Apple’s Online Store in Vietnam: A Golden Opportunity or a Competitive Storm?

Welcome to Vietnam Untold. Today, we bring you an exciting development in the world of technology as Apple Inc., the global technology giant, makes its much-anticipated entry into the Vietnamese market.  

With the launch of its official Apple’s online store in Vietnam, Apple paves the way for its physical stores to open next year. But will this new venture prove to be a golden opportunity or a competitive storm for the Vietnamese market?

Last year, iPhones accounted for 5 out of the 10 best-selling smartphones in Vietnam. With a market worth $4.3 billion, approximately 13.4 million iPhones were sold, solidifying Apple as the preferred brand in the country.

Apple’s decision to establish an online store in Vietnam is part of its larger strategy to expand its global reach and establish direct connections with consumers. Vietnam, with its thriving economy and tech-savvy population, offers a promising market for Apple to tap into.

Not only can Vietnamese consumers purchase iPhones, but they also have access to other Apple products such as iPads, MacBooks, and watches through the online store. Moreover, the store offers the option to personalize Apple devices with text, numbers, and emojis, allowing customers to add a unique touch to their gadgets.

To further enhance convenience and flexibility, Apple’s trade-in program and financing options through the Vietnam-based digital wallet, MoMo, are now available to buyers.

In related news, eDigi, Apple’s premium partner, recently announced its closure due to declining sales and the inability to compete with cheaper Apple products purchased abroad. This highlights the difficulties faced by local retailers following Apple’s direct entry into the market.

Nguyễn Thế Kha, Director of FPT Shop and F.Studio by FPT, shared a positive outlook on Apple’s entry into the Vietnamese market. He stated, “The launch of the Apple online store in Vietnam is a clear indication that we are a market with long-term growth and development potential, which Apple has thoroughly analyzed and evaluated.”

While some mobile retail entities like Thế Giới Di Động, CellphoneS, and Di Động Việt believe that Apple’s online store will not significantly affect their revenue, they do acknowledge that the prices on the online store might be difficult to undercut compared to retail chains.

On the other hand, Nguyen Duc Tai, Chairman of Mobile World Investment Corporation (MWG), confidently expressed his belief that “a few Apple stores cannot replace over 3,000 stores of the gioi di dong.”

The entry of Apple’s online store also compels domestic mobile retailers to re-evaluate their strategy & operation in order improve their services to attract and retain customers.

While local retailers may have concerns, Vietnamese customers are excited about the opportunity to purchase Apple products directly from the company and experience the Apple store, similar to other markets like China, Japan, and Singapore.

Thank you for watching Vietnam Untold. Stay informed, stay connected.