Vietnam’s footwear market is one of the most promising in Asia, driven by the country’s continuous economic development and the increasing purchasing power of its consumers. This has resulted in rapid growth for the industry. Despite the COVID-19 pandemic causing a decrease in demand for shoes among Vietnamese consumers due to lockdown measures in 2020, the market has quickly rebounded to pre-pandemic levels as the outbreak subsided. Looking ahead, it is anticipated that more footwear manufacturers will enter the Vietnamese market, which will remain highly competitive with significant growth potential.
The Vietnam footwear market reached 123.3 million units in 2022 and is expected to grow to 165.5 million units by 2028, at an estimated CAGR of 5.4% during the forecast period of 2023-2028. In terms of revenue, the market was valued at USD 2.2 billion in 2022 and is expected to reach USD 3.9 billion by 2028, growing at a CAGR of 10.0%.
The expected growth of the Vietnam footwear market is driven, in part, by the increasing popularity of sport-style shoes, particularly among young consumers residing in urban areas who seek active, fashionable, and youthful designs. This trend is particularly evident among women. Furthermore, the growing awareness of health and the government’s efforts to encourage regular exercise have fueled demand for sports shoes. The rising number of participants in Sneaker Fest each year is a testament to the Vietnamese people’s appreciation for this shoe style. This special event, created by multiple sports equipment companies such as Nike, Adidas, and Louis Vuitton, is designed for young people who want to try on sports-style shoes and streetwear products that reflect their individuality and showcase their social status. Additionally, various brands such as Adidas, Bitis, and Nike are focusing on launching new shoe designs and investing in marketing to attract customers.
All three categories of footwear are experiencing fast growth rates, with the men’ footwear segment showing the highest growth rate. This is due to the changing lifestyles of Vietnamese men, who are increasingly participating in outdoor activities and sports, leading to a greater need for comfortable and durable footwear. Vietnamese consumers’ demand for footwear is evolving, with a greater emphasis on product quality, appearance, and branding, in addition to price sensitivity. The footwear market is highly competitive, with both domestic and international brands vying for market share.
Research Coverage
Based on type, the Vietnam footwear market is segmented into athletic and non-athletic. The non-athletic footwear segment led the market and accounted for a share of 88.0% in 2022. It is expected to reach USD 3.4 billion by 2028, expanding at a CAGR of 9.7% from 2023 to 2028. This segment comprises a wide range of footwear products, including casual shoes, boots, sandals, and formal shoes, among others. Non-athletic footwear is popular among consumers of all age groups and is worn for various occasions, such as work, school, and social events. The growing demand for fashionable and comfortable footwear is a key factor driving the growth of this segment in the Vietnam footwear market.
In 2020, the impact of the blockade of the COVID-19 pandemic roughly caused many Vietnamese shoe stores to close, which in turn prompted consumers to turn to online platform shopping. With the lifting of blockade, the convenience of online shopping channels coupled with a variety of discounts and promotions have prompted Vietnamese consumers to rely more on online shopping. It is expected that in the future, more and more companies will invest more resources in online sales channels, which can reduce the operating costs of offline stores and protect brands. The penetration of online sales channel for footwear in Vietnam will become higher and is the fastest growing of all sales channels.
Competitive Landscape
The top footwear suppliers in the market are listed below, along with their respective market shares for the period of 2018 to 2022. Adidas AG, Binh Tien Imex Corp., Pte., Ltd., Nike Inc., Charles & Keith Group, Puma SE, VF Corp., and H&M Hennes & Mauritz AB are among the prominent players in the Vietnam footwear market. As of 2022, Adidas AG maintained its position as the leading supplier in the Vietnam footwear sector with a sales market share of 2.7%. Binh Tien Imex Corp. increased its market share from 0.1% in the previous fiscal year to 2.6% in 2022.
