores such as Charles & Keith and June were closed, resulting in a strong rise in
online sales.
Street fashion trend to fuel interest in sports-inspired footwear

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.
This trend is particularly evident among women. In addition, demand for sportswear is also
being boosted by rising health awareness and government efforts to encourage people to
exercise regularly. The appreciation of this style of footwear in Vietnam is highlighted by the
number of people attending Sneaker Fest each year. This special event, created by various
sports goods companies such as Nike, adidas and Louis Vuitton, is for young people who want
to try on sports-inspired footwear and streetwear products that reflect their own personality, as
well as display their social status. Indeed, over 1,000 young people attended Sneaker Fest in
Ho Chi Minh towards the end of the review period, including a number of celebrities as well as
fashion designers and bloggers.
Over the forecast period, value sales of sports-inspired footwear are predicted to continue
growing, following fashion trends from developed countries such as the US and in Europe.
Moreover, various brands such as adidas, Biti’s and Nike are also focusing on launching new
designs for their footwear, as well as investing in marketing to attract customers. Following
recent trends, Viet Tien Garment JSC - a popular local apparel company - also diversified its
product portfolio by selling sports-inspired footwear in Viet Tien House in response to higher
demand for such footwear among Vietnamese consumers.
Effective promotional campaigns and innovative products key to

success
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. The brand aims to offer customers a comfortable, high-class and dynamic shopping
experience when browsing for footwear, thus striving to be on par with international brands.
Besides Bitis, local brands such as Juno and Vascara are also paying attention to launching
new products with lower pricing in order to compete with foreign players.
In addition to dynamic marketing activity, the company also created its own website and
retails its products through various e-commerce platforms such as adayroi and Lazada to
increase value sales and attract new customers. Also, Binh Tien Dong Nai Imex continues to
focus on improving design, materials and marketing activities to attract customers. For example,
the company recently launched various new products such as Biti’s Hunter Street: Nameless
Edition and Biti’s’ Midnight.
Among branded products, adidas remains second in footwear, with the brand benefiting from
a strong reputation, wide distribution network and high product quality. In addition, the company
has also invested in a large number of promotional events and discounts of up to 50% to
stimulate and boost sales. These campaigns always receive a great deal of attention from
consumers, especially from middle and upper income segments. Furthermore, adidas also
recently opened a huge new store in northern Vietnam with a total selling space of 640 sq m.
Constant new product launches also help to attract consumers, with the launch of a new Nite
Jogger with youthful design receiving huge attention from younger generations. Moreover, the
company has also been actively investing in digital marketing campaigns in order to increase its
reputation among consumers.
No end in sight for explosive shift towards online sales

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. Online discounting and promotional activity
also accelerated quickly once retailers shut their doors, helping to drive sales. Furthermore, as
social distancing measures continued and consumers waited for a widely distributed vaccine,
concerns over returning to stores cemented new online shopping habits. Direct-to-consumer
footwear channels have taken the largest share, followed by specialist athletic footwear e-
commerce players. It is likely that online penetration will become even higher.
For a short period, companies like adidas or Nike are expected to lower unit prices via
promotional campaigns in order to attract price sensitive consumers. Currently, these
companies have fully developed their original website located in Vietnam not only to boost value
sales but also to compete with counterfeit products sold widely both offline and online. In the
future, more and more companies will look to focus on developing and improving their websites
in line with the new online shopping trend among Vietnamese consumers. In Vietnam, the
market remains to be dominated by unbranded and counterfeit products due to wide distribution
networks and cheaper pricing. These products can be sold everywhere across Vietnam,
including traditional markets, street vendors, local small stores and through internet sites like
Facebook.
Growth potential limited by Vietnam’s ageing population

