EXPEND THE MARKET--- VN

The Vietnamese market is an emerging market full of potential, with the following main characteristics and opportunities:

1. Consumer market growth

Vietnam's consumer market has shown strong growth momentum, especially in the retail and e-commerce sectors. In 2024, Vietnam's retail market size reached US$126.3 billion, and it is expected to grow at a compound annual growth rate of 10.4% by 2028.

Vietnam's e-commerce market is also very active, with platforms such as Shopee, Lazada, and TikTok Shop occupying most of the market share. In 2024, the total transaction volume of goods by Vietnamese consumers on these platforms reached 319.9 trillion VND, a year-on-year increase of 37%.

2. Consumer behavior

Vietnamese consumers are increasingly inclined to shop online, especially during the epidemic, and this trend has been strengthened. Vietnam has a high penetration rate of smartphones and a continued increase in the proportion of Internet users, providing a solid foundation for the development of e-commerce.

Vietnamese consumers have a high demand for cost-effective products, especially in suburban areas of towns and low-tier cities, where price sensitivity is higher.

3. Policy and regulatory environment

The Vietnamese government is promoting a number of reforms, including streamlining administrative structures and optimizing tax policies, to attract foreign investment and improve the competitiveness of domestic enterprises.

Vietnam is also working to establish a more open and transparent business environment so that foreign companies can better enter the market and operate.

4. Opportunities in specific industries

Glass market: Vietnam's glass market is expected to grow significantly in the next few years, especially the market for tempered glass and new glass products. Vietnamese consumers have a high preference for quality requirements and local brands.

New energy vehicle market: The Vietnamese government is vigorously promoting the development of new energy vehicles, and the automotive glass market is expected to grow rapidly in the next few years.

5. Competition and cooperation

The Vietnamese market faces fierce competition from both home and abroad, including Korean, European, Japanese brands and local Vietnamese brands. Chinese brands can gain market share by providing cost-effective products and localized marketing strategies.

Trade and investment cooperation between China and Vietnam is also deepening, which is good news for Chinese companies that want to enter the Vietnamese market.

In short, the Vietnamese market provides abundant opportunities, whether for direct investment, product sales or service provision, it is worth in-depth research and development.