Vertu, a luxury phone brand catering to the global elite, is making its presence known in Vietnam. Unlike mainstream brands such as iPhone, Samsung, and Oppo, Vertu is a niche player in the high-end technology segment, with prices reaching billions of VND per unit.
In Vietnam, Vertu has established two flagship stores in the heart of Ho Chi Minh City and Hanoi. Recently, Vertu Vietnam opened its third authorized dealer, located in the prestigious Caravelle Saigon at 19-23 Cong Truong Lam Son, District 1, Ho Chi Minh City. This new store, along with the existing ones on Dong Khoi Street in District 1, Ho Chi Minh City, and in Hanoi, adhere to Vertu Global’s stringent design, space, and location criteria.
The Metavertu 2 Phone: A 100-million VND Sensation
Meanwhile, the Metavertu 2 smartphone is creating a buzz among Vietnam’s connoisseurs with its affordable price tag of just a few hundred million VND. Vertu Vietnam’s stores have witnessed a surge of interest in the Metavertu 2, with sales figures for April and May surpassing those of other models.
According to Vertu Vietnam’s official representative, the Metavertu 2 has been a hit with entrepreneurs and tech-savvy individuals, as well as young people seeking a smartphone that exudes class and elevates their social status. The phone’s competitive pricing strategy has been instrumental in its success in the Vietnamese market, offering a more accessible alternative to the Signature V line.
Some Vertu Vietnam customers have shared that spending over 100 million VND on a phone that offers the world’s best security features, a luxurious and exclusive design, and customizable details is a no-brainer.
In recent years, Vertu has been expanding its customer base by introducing smartphones with advanced security features at more affordable price points, starting from 135 million VND.
The opening of the new Vertu store coincides with the entry of other luxury brands into Vietnam, indicating a growing appetite for high-end products in the country.
Image: The new Vertu store at Caravelle Saigon, 19-23 Cong Truong Lam Son, District 1, Ho Chi Minh City.
Vietnam: A Promising Land for Luxury Brands
Cartier, a renowned luxury watch brand, has made a bold move by investing in a new store at the prestigious Union Square shopping center in Ho Chi Minh City. Cartier is part of the Richemont Group, a giant in the global luxury watch industry, which also owns prominent brands such as A. Lange & Söhne, IWC, and Jaeger-LeCoultre. Another high-end watch brand, Longines, has also opened a showroom in a prime location in the city.
According to Statista, Vietnam’s luxury goods market generated a revenue of 957.22 million USD in 2023, with significant contributions from perfumes, cosmetics, fashion, leather goods, watches, and jewelry. This sector is projected to reach 992.2 million USD in revenue by 2024.
Statista also forecasts a steady annual growth rate of 3.10% (CAGR 2024-2028) for the Vietnamese luxury market. The expanding middle class and increasing disposable income have fueled a surge in demand for luxury goods.
Knight Frank’s recently released Wealth Report 2024 further emphasizes Vietnam’s potential, ranking the country fifth in the Asia-Pacific region for ultra-high-net-worth individual (UHNWI) population growth between 2023 and 2028. This growth rate surpasses that of South Korea, Hong Kong, and Singapore. Vietnam is estimated to have approximately 752 UHNWIs in 2023, reflecting a 2.4% increase from the previous year. While this growth rate is lower than that of Malaysia, Indonesia, and Singapore, it is three times higher than Thailand’s 0.8%.
By 2028, Vietnam is expected to be home to 978 UHNWIs, representing a 30% increase from 2023 levels, and will remain among the top five countries in the Asia-Pacific region, outperforming South Korea, Hong Kong, and Singapore. As a result, Vietnam is witnessing an influx of luxury jewelry brands offering items worth billions of VND.