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.
Many newlyweds are holding back on having babies for a few years or even choosing to have
pets instead. Consequently, these trends will limit growth within childrenswear over the coming
years.
Rising awareness of Western fashion supporting demand for branded

products
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.
Furthermore, the cooperation also aims to increase the footwear offer of local brands. Although
sales will continue to be dominated by smaller players offering unbranded products, demand for
branded footwear is predicted to increase strongly due to the gradually improving economy.
Furthermore, a growing number of consumers are also looking to purchase premium products in
order to display their social status.
CATEGORY DATA
Table 105 Sales of Footwear by Category: Volume 2015-2020
'000 units
2015 2016 2017 2018 2019 2020
Children's Footwear 13,315.3 14,433.8 15,444.1 16,425.2 17,494.6 15,395.2

Men's Footwear 26,001.3 28,549.4 30,833.4 33,145.9 35,300.3 30,534.8
Women's Footwear 50,384.9 54,818.8 58,930.2 63,055.3 67,153.9 60,102.7
Footwear 89,701.4 97,801.9 105,207.6 112,626.3 119,948.8 106,032.7
Table 106 Sales of Footwear by Category: Value 2015-2020
VND billion
2015 2016 2017 2018 2019 2020

Men's Footwear 10,679.6 12,014.6 13,456.4 15,017.3 16,368.8 14,404.6
Women's Footwear 17,237.7 19,857.9 22,439.4 25,178.1 27,883.7 25,653.0
Footwear 29,892.8 34,065.2 38,325.3 42,876.4 47,175.1 42,687.9
Table 107 Sales of Footwear by Category: % Volume Growth 2015-2020
% volume growth
2019/20 2015-20 CAGR 2015/20 Total
Children's Footwear -12.0 2.9 15.6

Men's Footwear -13.5 3.3 17.4
Women's Footwear -10.5 3.6 19.3
Footwear -11.6 3.4 18.2
Table 108 Sales of Footwear by Category: % Value Growth 2015-2020

2019/20 2015-20 CAGR 2015/20 Total
Children's Footwear -10.0 5.9 33.1

Men's Footwear -12.0 6.2 34.9
Women's Footwear -8.0 8.3 48.8
Footwear -9.5 7.4 42.8
Table 109 NBO Company Shares of Footwear: % Value 2016-2020
% retail value rsp

Company 2016 2017 2018 2019 2020
Binh Tien Dong Nai Imex 1.3 1.8 1.9 2.5 2.7
Corp Pte Ltd
Au Chau Fashion & 0.8 0.8 0.8 0.8 0.8

Maison JSC 0.5 0.6 0.7 0.7 0.7
Juno Vietnam Co Ltd 0.1 0.3 0.6 0.7 0.6
& Services Co Ltd
Vietnam Co Ltd
Diseño Textil SA
Vascara Vietnam Co Ltd 0.1 0.1 0.1 0.1 0.1
Hoang Phuc 0.2 0.2 0.1 0.1 0.1
Others 95.4 93.9 92.9 91.8 91.7
Total 100.0 100.0 100.0 100.0 100.0
Table 110 LBN Brand Shares of Footwear: % Value 2017-2020
% retail value rsp

Biti's Binh Tien Dong Nai Imex 1.8 1.9 2.5 2.7
Corp Pte Ltd
Juno Juno Vietnam Co Ltd 0.3 0.6 0.7 0.6
& Services Co Ltd
(Charles & Keith
(S) Pte Ltd)
Pedro (Charles & Maison JSC 0.2 0.2 0.2 0.2
Keith (S) Pte Ltd)
Puma (Puma SE) Maison JSC - 0.1 0.2 0.2
Diseño Textil SA
Vascara Vascara Vietnam Co Ltd 0.1 0.1 0.1 0.1
Balance Athletic
Shoe Inc)
Skechers (Skechers Maison JSC 0.1 0.1 0.1 0.1
USA Inc)
Others Others 94.0 93.0 92.0 91.8
Total Total 100.0 100.0 100.0 100.0
Table 111 Distribution of Footwear by Format: % Value 2015-2020
% retail value rsp

