Vietnam – A Promised Jewelry Market
Vietnam has been recognized as a middle-income nation and the number of high- and middle-income earners has increased rapidly. Vietnam's economic growth has been most prominent in the major urban centres such as Ho Chi Minh City, Hanoi, Binh Duong and even Can Tho where the middle and upper classes represent almost 50% of the urban population. A new generation of rich young people become more aware of and appreciative of luxury items, with a higher focus on quality and craftsmanship. Jewelry, luxury clothing and cosmetics shops have cropped up. Demand for wedding jewelry has been increasing significantly in recent years. “The Vietnamese are not shy about showing off, using all these luxury products,” Mr. B.K. Chow, World Trade Fair Ltd’s Show Director, said that. Madam Bui Thuc Anh, Chief of Executives of VCCI Exhibition Service Co. Ltd, concluded that “IJV offers a direct business platform for foreign and domestic jewelers to sell their latest designs. People here like to spend on luxury goods and in fact, we can see this vast jewelry market opportunity.”
The market for ASEAN countries, growing with great economic vitality, is at the center of important international treaties, among them, the upcoming free trade agreement with the European Union in 2017 will remove customs duties on goods traded between the two economies.