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According to data from the Statista (CAD) portal, the Vietnamese luxury goods market<\/strong> is expected to reach $957.2 million in 2023<\/strong>. Admittedly, this represents a “straw” compared to the American market, the sector’s largest ($75 billion). But it will post an attractive annual growth rate of +3.23% until 2028<\/strong>. This could position it in the years to come as a major Asian market<\/strong>, alongside more established destinations such as Japan and South Korea.<\/p>\n <\/p>\n <\/p>\n This boom is underpinned by both economic and demographic growth in this Southeast Asian country. According to the World Bank, the Vietnamese economy is set to grow by 6.3% in 2023<\/strong>. At the same time, its population has already more than doubled, from 15 million in 2016 to between 33 and 44 million today<\/strong>, according to the Boston Consulting Group and Nielsen!<\/p>\n <\/p>\n It’s hardly surprising, then, that luxury brands are setting up shop <\/strong>in this new promised land.<\/p>\n <\/p>\n Berluti, Dior, Herm\u00e8s, Louis Vuitton, Tiffany & Co<\/strong>, etc.: they all want to be there…<\/p>\n <\/p>\n <\/p>\n Herm\u00e8s has chosen Ho Chi Minh<\/strong>, the country’s capital, to open its new two-storey boutique<\/strong> in September 2022. The House has taken advantage of the best of the country’s tradition and modernity. It has set up shop in the Union Square<\/strong> shopping center, itself located in the bustling District 1 district. But the Parisian architectural firm RDAI<\/strong> has not forgotten to pay homage to the country’s artisan heritage. The store’s fa\u00e7ade, for example, is adorned with woven wooden panels in the style of local basketry.<\/p>\n <\/p>\n Some brands rely on local distributors, such as DFAC or S&S Group<\/strong>, to give themselves every opportunity in this market. Berluti, Lvmh’s men’s fashion house, joined forces with S&S Group to inaugurate its first store in Vietnam, in Hanoi<\/strong>, last September.<\/p>\n <\/p>\n Already the importer, distributor and exclusive representative of numerous luxury brands in Vietnam, including watchmakers Audemars Piguet and Richard Mille and carmaker Lamborghini<\/strong>, S&S Group has been developing its own chain of multi-brand watch and jewelry boutiques – S&S Knightsbridge<\/strong> – as well as single-brand franchises for the past ten years.<\/p>\n <\/p>\n <\/p>\n But Vietnam’s luxury ecosystem is also expanding into the hotel sector<\/strong>. Last October, Waldorf Astoria Hotels & Resorts<\/strong>, the ultra-premium hotel brand of the American Hilton Group, announced the conversion of the existing Hilton Hanoi Opera into the Waldorf Astoria Hanoi<\/strong>. In addition to renovating the 187 existing rooms and suites, the Waldorf Astoria Hanoi will feature over 1,000 square metres of event space, four restaurant concepts (including the brand’s signature lounge-bar, Peacock Alley<\/strong>) and the Waldorf Astoria Spa<\/strong>.<\/p>\n <\/p>\n The new Waldorf Astoria Hanoi hotel is scheduled to open in 2025<\/strong>. And all this in a historic center that’s ideal for discovering the former capital of North Vietnam: located just a 40-minute drive from Noi Bai international airport<\/strong>, it allows guests to immediately immerse themselves in the nostalgic atmosphere of the old “French Quarter” and Hoan Kiem Lake…while being close to Hanoi’s new commercial facilities.<\/p>\n <\/p>\n This project is part of the Hilton Group’s ambitious policy in Asia and Vietnam<\/strong>, particularly for its Waldorf Astoria Hotels & Resorts brand<\/strong>. The latter will at least double its presence in Asia-Pacific (currently six hotels in China, Thailand and the Maldives, c by 2028. In addition to the Waldorf Astoria Hanoi, Hilton will open nine other hotels and resorts in Vietnam over the next few years<\/strong>.<\/p>\n <\/p>\n Vietnam has never ceased to seduce tourists…<\/p>\n <\/p>\n Read also >Vietnam: Why do luxury brands see great potential there?<\/a><\/p>\nEconomic and demographic growth<\/h2>\n
Herm\u00e8s in Ho Chi Minh<\/h2>\n
2025: the arrival of the Waldorf Astoria Hanoi<\/h2>\n