2015 2016 2017 2018 2019 2020

-- Modern Grocery 6.7 6.8 6.8 6.9 7.3 6.7
Retailers
--- Hypermarkets 2.7 2.7 2.7 2.7 2.8 2.5
--- Supermarkets 4.0 4.1 4.1 4.2 4.5 4.2
Retailers
Goods Specialist
Retailers
--- Other Leisure and - - - - - -
Personal Goods
Specialist Apparel
Retailers
Specialists
- Mixed Retailers 4.3 4.5 4.7 5.0 5.2 4.5
-- Variety Stores - - - - - -
- E-Commerce 2.1 2.9 3.7 4.2 4.8 7.1
- Vending - - - - - -
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 112 Forecast Sales of Footwear by Category: Volume 2020-2025
'000 units
2020 2021 2022 2023 2024 2025

Men's Footwear 30,534.8 31,450.8 33,023.4 35,269.0 37,808.3 40,757.4
Women's Footwear 60,102.7 62,987.6 66,640.9 70,772.7 75,585.2 80,573.8
Footwear 106,032.7 110,572.7 116,895.6 124,410.2 132,937.7 142,028.5
Table 113 Forecast Sales of Footwear by Category: Value 2020-2025
VND billion
2020 2021 2022 2023 2024 2025

Men's Footwear 14,404.6 14,980.8 15,879.6 16,991.2 18,265.5 19,726.8
Women's Footwear 25,653.0 26,935.7 28,551.8 30,407.7 32,536.2 34,748.7
Footwear 42,687.9 44,678.2 47,386.5 50,554.9 54,162.9 58,038.3
Table 114 Forecast Sales of Footwear by Category: % Volume Growth 2020-2025
% volume growth
2020/21 2020-25 CAGR 2020/25 Total
Children's Footwear 4.8 6.1 34.4

Men's Footwear 3.0 5.9 33.5
Women's Footwear 4.8 6.0 34.1
Footwear 4.3 6.0 33.9
Table 115 Forecast Sales of Footwear by Category: % Value Growth 2020-2025

2020/2021 2020-25 CAGR 2020/25 Total
Children's Footwear 5.0 6.3 35.5

Men's Footwear 4.0 6.5 36.9
Women's Footwear 5.0 6.3 35.5
Footwear 4.7 6.3 36.0
SPORTSWEAR IN VIETNAM -
CATEGORY ANALYSIS
KEY DATA FINDINGS
▪ Sportswear proves more resilient than other apparel areas due to the popularity of comfort
and street fashion
▪ Sportswear current retail value sales decline by 8% to VND8,148 billion in 2020
▪ Performance apparel sees the lowest decline in 2020, with current retail value sales falling by
just 3%
▪ adidas Vietnam continues to lead sales in 2020, posting a retail value share of 19%
▪ Over the forecast period, sportswear is expected to post a retail value CAGR of 11% at
2020 IMPACT
Store and gym closures negatively impact demand for sportswear

In the initial few weeks of lockdown in March to stop the spread of COVID-19, sales of
sportswear, like all other apparel categories, dropped significantly due to the ban on most sports
activities and competitions, and the closure of gyms and offices, as well as the closure of non-
essential stores. In response to the pandemic, outdoor activities were limited or banned from
February 2020 to May 2020 according to new government regulations. Moreover, as schools
were closed from February to the end of April, no sport event or sports at school were allowed.
Such measures had a major negative impact on the performance of sportswear in both value
and volume terms. Over the review period, companies such as Nike and adidas created mini
games and campaigns to encourage people to exercise at home and boost value sales through
online retailers. Furthermore, sportswear companies also regularly launch promotional
campaigns to stimulate demand. For instance, adidas launched its "#HOMTEAMHERO
CHALLENGE" campaign to encourage people to exercise at home from April to May 2020.
Due to government social distancing measures to control the pandemic, there was a strong
decrease in the number of consumers going shopping in modern retail outlets such as shopping
malls, supermarkets and hypermarkets in 2020. As a result, some sportswear specialist stores
were closed, while online sales of manufacturers and internet retailers increased strongly over
the same period.
In addition to the detrimental impact of store closures, the uncertainty and abrupt lifestyle
changes caused by the initial lockdown meant that consumers stopped buying all non-essential
items for a few weeks as they adjusted to a new way of living. However, as they acclimatised to
their new lifestyles and began conducting their work and leisure and sports activities (such as
running) in and around the home, they began to make non-essential purchases again. Demand
for sportswear was also somewhat supported by the casualisation and health and wellness
trends, which paved the way for sportswear to be considered fashionable. Therefore, such
products were more resilient compared with other apparel and footwear categories because
they provide comfort, functionality and even fashion while in the house, doing exercise or
running errands. With the reopening of gyms and other sports activities, sales of sportswear
enjoyed a stronger recovery due to schools opening and children participating in sport activities.
Demand supported by long term health awareness trend among

