The fitness industry in Vietnam is experiencing a significant boom, with a growing number of fitness studios being opened across the country. This surge in popularity can be attributed to several factors, including economic growth, the impact of the COVID-19 pandemic, and the rise of fast-food chains. As a result, individuals are prioritizing their health and seeking ways to strengthen their immune systems through regular exercise and healthy lifestyle choices. In this article, we will uncover various aspects of Vietnam’s thriving fitness industry.
Fitness Industry Trends in Vietnam
Rising health awareness and wellness lifestyle
Vietnamese consumers are becoming more concerned about health, hygiene, and food safety. According to a survey, 76% of Vietnamese consumers want to know everything that goes into their food, while 89% are willing to pay more for foods that claim health benefits.
Based on research by Ken Research, Vietnam has witnessed a concerning rise in obesity rates, with an annual growth rate of 8.4% recorded between 2013 and 2018.
This has led to a rise in the demand for fitness services and products. Moreover, as the Covid-19 situation begins to stabilize, fitness brands are gradually returning to normal operations. The pandemic has served as a wake-up call for individuals to prioritize their health and become more conscious of the importance of exercise and overall well-being.
Increasing demand for boutique fitness studios and personal training
Personal training and boutique fitness studios are becoming increasingly popular in Vietnam. People are willing to spend more on personalized training and attention from skilled trainers. The demand for personal training often surges after the annual Tet (Lunar New Year) holiday season, with people trying to shed the weight gained during the festivities.
The growing popularity of functional training and group fitness classes
Functional training, which focuses on everyday movements and activities, is gaining popularity in Vietnam. It can help in building mobility, power, and speed, and lead to the strengthening of muscles. By engaging in functional training exercises that mimic everyday movements, individuals can improve their ability to maintain balance. This not only provides physical benefits but also translates into practical advantages in day-to-day life.
Group fitness classes are also in demand, as they provide a sense of community and motivation. Moreover, they have been found to improve adherence to exercise programs and provide a more enjoyable workout experience.
Adoption of digital fitness and wearable technology
The fitness industry has witnessed significant transformations due to technological advancements. The introduction of wearable technology, smart fitness apparel, state-of-the-art home gyms, and AI-supported personal coaching has revolutionized the way people approach their fitness journey. Devices like Fitbit, Apple Watch, and Garmin have empowered users by providing them with a deeper understanding of their health and fitness levels.
These wearable technology devices offer a range of features, enabling users to track various metrics such as steps taken, calories burned, heart rate, blood pressure, and personalized health recommendations. Users now have convenient access to their individual health data, allowing them to make informed decisions about their well-being.
Esteemed fitness service centers in Vietnam, including Elite Fitness, California Fitness, Yoga Centre, and Fit24, have recognized the potential of these devices and actively promote their use to enhance the health and fitness outcomes of their clients. By leveraging these technological innovations, these centers aim to elevate the quality of their services and assist their clients in achieving their fitness goals.
Challenges in the fitness industry
The fitness industry in Vietnam faces challenges such as competition from unorganized fitness centers and the need for skilled trainers. The competition is especially fierce in the major cities, where there is a high concentration of fitness centers. The industry also needs more skilled trainers to cater to the growing demand for personalized training.
Moreover, expanding business in Vietnam comes with challenges such as excessive bureaucratic procedures, fluctuating Vietnamese dong currency, the requirement of the Vietnamese language in paperwork, complex tax payments, and a cash-dependent economy.
Business Ideas & Opportunities in Vietnam’s Fitness Industry
Potential for gym chains and franchises
Despite the challenges, the fitness industry in Vietnam presents several business opportunities, particularly for gym chains and franchises. Gym chains and franchises offer several advantages, including a recognized brand name, economies of scale, and access to established systems and processes. By expanding in Vietnam, foreign investors can tap into a market with high growth potential and establish themselves as major players in the market.
According to Statista, California Fitness & Yoga Centers, Elite Fitness, and Yoga Plus are among the leading fitness studio brands in Vietnam. These companies have expanded rapidly in recent years, taking advantage of the growing demand for fitness services.
According to a report by Q&Me, California Fitness, and Yoga was the leading fitness studio chain in Vietnam as of April 2022, with 36 studios. It was followed by Curves with 27 studios and Elite Fitness with 14 studios.
Growth of boutique fitness studios and personal training businesses
Boutique fitness studios are a growing trend in the global fitness industry. These studios are small gyms that focus on group exercise, specializing in one or two fitness areas such as cycling, yoga, or high-intensity interval training. Unlike traditional gyms, boutique fitness studios offer a more intimate and personalized form of group exercise, creating a community feel among members. They offer clients exceptional and highly personalized customer experiences, cultivating loyal followers.
Opening a boutique fitness studio can be a rewarding and profitable venture if done correctly. It’s important to thoroughly research and plan before investing, such as considering market demand, location, equipment, and branding.
Key players in this space include Fire Fitness, GymHaus, and Hustle.
Opportunity for fitness equipment and apparel suppliers
The growing fitness industry in Vietnam also presents opportunities for fitness equipment and apparel suppliers. While China currently dominates the market for fitness equipment, Vietnam is emerging as an attractive alternative for sourcing these products due to its lower labor costs and improving manufacturing capabilities. In addition, the country is becoming a hub for textile and garment manufacturing, making it an ideal location for sourcing fitness apparel.
Expansion of digital fitness and technology-based fitness businesses
As the country embraces technological advancements and a greater emphasis on health and fitness, various digital fitness solutions have gained popularity among Vietnamese consumers. One such innovation is Electrical Muscle Stimulation (EMS) training.
EMS training refers to a form of workout that employs a wearable device to stimulate muscles, leading to amplified workout effects. EMS training offers the advantage of targeting both slow and fast-twitch muscles, resulting in quicker fitness outcomes.
A startup gym chain called 25 FIT emerged during the Covid-19 pandemic and quickly expanded by opening 13 workout studios in just six months. The startup offers a modern fitness model using EMS technology, allowing for efficient full-body workouts in just 25 minutes. The company attracted initial customers through word-of-mouth referrals and traditional advertising methods. Despite the competitive market, 25 FIT has found success as it targets a niche market of individuals who are new to gym workouts or dislike traditional gyms. The startup has experienced fortunate circumstances, such as increased availability of suitable locations for its studios and untapped target market.
Conclusion
The fitness industry in Vietnam is experiencing a remarkable surge driven by rising health awareness, demand for personalized training, and the adoption of digital technology. Despite challenges such as intense competition and a shortage of skilled trainers, the industry presents significant business opportunities. With the market poised for continued growth and the government’s support for the sports and fitness sector, Vietnam offers a promising landscape for entrepreneurs and businesses looking to capitalize on the thriving fitness industry.
About Us
InCorp Vietnam is a leading provider of global market entry services. We are part of InCorp group, a regional leader in corporate solutions, that encompasses 8 countries in Asia-Pacific, headquartered in Singapore. With over 1,100 legal experts serving over 15,000 Corporate Clients across the region, our expertise speaks for itself. We provide transparent legal consulting, setup, and advice based on local requirements to make your business perfectly fit into the market with healthy growth.
Don’t take our word for it. Read some reviews from some of our clients.
