TABLE OF CONTENT

A. Overview of the company …………………………………………………………….2

B. International business environment……………………………………………………3

I. The reasons why the firm has been doing international business……………..3

II. Factors affecting the company’s business……………………………………..5

III. International Strategy…………………………………………………………12

IV. Entry method of Pop Mart Vietnam………………………………………….15

C. The company position in the future ………………………………………………….16

D. Recommendation……………………………………………………………………..16

Reference………………………………………………………………………………….19

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 POP MART

A. Overview of the company

 Known for establishing the designer toy culture globally and creating blind box models

with distinctive designs that range from style to material, Pop Mart is a market leader in

character-based entertainment. Many customers, primarily young people, have taken

notice of Pop Mart 's products. Pop Mart is currently the most sought-after art toy and has

several incredibly well-known series. (dieu.tranthi 2024)

 Pop Mart has over 500 locations in more than 30 countries and regions, as well as over

2,300 ROBOSHOPS and e-commerce, all with the purpose of igniting passion and

bringing joy to people all over the world. (“About Pop Mart” 2024)

 Pop Mart revealed its financial reports for the first half of 2024 on August 20. Its income

rose by 62% to 638.73 million USD. Additionally, the company's net profit increased by

93.3% to reach 129.05 million USD. (Wang 2024)

 Remarkably, the study also demonstrated that Pop Mart has benefited from the "going

overseas" approach, as the company's international revenue surged by a staggering

259.6% to 189.45 million USD. In the first 6 months of 2024, the worldwide business

accounted for 29.7% of the group's sales, up from 13.4% in the same period of 2023.

Additionally, mainland China's income increased by 31.5% to $449.76 million USD.

(Wang 2024)

 In addition, for the first time, the company further divided Hong Kong, Macao, Taiwan

and overseas into 4 major regions: Southeast Asia; East Asia, Hong Kong, Macao and

Taiwan; North America; Europe, Australia and others. The percentages from these four

main regions were 41.1%, 35.4%, 13.2%, and 10.3%, respectively. (王家琦 2024)

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  While North America gained 377.7% in H1 2024, Southeast Asia is Pop Mart 's fastest-

growing market, gaining 478.3% from the previous year. (Wang 2024)

 Pop Mart has been experiencing an increase in both sales and profit due to its effective

expansion into numerous markets and the viral popularity of multiple categories. It is also

worth keeping an eye on how the firm adapts as it completes its growth into major

international markets. (Wang 2024)

B. International business environment

I. The reasons why the firm has been doing international business

1. Southeast Asia in general:

According to industry experts, Southeast Asia is a major focal region for many domestic popular

toy firms aiming to grow abroad because of reasons like comparable consumer habits and tastes

to China, rapid economic development, and sizable Chinese populations.

a. Due to strong economic growth, the dynamic and multicultural market of Southeast Asia is

expanding quickly . (Li 2024)

 It has demonstrated enormous consumer potential due to its quick economic growth and

the rising of the middle class. Southeast Asia is one of the fastest-growing areas in the

world, with GDP growth rates in recent years hovering around 5%, which is much higher

than the worldwide average, according to the World Bank. The main drivers of this

expansion are ongoing investments and advancements in services, manufacturing, and

technology. The middle class is growing quickly as a result of rising per capita income

levels in key Southeast Asian nations (Li 2024).

b. With its youthful and sizable population, Southeast Asia has a lot of opportunities for

trendy toys (English 2024). The majority of Southeast Asia's trendy toy consumers are

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 between the ages of 18 and 35, and their share is growing. Trendy toy products are of great

appeal to this younger age. They may not have the same purchasing power as China's first-

tier cities, but they are just as determined to acquire unique and stylish intellectual property

(Li 2024).

2. Vietnam in specific:

 With a population of over 100 million, Vietnam, on the other hand, has younger

demographics and youthful populations that form the foundation of its economy. Trendy

toy brands have a lot of prospects in this market since they are ready for expansion and

scalability (English 2024).

 Due to its higher proportion of women than men and their greater propensity for

consumption, Vietnam has become a priority in recent years (Jinruo and Mengyang

2024).

II. Factors affecting the company’s business

1. Political

a. General Evaluation of the Political System of Vietnam

 Stable political system: Vietnam follows the model of a socialist one-party state, with the

Communist Party in leadership, ensuring a high level of unity.

 Political stability: Vietnam enjoys political stability with minimal conflicts.