consumers
Towards the end of the review period, Vietnam saw a rise in the number of people being
diagnosed with obesity, especially among younger people under the age of 18 living in big cities
such as Hanoi and Ho Chi Minh. In response, the Vietnamese Government began to promote
the importance of daily exercise and a healthy diet. Therefore, an increasing number of
consumers are becoming aware of the importance of leading a healthy lifestyle and have started
to exercise more frequently to stay fit. In the past, most Vietnamese people were unaware of the
presence of sportswear and tended to wear comfortable outfits such as t-shirts or shorts when
exercising. However, with the improvement in living standards, Vietnamese consumers are
realising the benefits of sportswear compared with normal clothing, including breathable
materials to support exercise activities, as well as to prevent possible injuries. Consequently,
sportswear continues to post strong growth, with current value sales rising at double-digit pace.
Over the forecast period, sportswear is predicted to continue to record strong growth due to
the government’s encouragement and promotion of healthy lifestyles. In addition, sportswear
players are expected to take advantage of the increasing trend towards health and wellness to
educate Vietnamese consumers about the benefits of the different types of sportswear during
exercise to boost sales.
Leading brands look to leverage growing popularity of street fashion

The most popular sportswear brand in Vietnam remains adidas, which continues to gain value
share due to its extensive retail outlets and sound marketing and advertising strategies. With a
widespread distribution network across the country, adidas has successfully established a very
strong presence in sportswear. In addition to its strong distribution network, the company is also
very active regarding various marketing and promotional activities such as its popular “adidas
Power Women Series – Piloxing Barrer” event. As a result, adidas enjoys top-of-mind
awareness among consumers in Vietnam. The brand is thus expected to continue to lead
sportswear in Vietnam due to its popular brand name, dynamic marketing, wide distribution
network and high-quality products.
The majority of consumers in Vietnam remain highly price sensitive and therefore attracted to
cheaper products. However, rising disposable incomes and growing interest in higher quality
products is helping to boost demand for branded products. Among branded sportswear,
international players have a stronger presence in comparison with local players. This is due to
the fact that local players lack experience in producing high-quality sportswear and are therefore
unable to meet consumer demand for fashionable and high-quality products. While international
brands such as Nike and adidas continue to focus on the high-income segment, local brands
such as Biti’s target low and middle-income consumers.
Growing interest in outdoor sports to support recovery

