Swedish brand H&M opens first Da Nang store

The 1,600 square meter outlet is located in the Vincom Ngo Quyen mall in downtown Da Nang. Starting from VND99,000 ($4.27), the story aims to offer reasonably priced products for men, women and children.

Fredrik Famm, the brand’s Southeast Asia manager, said popular travel hotspot Da Nang was a market with good potential and they could open even more outlets in the central city.

H&M was keeping its prices reasonable in order to develop sustainably in Vietnam, Famm said.

With three outlets in Hanoi and four in Ho Chi Minh City, H&M is now established in all three regions of the country, while its Spanish competitor Zara has only two in Hanoi and HCMC.

The expansion of H&M comes as major international brands set up shop in Vietnam to tap a rapidly growing fashion market.

Australian brand Cotton On opened its first store in HCMC earlier this month, while Japanese casual wear retailer Uniqlo announced it would open its first store in the country on December 6, also in HCMC.

The fashion garments industry, estimated at $5 billion in 2018, is expected to reach $7 billion by 2023, according to Vietnamese retail group Seedcom.