Table of Contents
TABLE OF CONTENTS 1
FIGURES AND TABLES 3
Part 1. Scope and Methodology 5
Key Findings 5
Report Scope 6
Product 6
Type 6
Distribution Channel 6
Research Methodology 6
Part 2. Market Overview 9
Part 3. Vietnam Footwear Market by Product 12
Part 4. Vietnam Footwear Market by Type 15
Part 5. Vietnam Footwear Market by Distribution Channel 18
Part 6. Competitive Analysis 21
Adidas AG 25
Business Overview 25
Company Information 25
Business Performance 26
SWOT Analysis 28
Binh Tien Imex Corp., Pte., Ltd. 29
Business Overview 29
Company Information 29
SWOT Analysis 29
Nike Inc. 29
Business Overview 30
Company Information 30
Business Performance 30
SWOT Analysis 32
Charles & Keith Group 33
Business Overview 33
Company Information 33
SWOT Analysis 33
Puma SE 34
Business Overview 34
Company Information 34
Business Performance 34
SWOT Analysis 37
VF Corp. 38
Business Overview 38
Company Information 38
Business Performance 38
SWOT Analysis 41
H&M Hennes & Mauritz AB 42
Business Overview 42
Company Information 42
Business Performance 42
SWOT Analysis 44
Part 7. Macroeconomic Data and Forecast 45
Disclaimer 47
FIGURES AND TABLES
Vietnam Footwear Market, Volume and Value, 2018-2028 (Thousand Units) (USD Million)
Vietnam Footwear Market, Net Growth, 2018-2028 (Thousand Units) (USD Million)
Vietnam Footwear Market, Growth Rates, 2018-2028
Vietnam Footwear Market by Product, 2018-2028 (USD Million)
Vietnam Footwear Market by Product, CAGR Historic and Forecast, 2018-2028
Vietnam Footwear Market by Product, 2018-2028 (USD Million)
Vietnam Footwear Market by Product, 2018-2028 (USD Million)
Vietnam Footwear Market by Product, CAGR Historic and Forecast, 2018-2028
Vietnam Footwear Market by Product, 2018-2028 (USD Million)
Vietnam Footwear Market by Distribution Channel, 2018-2028 (USD Million)
Vietnam Footwear Market by Distribution Channel, CAGR Historic and Forecast, 2018-2028
Vietnam Footwear Market by Distribution Channel, 2018-2028 (USD Million)
Vietnam Footwear Market, by Companies, 2018-2022
Vietnam Footwear Market, by Companies, 2022
Vietnam Footwear Market, by Brands, 2018-2022
Vietnam Footwear Market, by Brands, 2022
Adidas AG Financial Overview
Adidas AG Financial Overview (EUR Million)
Adidas AG Revenue, by Segment, 2022
Adidas AG Revenue, by Region, 2022
Adidas AG SWOT Analysis
Binh Tien Imex Corp., Pte., Ltd. SWOT Analysis
Nike Inc. Financial Overview
Nike Inc. Financial Overview (USD Million)
Nike Inc. Revenue, by Segment, 2022
Nike Inc. Revenue, by Region, 2022
Nike Inc. SWOT Analysis
Charles & Keith Group SWOT Analysis
Puma SE Financial Overview
Puma SE Financial Overview (EUR Million)
Puma SE Revenue, by Segment, 2022
Puma SE Revenue, by Distribution Channel, 2022
Puma SE Revenue, by Region, 2022
Puma SE SWOT Analysis
VF Corp. Financial Overview
VF Corp. Financial Overview (USD Million)
VF Corp. Revenue, by Brand, 2022
VF Corp. Revenue, by Segment, 2022
VF Corp. Revenue, by Region, 2022
VF Corp. SWOT Analysis
H&M Hennes & Mauritz AB Financial Overview
H&M Hennes & Mauritz AB Financial Overview (SEK Million)
H&M Hennes & Mauritz AB Revenue, by Region, 2022
H&M Hennes & Mauritz AB SWOT Analysis
Vietnam Population (Millions) and Forecast
Vietnam Consumer Price Index (CPI) and Forecast
Vietnam Gross Domestic Product (Billion USD) and Forecast
Vietnam Footwear Market: Spend as a Proportion of GDP (%)
Vietnam Footwear Market: Consumption Per Capita (Population)
Companies Mentioned
Adidas AG
Binh Tien Imex Corp., Pte., Ltd.
Nike Inc.
Charles & Keith Group
Puma SE
VF Corp.
H&M Hennes & Mauritz AB