With a rising birth rate, an expanding middle class, and growing consumer awareness of the importance of high-quality products for small, family-run businesses, Vietnam represents a burgeoning market for international businesses. According to a 2023 report by Euromonitor, the market in Vietnam for mom-and-pop businesses is projected to grow at a compound annual growth rate (CAGR) of 7.3% from 2021 to 2025, potentially reaching approximately VND50 trillion (US$2.03 billion) by 2025.
| Haruhiko Ozasa, Chief Representative of JETRO Hanoi. Photos: Hoang Nam/The Hanoi Times |
From September 25th to October 4th, 2024, the Japan External Trade Organization (JETRO) Hanoi office is hosting a special showroom displaying products specifically tailored for small, family-run businesses at the Hoa Binh Hotel in Hanoi. The event features 30 Japanese suppliers showcasing a wide range of products, from daily essentials to educational toys and skincare products.
Simultaneously, JETRO is participating in the Vietbaby Fair 2024 at the International Exhibition Center in Hanoi, where they are introducing Japanese products to potential buyers and distributors from across Vietnam. The event is attracting wholesalers, retailers, and companies interested in distributing high-quality Japanese products in Vietnam.
| Some featured Japanese products are displayed at the event. |
Haruhiko Ozasa, Chief Representative of JETRO Hanoi, commented on the event, stating, "The Vietnamese market has shown tremendous growth in the mom-and-pop sector. We believe that Japanese products, known for their safety and reliability, will meet the needs of Vietnamese families looking for quality products for their small businesses. This event is an excellent opportunity for both Japanese suppliers and Vietnamese buyers to establish fruitful partnerships."
JETRO’s initiative aligns with the increasing demand in Vietnam for products that ensure the safety and well-being of children. As the market continues to grow, there is a clear opportunity for Japanese companies to introduce innovative products that combine traditional craftsmanship with modern needs. This strategic approach not only fulfills market demand but also strengthens the economic ties between Japan and Vietnam.
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At the Vietbaby Fair 2024, JETRO is also introducing Japan Street, a digital platform designed to facilitate connections between Japanese suppliers and international buyers. This platform offers an extensive catalog of Japanese products, enabling Vietnamese businesses to access a wide range of offerings from Japan and engage in online negotiations directly with Japanese suppliers.
With Vietnam’s mom-and-pop sector projected to grow significantly in the coming years, Japanese companies are poised to make a substantial impact by providing products that cater to the evolving needs of Vietnamese consumers.
