The Footwear Market in Vietnam is on a Steady Growth Trajectory, Driven by An Expanding Customer Base, Growing Middle-Class Populating, and Evolving Preferences. We Discuss the key market trends and vietnam consumer outlook to 2030.

Vietnam's Footwear Market is on A Growth Trajectory, Driven by An Expanding Customer Base and Evolving Preferences. With Increasing Urbanization and A Rising Class Popuration, Both Local and International Brands Are Selying New Opportunities.Outlook for the Footwear Market in Vietnam in the Coming Years.

BY 2030, Vietnam is extended to rank as the world's 11th larget consumer market, with a population of 80 million consumers, Marking A 34 Percent Rise FROM 2024. HSBC BANK FO recasts that vietnam is set to rise fresher, becoming the 10th largest consumer market by2030, Surpassing Countries like Germany and the Uk. Moreover, The Bank Predicts That BetWeen 2021 and 2030, The Number of People in Vietnam Earning More than US $ 20 per d AY, Adjusted for Constant Purchasing Power Parity (PPP), Will Increase Significantly.Surat Stock

Source: World Data Lab (2023) & Visual Capitalist (2024)

Projections suggest that by 2040, more than half of Vietnam's population will reside in urban areas, expected to reach approximately 65.71 million by 2050. This growth is predominantly fueled by the expansion of economically influential metropolitan areas, particularly Ho Chi Minh City, Hanoi, andTheir neighboring regions. Moreover, Compared to Other Countries in the Region, Such as the Philippines, Indonesia, and Thailand, Vietnam Has Achieved A Sharp a Sharp a Sharp a Sharp ND Remarkable DeCline in ITS Slum-Dwelling Population. Urbanization is exten to bring with it a host of benefitsCombined with the sharp decrease in Slum Populations, Which Further Points to Improved Living Conditions for Many, Paving The Way for the Emergeence CL ASS and a Rise in the Number of Consuamers Who Can Afford and Buy More Goods and Services in Vietnam.

In Addition to the Growing Number of Consuamers, Vietnam is highlight to be one of the factst-geowing nations for Middle-Class Expansion. Expected to join this demographic, reaching a topal of 56 Million People by 2030, Vietnam is rankedseventh among the nine nations experiencing the fastest middle-class growth over the next decade. According to global consultancy McKinsey, Vietnam's consumer class has experienced rapid growth and transformation since 2020Varanasi Stock. In 2022, 58 million people were part of the “below consumer class”, Spending Less than us $ 11 daily. However, By 2030, This Figure is Project to Decrease by Over 50 Percent, Dropping to Just 27 Million People. -Level Consumer Class is Expected to See Significant Growth, Increasing from 36Million in 2020 to 57 Million in 2030-Nearly A 50-Percent Rise. FURTHERMORE, The Established and High Consumer Classes, who spend more than 30 per day, are allso fo RECAST TO GROW.

Vietnam's Footwear Market Is Rapidly Growing, Driven by Low Labor Costs, A Skilled Workforce, and Favorable Trade Agreements. Wear Manufacturn EnterpriseS we operating in Vietnam, with a strong concentration in ho chi minh city. in 2024, The Market's Revenue is Project to Reach US $ 2.35 Billion, with A 2.5 Percent Increase Expected in 2025, Bringing the Total to US $ 2.49 Billion. by 2028, This file is forecasted to climb to us $ 2.92 Billion, Reflecting a Compound Annual Growth Rate (Cagr) of 5.58 Percent for 2024-2028.

The Market is Primarily Dominated by the Textile and Other Footwear Segments, Which Holds A Value of US $ 0.76 Billion, Followed by Leather Footwear and Sneakers. AdDitionally, The Average Volume Per Capita in Vietnam's Footwear Market Is Anticipated to Be 1.43 PAIRS in 2024. FURTHER, by 2028, The topal market volume will reACH 157.7 million pairs.

The Vietnamese Footwear Market is Primarily Divided Into Three Categories: Local Brands, Well-Known International Brands, and UNBRANDED FOOTWEARJaipur Stock. ENSE Competition BetWeen Local and Global Brands, With Both Sides Focusing on Enhancing Quality, Responding to Customer Needs, And Keeping upWith Market Trends to Attract a Broader Audience. Prominent domestic Brands Include Bitis, Juno, vina shots, vascara, and vinagiay. DS in Vietnam, Such as nike, Adidas, ACIS, Jordan, Aldo, and Converse, Appel toConsumers Seeking Prestige, Distantive Designs, and Superior Quality, with a Willingness to Pay Mid-High Prices for Shoes. Wear Caters to Customers Who Favor FASHION FASHION and MAKE FREQUENT PURCHASES.

As more than vietnam's population is extended to join the global middle class by 2035, the resulting increase in disposable income is driving a growing Erice for high-Quality Imported Goods, Especially from EUROPE and the U.S. This Shift in Consumer Interest Is Also Fueledby the perception that products from deverted Markets are superior to the thisStic or Developing Markets. AdDITIONALLY Wear As Vietname Consuamers Become More Conscious, Selective, and Inclined Toward Sustainable Choices.From 2.3 Percent in 2018 to 3.4 Percent in 2024, with Forecasts Predicting It Will Reach 4 Percent by 2026.Guoabong Stock

Vietnam's Consuume Market Presses A Bright Future, Fueled by Rapidly Expanding Consumer Base. ENT MIDIDLE CLASS Are Expected to Create Numerous Valuable Opportunities., Making Vietnam An Appeling Destination for Future Investments and Market Expansion.

Specifically in Vietnam's Footwear Market, there is ben a notable suns in revenue, with forests predicting grewth in the year ahead. ION of the MIDDLE CLASS and their Increasing Purchasing Power Present Substantial Opportunities for International and High-Quality Brands. However, to toMeet Evolving Consumer Preferences, Brands Should Also Consider Sustainability Product Lines. DOMESTIC Brands Must Also Stay Competitive, Focusing on Innovative Designs, Improving Product Quality, and Building Strong Brand Reconition to Compete with Foreign Competitors.

(With inputs from nguyen thuy tien.)

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