Although outdoor activities were officially banned in response to the COVID-19 pandemic, the
Ministry of Healthcare still recommended that people do exercise daily at home as a way to
strengthen their immune system. Furthermore, thanks to the huge efforts of the government to
control the pandemic, sport events such as soccer, basketball and marathons started to be held
again in the beginning of June 2020. Over the forecast period, sportswear is predicted to
recover and grow gradually thanks to higher awareness of the importance of leading a healthy
lifestyle.
As online shopping became more popular during the COVID-19 pandemic, leading players
such as adidas and Bitis focused on boosting their online sales through internet retailers such
as Shopee and Lazada. For example, adidas and Bitis were top-five apparel & footwear brands
for Shopee during its campaign in November 2020. In the future, more and more companies will
look to focus on improving their websites and social media fan pages to attract more customers.
Within sportswear, sport apparel is expected to recover faster than footwear due to lower prices
and the large number of people returning to gyms and sports once the pandemic is over. The
fact that many consumers like to wear different sportswear clothes at the gym other than
footwear will help to boost demand.
As a result of the COVID-19 health crisis, more consumers have also come to prioritise
optimal health and immunity. Many have also come to realise the emotional and psychological
benefits of exercising in times of uncertainty and stress due to the lifestyle changes imposed by
the pandemic. Social distancing restrictions are likely to continue until vaccines are widely
distributed in mid-2021. Therefore, it is likely that consumers will continue to spend more time
outdoors to exercise and socialise safely, contributing to growing demand for outdoor items.
Sportswear is thus expected to see a faster recovery of sales than other apparel and footwear
categories.
Demand supported by rising popularity of performance and fashion

wear
Sportswear is increasingly seen as being trendy in Vietnam, with consumers being attracted
by the introduction of new street style ranges, especially in large cities like Hanoi and Ho Chi
Minh. In addition, since more people have started to regularly exercise in gyms and at school,
demand for performance sportswear is also rising strongly. Within this category, sportswear for
soccer, which is the most favourite sport in Vietnam, continues to lead sales.
Demand for women’s sportswear has also been strongly boosted by the fitness trend in the
last few years, with a growing number of female consumers going to the gym in order to stay in
shape and achieve their ideal body image.
Offering of new innovative sportswear key to attracting consumers

The number of fitness centres continues to grow strongly in urban areas in line with the
growing health and wellness trend in the country. These fitness centres are successful at
attracting a high number of people to sign up for membership. Moreover, Vietnamese
consumers are becoming increasingly aware of their appearance. Young people not only wear
sportswear to the gym and when partaking in sporting activities but also in their daily lives. Many
consumers, especially men, believe that wearing sports-inspired apparel gives them a youthful
and active appearance. Therefore, they are increasingly willing to pay for sportswear that
conveys a more fashionable image. Consequently, sportswear players are introducing various
designs for their collections to attract consumers’ attention, as well as to enhance their sales.
This trend is expected to carry over into the forecast period as fitness continues to be a
popular lifestyle trend among Vietnamese consumers, mainly due to the strong development of
social networks, as well as government policy. Consequently, over the coming years,
companies are expected to focus on developing new designs to respond to more sophisticated
demand among consumers.
CATEGORY DATA
Table 116 Sales of Sportswear by Category: Value 2015-2020
VND billion
2015 2016 2017 2018 2019 2020
Sports Apparel 2,935.0 3,260.1 3,627.6 4,053.0 4,531.4 4,315.7

- Performance Apparel 1,029.2 1,156.8 1,302.6 1,471.9 1,666.2 1,613.0
- Outdoor Apparel 377.7 414.7 454.1 495.0 533.1 477.5
- Sports-inspired Apparel 1,528.1 1,688.5 1,870.9 2,086.0 2,332.2 2,225.2
Sports Footwear 2,763.7 3,081.4 3,442.8 3,860.2 4,331.5 3,832.7
- Performance Footwear 868.2 970.7 1,087.2 1,219.8 1,372.3 1,166.5
- Outdoor Footwear 188.4 207.2 227.5 248.9 268.8 244.9
- Sports-inspired 1,707.1 1,903.5 2,128.1 2,391.5 2,690.4 2,421.4
Footwear
Sportswear 5,698.7 6,341.4 7,070.4 7,913.2 8,863.0 8,148.4
Table 117 Sales of Sportswear by Category: % Value Growth 2015-2020

