The newly-open Bvlgari store in HCMC. (Photo courtesy of Bvlgari Vietnam)

The store opened in a shopping mall in District 1, HCMC, in February but without a formal opening ceremony due to the COVID-19 outbreak and official orders not to congregate in large numbers.

The brand used to be sold in Vietnam through a local distributor, Imex Pan Pacific Group, until March 2019. In October that year, it established a subsidiary in the country.

A Bulgari Vietnam spokesperson told VnExpress its returns to Vietnam is due to the potential of the market owing to rapid urbanization and economic growth.

According to market and consumer data provider Statista, the Vietnamese luxury goods market is expected to be worth more than 1.14 billion USD in 2021 and grow at more than 7% annually until 2025.