“The $800 Million Dollar Market: A Japanese Giant Enters Vietnam”

According to a report by Imarc, Vietnam’s eyewear market is projected to reach approximately US$498.6 million in revenue by 2024. More importantly, the market is expected to maintain a stable compound annual growth rate (CAGR) of between 5.4% and 5.68% in the coming years.

By 2033, the industry in Vietnam could be worth US$821.16 million. With a population of 100 million, this is clearly a market with huge potential.

There are several key drivers for this market. First is the increasing rate of refractive errors. This is considered the most important fundamental factor. The prevalence of eye conditions such as myopia, hyperopia, and astigmatism in Vietnam is on the rise, particularly among young people and office workers.

The main cause is believed to be prolonged exposure to electronic devices. The World Health Organization (WHO) even predicts that 66% of Vietnam’s population may be myopic by 2050, creating an essential and sustainable demand for vision correction products.

Next, along with the rise in eye problems, there is an increasing awareness of eye health. Consumers are becoming more concerned and seeking eye protection solutions, leading to a high demand for specialized glasses such as those with blue light and UV protection.

Additionally, Vietnamese youth are viewing eyewear not just as a medical device but also as an important fashion accessory to express their personality and style. This trend encourages consumers to own multiple pairs of glasses to match different outfits and occasions.

Another factor is the rising disposable income of Vietnamese consumers, especially in urban areas, making them more willing to spend on branded, high-quality products and services. Within the market, the spectacles segment is dominating, projected to hold a 73% market share by 2024. In terms of distribution channels, physical retail stores remain the primary channel with a 50.4% market share, as consumers still value professional advice, eye measurements, and trying on glasses in person.

However, e-commerce is showing rapid growth, opening opportunities for online-to-offline (O2O) business models. JINS, Japan’s leading eyewear brand, has established a subsidiary in Vietnam. They plan to open their first store in Saigon Centre, Ho Chi Minh City, in November this year. In the meantime, JINS will operate a pop-up store in the same mall from the end of June to the end of August.

JINS has grown into a large-scale global retail group. The company has over 3,400 employees worldwide and has sold more than 65 million eyeglass frames since 2014. JINS has an extensive network of stores across key markets. As of the end of May 2025, JINS operates 789 stores in six regions worldwide.