Apple has announced its plans to open its first online store in Vietnam next week, signaling its commitment to expanding its presence in emerging markets. This move comes as the tech giant seeks to drive growth amid slowing sales in China, while also capitalizing on the potential of young populations and untapped markets.
The online store is set to open on May 18, marking Apple’s first foray into the Vietnamese market. This development follows closely on the heels of the company’s recent openings of physical Apple stores in India, with locations in Mumbai and Delhi. The decision to expand into emerging markets is part of Apple CEO Tim Cook’s strategy to find new avenues for growth.
Vietnam, with its population of approximately 100 million people, presents a promising market for Apple. The company has recognized the potential of the country’s relatively young population and the increasing demand for smartphones, particularly iPhones. By establishing a strong online presence in Vietnam, Apple aims to cater to the needs and preferences of Vietnamese consumers, further solidifying its position in the country.
Deirdre O’Brien, Apple’s senior vice president of retail, expressed the company’s enthusiasm for expanding its operations in Vietnam. This move underscores Apple’s commitment to providing Vietnamese customers with a seamless shopping experience and access to the latest Apple products and services.
The opening of the online store in Vietnam is likely to pave the way for the establishment of physical Apple stores in the country. In many cases, online stores serve as precursors to brick-and-mortar retail locations, allowing companies to gauge consumer demand and establish a loyal customer base.
It is important to note that Apple has been selling its products in Vietnam through licensed vendors, while also relying on multiple suppliers in the country for the assembly of its gadgets. This existing presence and infrastructure in Vietnam lay a solid foundation for Apple’s expansion plans.
In addition to offering a wide range of Apple products, the online store in Vietnam will also feature a team of experts fluent in Vietnamese. This dedicated team aims to provide local customers with tailored support and expertise, further enhancing the overall customer experience.
Vietnam has been witnessing significant growth in the import of completely built units (CBU) phones, with a turnover of $3.5 billion in , representing a 10.5% increase compared to the previous year. In terms of imports, Apple, along with Samsung, Oppo, and Xiaomi, emerged as the preferred brands, accounting for 93.4% of the market share. Notably, iPhone imports experienced the most substantial growth, soaring by 46% and reaching $1.16 billion.
Apple’s decision to expand into Vietnam reflects its commitment to tapping into emerging markets and diversifying its global footprint. With a growing consumer base and increasing demand for high-quality smartphones, Vietnam presents a lucrative opportunity for Apple to further strengthen its position in the competitive tech industry.
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