Japanese fashion retailer UNIQLO is committed to long-term business and cooperation in Hanoi, Vietnam’s capital city although the Covid-19 epidemic is negatively affecting the local economy and consumers.

UNIQLO Vietnam signs a memorandum of understanding with the Hanoi Department of Industry and Trade

The retailer would increase investment through expanding its retail system, coordinating with Hanoi’s relevant departments and agencies to strengthen prevention and combat of fake and counterfeit goods and ensuring genuine and high quality products to Vietnamese customers.

This is the core content of a memorandum of understanding signed between Hanoi’s Department of Industry and Trade with UNIQLO Vietnam in the presence of Chairman of the Hanoi People's Committee Nguyen Duc Chung and Ambassador of Japan to Vietnam Kunio Umeda on March 5, just one day before the opening of the first UNIQLO store in Hanoi.

According to the memorandum of understanding, the two sides agreed to promote cooperation to boost UNIQLO's investment and business activities in Hanoi market, build a healthy business environment, create jobs and contribute to the socio-economic development of the city.

Covering over two floors with a retail space of almost 2,500 square meters, UNIQLO Vincom Pham Ngoc Thach, localted in Dong Da district, is one of the largest UNIQLO stores in Southeast Asia, along with the first store in Ho Chi Minh City launched last December.

Osamu Ikezoe, general director of UNIQLO Vietnam, said at the press briefing that UNIQLO's  expansion in Vietnam based their analysis on the potential of the market, with a GDP growth rate of about 7%, a young and dynamic population.

“The COVID-19 epidemic did not affect the store opening plan in Hanoi because we had anticipated it. However, it is likely that production in Vietnam will be affected in March and April,” said Ikezoe, adding that UNIQLO will try to accelerate the production process so as to ensure the supply to the market.

“Moreover, in Vietnam, we have a factory. Opening shops at the place of production will facilitate business, reduce the time and cost of bringing products to market,” Ikezoe said.

Ikezoe confirmed that UNIQLO plans to open three stores in Hanoi this year, and will rapidly increase stores in Hanoi and Ho Chi Minh City in the next three to five years. However, the specific amount and time have not yet been revealed.