M2 Vietnam Joint Stock Company is a familiar brand to consumers and is a pioneer in the fashion supermarket model, helping to distribute garment products of domestic enterprises. To better serve the needs of customers as well as respond to the campaign "Vietnamese people prioritize using Vietnamese products", M2 Vietnam Joint Stock Company has just opened another point of sale on Minh Khai Street (Hanoi). Sharing more about the business strategy, Mr. Nguyen Hai Duong, Chairman of the Board of Directors, General Director of M2 Vietnam Joint Stock Company said: "M2's orientation is to specialize in providing clothing, accessories, and fashion products of Vietnamese enterprises. With such orientation, after more than 23 years of appearing on the market, the Company now has about 200 domestic suppliers with hundreds of thousands of products of all kinds distributed in 20 fashion centers at home and abroad. To improve product quality, M2 regularly reviews the capacity of suppliers, choosing as partners suppliers with abundant sources of goods, clear origin, quality products, diverse designs, and competitive prices. In the face of difficulties in the export market, promoting domestic consumption stimulation activities, expanding stores to stimulate domestic consumption is identified as an effective economic lever, promoting production and business, removing difficulties for businesses, and restoring economic growth".

People shop for fashion products at the store of M2 Vietnam Joint Stock Company.

Not only garment distribution enterprises, in recent times, some leading domestic fashion manufacturing enterprises, such as: May 10, Duc Giang, Viet Tien, Nha Be, Viet Thang... have also focused on research, launching many product lines with diverse designs, types, and promoting brands to conquer the market. Notably, the May 10 Joint Stock Corporation, to exploit the domestic market, focuses mainly on office fashion; exploiting high-end fashion lines for women and men's fashion for young people; and opening more retail stores both online and offline. According to Mr. Than Duc Viet, General Director of May 10 Joint Stock Corporation, up to now, this unit is proud to have 100% of its products self-designed and manufactured in Vietnam; has a market research team that constantly updates fashion trends and new technologies in the fashion industry. In the domestic retail fashion sector alone, May 10 currently has more than 20 brands of all kinds such as: May10 Expert, May10 Classic, Eternity GrusZ, Cleopatra... with 60 stores, fashion centers and more than 200 agents nationwide.

The domestic market with 100 million people always creates attraction for many foreign fashion brands such as Mango, Zara, H&M, Uniqlo... That shows that, although domestic enterprises have the advantage of understanding the market and consumer culture, if they do not have a methodical business strategy, it will be difficult to compete at home. This context shows that, to maintain domestic market share, textile and garment enterprises need to have a methodical business strategy in terms of price as well as design, especially in terms of promotion and building a distribution chain.

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Article and photos: KHANH AN