Although there are only about 10 shoe brands in Vietnam selling domestically, each with a market share of only 2%, Vietnamese shoe manufacturers are ready to start entering the domestic market.
Brazilian shoe brand Vascara has occupied Vietnam’s domestic market position for its equivalent position. Its brand is loved by young people and opened a total of 80 retail stores in large and medium -sized cities.
At present, there are about 100 domestic shoe brands in Vietnam’s domestic market, and these brands all use foreign brand names to attract consumers’ attention. Local brands in Vietnam mainly target ordinary middle-income consumer groups, and ordinary consumers will not pay high prices to buy local brands. High-income people will not buy Vietnamese brand shoes because local brands cannot show their identity.
Vietnamese shoe brands attract middle-income consumers with their high quality and reasonable prices. Since Vietnamese shoe manufacturers have long been processing international brands, they have high production skills. Of course, Vietnamese brands are concentrated in the mid-range market, leading to fierce competition, especially as some international brands are also competing for mid-range market share.
For example: Mirrabella brand, which mainly focuses on external processing, is growing at an annual rate of 10-15%. However, the problem is the lack of domestic wholesale and retail network channels, high retail store rents, and difficulties in entering large department stores. In three years, they have only opened three domestic retail stores.
There is not much quality difference between the products of Vietnamese footwear brands. Their financial resources determine their competitiveness, and advertising can help promote products. The Juno brand shows strong financial strength. It has been 10 years since it entered the domestic market. Thanks to the financial and technical support from Seedcom, it has become a well-known brand in the past two years.
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