2019/20 2015-20 CAGR 2015/20 Total
Sports Apparel -4.8 8.0 47.0

- Performance Apparel -3.2 9.4 56.7
- Outdoor Apparel -10.4 4.8 26.4
- Sports-inspired Apparel -4.6 7.8 45.6
Sports Footwear -11.5 6.8 38.7
- Performance Footwear -15.0 6.1 34.3
- Outdoor Footwear -8.9 5.4 30.0
- Sports-inspired Footwear -10.0 7.2 41.8
Sportswear -8.1 7.4 43.0
Table 118 NBO Company Shares of Sportswear: % Value 2016-2020
% retail value rsp

Company 2016 2017 2018 2019 2020

Au Chau Fashion & 5.1 5.2 5.0 4.9 4.7
Maison JSC 1.3 1.3 1.4 1.6 1.7
& Services Co Ltd
Hoang Phuc 1.5 1.4 1.4 1.3 1.0
Central Retail Corp 0.5 0.6 0.6 0.5 0.6
Others 77.1 74.3 71.9 71.2 70.8
Total 100.0 100.0 100.0 100.0 100.0
Table 119 LBN Brand Shares of Sportswear: % Value 2017-2020
% retail value rsp

& Services Co Ltd
Puma (Puma SE) Maison JSC - 0.8 1.1 1.1
Balance Athletic
Shoe Inc)
Skechers (Skechers Maison JSC 0.5 0.6 0.6 0.6
USA Inc)
Fila (Fila Holding Central Retail Corp 0.6 0.6 0.5 0.6
SpA)
adidas Kids (adidas adidas Vietnam Co Ltd 0.4 0.4 0.5 0.4
Group)
Puma (PPR SA) Maison JSC - - - -
Others Others 74.3 71.9 71.2 70.8
Total Total 100.0 100.0 100.0 100.0
Table 120 Distribution of Sportswear by Format: % Value 2015-2020
% retail value rsp

2015 2016 2017 2018 2019 2020

-- Modern Grocery 6.0 6.2 6.3 6.4 6.4 6.0
Retailers
--- Hypermarkets 2.4 2.5 2.5 2.6 2.6 2.5
--- Supermarkets 3.6 3.7 3.8 3.8 3.8 3.5
Retailers
Goods Specialist
Retailers
--- Other Leisure and - - - - - -
Personal Goods
Specialist Apparel
Retailers
Specialists
- Mixed Retailers 4.2 4.4 4.5 4.5 4.5 4.0
-- Variety Stores - - - - - -
- E-Commerce 3.5 6.4 8.9 10.9 12.4 19.0
- Vending - - - - - -
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 121 Forecast Sales of Sportswear by Category: Value 2020-2025
VND billion
2020 2021 2022 2023 2024 2025
Sports Apparel 4,315.7 4,488.3 4,774.4 5,111.7 5,496.9 5,924.5

- Performance Apparel 1,613.0 1,677.5 1,794.9 1,938.5 2,103.3 2,292.6
- Outdoor Apparel 477.5 496.6 526.4 560.6 598.2 635.3
- Sports-inspired Apparel 2,225.2 2,314.2 2,453.1 2,612.6 2,795.4 2,996.7
Sports Footwear 3,832.7 3,990.9 4,233.0 4,541.6 4,893.1 5,293.3
- Performance Footwear 1,166.5 1,213.1 1,285.9 1,388.8 1,506.8 1,642.4
- Outdoor Footwear 244.9 259.6 277.8 296.6 315.9 334.9
- Sports-inspired 2,421.4 2,518.2 2,669.3 2,856.2 3,070.4 3,316.0
Footwear
Sportswear 8,148.4 8,479.2 9,007.4 9,653.2 10,390.0 11,217.8
trade sources
Table 122 Forecast Sales of Sportswear by Category: % Value Growth 2020-2025

