Japanese brands Jins and MUJI lead a new wave of openings, while Thailand’s Central Retail and Japan’s Aeon ramp up investment. Tourism recovery and rising middle-class spending are reshaping Southeast Asia’s most promising retail market.
Vietnam is emerging as one of Asia’s hottest battlegrounds for global retail as international brands race to expand ahead of the 2025–2026 shopping seasons. A surge in consumer confidence, a strong tourism rebound, and improving household finances are prompting Japanese and Thai retailers — along with long-established foreign chains — to aggressively scale up their presence.
The momentum was sparked by an unexpected signal from the market. Jins, the Japanese eyewear chain with 810 stores worldwide, tested Vietnam with a pop-up at Saigon Centre in June. The company received over 2,000 pre-orders — far more than expected — convincing it to open three permanent stores in Ho Chi Minh City in just one month, all of which exceeded initial sales forecasts.
Another Japanese heavyweight, MUJI, is also doubling down. The brand just upgraded its flagship Lê Thánh Tôn store to 3,300 m², now its third-largest location in Southeast Asia. MUJI Vietnam — already the company’s third-fastest-growing market globally after Japan and China — aims to reach 20 stores by 2026 and is planning an entry into Da Nang.
Long-established foreign retailers are equally active.
– Central Retail (Thailand) has just completed converting a Hanoi supermarket into a 35,000 m² mall and plans 10–12 new malls plus 23–25 GO! hypermarkets over the next three years.
– Aeon (Japan) opened a compact-format supermarket in Binh Duong ward, upgraded Aeon Mall Bình Tân, and announced plans to triple its scale in Vietnam.
The expansion wave comes as Vietnamese households show renewed willingness to spend. A UOB report shows the country’s consumer sentiment index at 67, far above the regional average of 54, with over 70% expecting better financial conditions next year. Retail sales in the first 10 months rose 9.3%, notably higher than 2024’s pace. HSBC notes a “meaningful improvement” in final-consumption-linked retail activity.
Tourism is amplifying the trend. With 17.2 million international arrivals in the first 10 months — up 21.5% — Vietnam now leads ASEAN in tourism recovery, driven in part by resurgent Chinese travel demand.
But challenges remain. Purchasing power has not fully recovered to pre-Covid levels, and research by UOB highlights gaps in financial preparedness among Gen Z. At the same time, sustainability concerns are reshaping buying behavior: one in three Vietnamese consumers is willing to pay more for eco-friendly products, outpacing the regional average.
That shift is forcing global retailers to localize aggressively. MUJI has redesigned products for Vietnamese lifestyles — from raincoats and helmets for motorbike commuters to rubberwood furniture and locally sourced produce. “We will continue developing items made specifically for Vietnam,” said MUJI Vietnam CEO Tetsuya Nagaiwa.
Jins is differentiating itself with Japan-inspired spatial design and novel eyewear features, including multi-directional hinges and ultra-durable frames.
Vietnam’s retail market is entering a decisive new phase: foreign players are scaling rapidly, local consumers are more confident — and more selective — and the country’s booming tourism pipeline is fueling demand. For global brands, the message is clear: now is the moment to invest, localize, and capture one of Asia’s fastest-growing consumer markets.
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Source: Vietnam Insider