Advertisment

Apple to Open First Online Store in Vietnam, Expanding its Reach in Emerging Markets

author-image
Nitish Verma
Updated On
New Update

Tech giant Apple announced on Friday that it would launch its first online store in Vietnam on May 18. This move is part of Apple’s strategy to tap into emerging markets and drive growth amid slowing sales in China.

Advertisment

The company recently opened its first physical stores in India, located in Mumbai and Delhi. Apple’s CEO, Tim Cook, has been pushing for increased expansion in emerging markets, where there are younger populations and relatively few iPhones in circulation.

Expansion into Vietnam

Apple’s move into Vietnam will provide the company with a foothold in the country’s market of 100 million people. While the company has not yet announced plans to open a physical store in the country, online stores often precede retail store openings. Apple already sells its products in Vietnam through licensed vendors and has multiple suppliers who assemble its gadgets in the country for export.

Advertisment

(Read Also: Prague Celebrates Multicultural Food Festival Each May)

Increased Reach in Emerging Markets

The expansion into Vietnam is the latest step in Apple's push into emerging markets, where it is seeking to increase its market share and drive growth. The company has been facing challenges in China, where sales have slowed in recent years. As a result, Apple has been looking to other markets for growth opportunities. In 2020, the company launched its first online store in India, a market with a population of over 1 billion people. The opening of physical stores in Mumbai and Delhi marked a significant expansion of Apple’s presence in the country.

Advertisment

(Read Also: Philippine President calls for talks with Vietnam to resolve maritime disputes)

Continued Growth Strategy

Apple’s expansion into emerging markets is part of a broader strategy to tap into new markets and drive growth. The company has been investing heavily in research and development, with a particular focus on new technologies such as artificial intelligence and augmented reality.

In addition, the company has been exploring new revenue streams, such as the launch of its subscription-based services like Apple Music, Apple TV+, and Apple Arcade. With the launch of its online store in Vietnam, Apple is continuing its efforts to expand its reach and tap into new markets for growth.

(Read Also: International Criminal Group Involved in Money Laundering and Fake Invoices Apprehended in Wólka Kosowska, Poland)

Advertisment
Advertisment