Uniqlo wants to accelerate expansion in Vietnam

Uniqlo Vietnam, which was established in Vietnam in 2018, is a joint venture between Fast Retailing Group and Mitsubishi Corporation (Japan). Its first retail store was opened in 2019 in Ho Chi Minh City.

Vietnam at that time was the brand's sixth market in Southeast Asia and was also seen as Uniqlo’s key market.

Chairman and CEO of Fast Retailing Tadashi Yanai said that “Vietnam is a land of promise”. It was expected to become a sales and production center for Uniqlo in the region.

After three years, Uniqlo's retail distribution system in Vietnam has grown to 12 stores (4 stores in Hanoi, 7 stores in Ho Chi Minh City, and 1 store in Hai Phong).

Vice president of Fast Retailing Noriaki Koyama said in a recent meeting with Deputy Minister of Industry and Trade Do Thang Hai that the brand wanted to increase the number of stores in Vietnam.

Uniqlo plans to open several new stores in Hanoi this year, and some flagship ones in 2023 towards the 50th anniversary of Vietnam-Japan relations.

Koyama asked the ministry to introduce capable and reputable Vietnamese enterprises in the field of textiles and garments to cooperate and support the joint venture's procedures to expand its distribution system in Vietnam.

"We are not talking about 100 stores in Vietnam. Much more," Yanai said on a business trip to Vietnam eight months ago.

Entering Vietnam, Fast Retailing and its joint venture with Mitsubishi announced three commitments including expanding the business network nationwide, promoting domestic production, and developing Vietnamese talents.

Besides expanding the distribution network, Koyama said that Fast Retailing will strive to increase productivity, quality, and manufacturing output in Vietnam. The Japanese company expects to be supported to connect with potential factories and production facilities for its global supply chain.

In terms of human resources, a large number of Vietnamese personnel have been recruited and trained by this corporation in Vietnam as well as in Japan. Fast Retailing also plans to sign a memorandum of understanding with Foreign Trade University and Vietnam - Japan University to expand the activities of training and recruiting in Vietnam.