2020/2021 2020-25 CAGR 2020/25 Total
Sports Apparel 4.0 6.5 37.3

- Performance Apparel 4.0 7.3 42.1
- Outdoor Apparel 4.0 5.9 33.0
- Sports-inspired Apparel 4.0 6.1 34.7
Sports Footwear 4.1 6.7 38.1
- Performance Footwear 4.0 7.1 40.8
- Outdoor Footwear 6.0 6.5 36.7
- Sports-inspired Footwear 4.0 6.5 36.9
Sportswear 4.1 6.6 37.7
trade sources

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Apparel and Footwear in Vietnam

LIST OF CONTENTS AND TABLES

CATEGORY DATA ..................................................................................................................... 14

Table 67 Forecast Sales of Womenswear by Category: % Volume Growth

Demand supported by rising popularity of performance and fashion wear ............................. 77

APPAREL AND FOOTWEAR IN

COVID-19 impact on apparel and footwear

COVID-19 country impact

What next for apparel and footwear?

Apparel 220,682.4 228,892.5 238,275.6 249,784.2 264,670.6 247,624.4

Table 2 Sales of Apparel and Footwear by Category: Value 2015-2020

Apparel 45,227.1 49,691.6 54,722.4 60,364.8 66,460.1 60,054.2

Table 3 Sales of Apparel and Footwear by Category: % Volume Growth 2015-2020

Apparel -6.4 2.3 12.2

Table 4 Sales of Apparel and Footwear by Category: % Value Growth 2015-2020

% current value growth

Apparel -9.6 5.8 32.8

Table 5 NBO Company Shares of Apparel and Footwear: % Value 2016-2020

% retail value rsp

adidas Vietnam Co Ltd 0.9 1.1 1.3 1.4 1.5

Kowil Fashion Vietnam JSC 0.6 0.6 0.6 0.6 0.6

Table 6 LBN Brand Shares of Apparel and Footwear: % Value 2017-2020

% retail value rsp

Winny Kowil Fashion Vietnam JSC 0.2 0.2 0.2 0.2

Table 7 Distribution of Apparel and Footwear by Format: % Value 2015-2020

% retail value rsp

Store-Based Retailing 96.4 94.9 93.7 92.8 91.8 87.8

-- Department Stores 3.6 3.8 3.9 4.1 4.2 3.9

% retail value rsp

Store-Based Retailing 84.2 92.9 81.0

Table 9 Forecast Sales of Apparel and Footwear by Category: Volume 2020-2025

Apparel 247,624.4 272,242.4 290,085.2 307,161.3 325,430.6 343,826.9

Footwear 106,032.7 110,572.7 116,895.6 124,410.2 132,937.7 142,028.5

Table 10 Forecast Sales of Apparel and Footwear by Category: Value 2020-2025

Apparel 60,054.2 66,475.2 71,242.4 76,084.2 81,196.3 86,435.2

Apparel 9.9 6.8 38.9

% constant value growth

Apparel 10.7 7.6 43.9

GLOBAL MACROECONOMIC ENVIRONMENT

GLOBAL INDUSTRY ENVIRONMENT

Country % Population Average number Average price 2020 Market

Australia 31% 3.0 5.10 99.5

China 15% 3.0 2.73 1,398.5

Hong Kong, 16% 3.0 10.25 31.9

India 12% 3.0 2.03 725.2

Indonesia 32% 4.0 0.69 176.5

Japan 27% 7.6 4.38 1,025.5

Malaysia 15% 4.0 1.42 21.6

Philippines 40% 2.0 1.71 82.8

Singapore 20% 3.0 5.76 17.4

South Korea 11% 2.5 3.94 49.4

Taiwan 54% 6.8 5.50 412.9

Thailand 60% 7.0 0.95 233.1

Vietnam 10% 2.0 0.60 9.0

Source: Euromonitor International

Summary 2 Research Sources

General Statistics Office

Ministry of Industry & Trade

Vietnam Chamber of Commerce & Industry

Trade Associations Dai Su Hang Viet

Vietnam Leather & Footwear Association

Vietnam Textile & Apparel Association

Trade Press Bao Ha Tinh