Its parent company, Fast Retailing, will set up a joint venture with Mitsubishi Corporation to enter the Vietnamese market, where they will own 75 and 25 percent respectively. Tadashi Yanai, CEO of Fast Retailing, said he was optimistic about the opportunities in this exciting economy and retail market and look forward to introducing Uniqlo and other apparels to Vietnam. Its first store in Vietnam will be in Ho Chi Minh City, and Uniqlo will soon recruit staff for its launch, according to Nikkei Asia Review. Uniqlo’s arrival is set to intensify the competition between foreign brands like Zara and H&M in Vietnam. Zara and H&M, who came to Vietnam two years ago, have outlets at Vingroup’s malls in both HCMC and Hanoi. Currently, Vietnamese can only buy Uniqlo goods from independent local retailers or order them from Japan. Uniqlo aims to have around 400 outlets in Southeast Asia and Oceania by 2022, generating $2.71 billion worth of revenues. A survey released in October last year by market research firm Q&Me showed fashion items topping online purchases in Vietnam followed by IT products, cosmetics, food and beverage, and books and stationery. According to Statista, a database portal of statistics, consumer survey results and industry studies, the apparel market will be worth $2.74 billion this year and is expected to grow at 7.7 percent annually until 2021.