Apple's Expansion in Emerging Markets now includes opening an Online Store in Vietnam on May 18
Today Apple announced that it will be opening its first online store in Vietnam on May 18, as it seeks to tap into demand from its younger, tech-savvy population and rapidly growing digital economy.
Expanding into Vietnam is part of the iPhone maker’s broader business strategy. Apple has begun a bigger push into emerging markets like India and Malaysia to boost sales. Apple also starting manufacturing the iPhone 14 in Brazil.
During Apple's last Financial Conference Apple's CEO noted at one point that "We had a stellar quarter in emerging markets overall. We’re putting efforts in a number of these markets and really see, particularly given our low share and the dynamics of the demographics, a great opportunity for us."
There has been no mention of when a retail store might open in Vietnam, but the launch of an online store is likely its precursor. Apple launched its first online store in India in 2020, and finally opened its first retail stores in the country last month.
Vietnam’s technology boom, by the digits
- 40%: Estimated pace of Vietnam’s internet economy growth annually, according to a 2019 report from Google, Temasek, and Bain & Company
- $23 billion: Value of Vietnam’s digital economy in 2022, set to hit around $50 billion by 2025 according to a 2022 report from Google, Temasek, and Bain & Company
- 5 million: Number of smartphone users in Vietnam as of March 2022, according to Vietnam’s Department of Telecommunications
- 5%: Estimated percentage of adults in Vietnam with smartphones as of March 2022
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For more, read the full Reuters report. Apple's Senior VP or Retail Deirdre O'Brien told the Vietnamese news site tuoi tre news, "We're proud to be expanding in Vietnam."