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Vietnam: A ‘VVS’ Market
Little is known about Vietnam’s small but dynamic diamond market, though the country has been consistently ranked in the Top 10 retail destinations by international consultancy A.T. Kearney. Diamond World presents some snapshots of a market with exciting potential.
By: Diamond World News Service
Aug 25 2010 11:48AM
Reference: 5244  


It may have slipped from its No 1 ranking on A.T. Kearney’s Global Retail Development Index in 2008 to a relatively lowly 6th place in 2009, but Vietnam’s retail market, hidden from world view for many long years, has actually weathered the storm of the economic crisis in the same style as many other Asian countries.

According to official figures, real GDP growth in 2009 was pegged at 5.3%, and the government is targeting a 6.5% rise in 2010. Retail sales posted a year on year growth rate of 18.6 percent in 2009, rising to nearly US$ 65 bn, and are expected to about US$ 78 bn by end 2010.

For a country that opened its retail sector to the world hardly a couple of years ago, the speed of change has been dramatic. Today Vietnam has about 400 supermarkets and 2,000 convenience stores, operated by both domestic and global companies. A survey by Saigon Marketing Newspaper in 2008 revealed that around 50% of the consumers in Ho Chi Minh City purchase goods in supermarkets while only 15% buy products in traditional markets.

The General Statistics Office of Vietnam Census 2009 Report, notes that about 66% of Vietnam’s population is between 15 and 59 years of age. This is its largest spending group and it is expected to fuel the retail market growth. The number of mid and high income people has been increasing quickly and it is expected to reach 25% of the total population in the next couple of years.

"Import total turnover in the country in March 2010 is estimated at US$ 6.5 billion, estimated to the first quarter in 2010 at US$ 17.6 billion 38.4% increase over the same period in 2009 reflecting the recovery and growth of domestic production," says a statement of the Ministry of Planning and Investment.

"In (an) emerging and developing country like Vietnam, a new group of high income consumers has taken shape. They tend to continue to purchase brand name products of high quality, regardless of the economic circumstances." So believes Do Minh Phu, Vice President of the Vietnam Gold Business Association, and CEO of the Gold, Silver, Gemstone and Investment Joint Stock Company (DOJI) in talking about Vietnam’s diamond market at this point in time.

This is good news for diamantaires the world over as they explore newer emerging markets with a renewed vigour even as sales in the older, more established ones have dipped quite drastically.

Indeed, Vietnam’s fledgling diamond jewellery market has now emerged as a multi-million dollar business. Do Minh Phu notes that even during the global slowdown last year, “Demand for diamonds of average quality has fallen, but those of high quality are still very much in demand.”

According to local traders, in Vietnam high income earners favour higher quality diamonds and the D, E or F colours are more in demand. Ho Chi Minh City is the diamond trade’s largest centre. According to an official from SJC Hanoi, prices from VND1 to 2 billion are not uncommon.

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mitesh shah
What is the procedure to start a diamond business in vietnam? N plz. Give me the reputed jewellers name?
Dealing in natural fancy coloured diamonds in all sizes
kenn winter
I am looking for a ruby between 2-4 carats. Must be IF of ecellent colour. Am coming to Vietnam this minth. Do you know of a good jeweler in saigon, that sells rubies.
Krunal gandhi
What is the procedure to start a diamond business in vietnam? N plz. Give me the reputed jewellers name?
Manish patel
Looking for Diamond business in Vietnam
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