=> The political stability in Vietnam ensures that Pop Mart’s operations are not disrupted by

political conflicts, providing continuity in production, distribution, and consumption.

b. Open policies and international integration

Vietnam has been reforming its economy since 1986 and has signed free trade agreements with

China since 2010:

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  Regional Comprehensive Economic Partnership (RCEP): This agreement is expected to

eliminate 90% of import tariffs between member countries over the next 20 years,

 ASEAN Free Trade Agreements: ASEAN-China agreement facilitates trade and

investment between ASEAN and China.

=>The free trade agreements help Pop Mart easily export or import goods without facing high

tariffs.

c. Supportive policies for businesses and investment

 Tax incentives:

Corporate income tax (CIT) reductions: The CIT rate has been progressively reduced, from 28%

(2001to 20% since January 1, 2016. (Quanlydoanhnghiep). Currently, the highest preferential tax

rate is 10% for 15 years.

Import-export tax incentives

 Investor's basic rights: Investors are assured protection from expropriation, Investors are

not subject to nationalization

 Intellectual property policies: Protection of intellectual property rights, including patents

and trademarks.

=> Pop Mart can benefit from corporate income tax reductions, improving profitability and

competitiveness. The Vietnamese government ensures that intellectual property rights are

protected, helping prevent counterfeit products and safeguarding Pop Mart’s brand reputation.

2. Economic

a. Economic System of Vietnam:

 Mixed economy: balance between market economy and command economy:

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 => offer a stable economic system allow trading from international business with

principles of free enterprise, market-based priced along with government intervention

b. Economic development:

 GNI per capital, in Vietnam was reported at 4180 USD in 2023 a 3.98% increase from

2022 (Trading economies,2023) ->GNI per capita has a positive trend: higher standard of

living, greater spending and investment capacity, and people are becoming wealthier,

creating opportunities for Pop Mart to expand market in Viet Nam satisfy its target

customer: middle and high class

 HDI: According to United Nations Development Programme, Vietnam is in high human

development. Between 1990 and 2022, Viet Nam's HDI value has improved by nearly

50%. -> The increase in educational level creates a smart consumer market, which can

appreciate exclusive products: requiring creativity, quality, and diversity. Pop Mart can

take advantage of this to offer creative products that meet consumer needs.

 Inflation rate: stable ~3.3% in 2023(World Bank, 2023) help managing stable cost, Pop

Mart will have better plan its pricing strategies, supply chain costs, and investment.

3. Socio-cultural factor

a. Hofstede model China: orange; Vietnam: grey

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  Overall, the two countries share a similar trend, with comparable scores in power

distance, uncertainty avoidance, individualism, and indulgence.

=> In HRM, Pop mart can retain the same organizational hierarchy and working culture . This

may include centralized leadership, a strong emphasis on teamwork, mutual support, a open-

minded environment that encourages innovation

b. Population

 Vietnam is currently experiencing a demographic dividend phase, which will last until

2041. In this period, Millennials (ages 25-38) and Gen Z (ages 18-24), collectively

referred to as MillennialZ, make up 47% of the country's population (45 million people)

(VTV, 2021)

=> Aligning well with Pop Mart's target customer: As Pop Mart's target customers are

Generation Z + Y, people born after 1995 and into the 2000s and white-collar workers between

15 and 40 years old are its overseas mainstream consumers for the toymaker (Invest in China),

have a strong desire for self-expression and is willing to pay money for spiritual satisfaction

(Jinwei Zhang, 2021)

c. Factor purchasing decisions of the MillennialZ generation?

Generation Z (Marketing AI )

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 Generation Y (Marketing AI )

 Generation Y and Z care much about quality of the product, this can have a positive

impact on Pop Mart: Pop Mart is famous for its unique designs and high-quality products.

This meets the demands of Vietnamese consumers, especially young people, who are

always looking for new and aesthetically valuable products.

 In Vietnam, reviews on social media and e-commerce platforms have a significant impact

on purchasing decisions. Young users interact with social media influencers and a social

media influencer could be an ethical purchase enabler (Ali Kara, Maung K. Min, 2023)

=> Pop Mart collaborated with Lisa (Blackpink) to advertise Labubu by posting pictures

on Instagram. Labubu has become a phenomenon in Southeast Asian countries. On social

media in Vietnam, many resell the available Labubu figures at expensive prices.

(tatlerasia, 2024)

4. Environment

a. Sustainable Material Sourcing and Production:

Vietnam, like many Southeast Asian nations, is grappling with plastic pollution. As part of its

efforts to tackle this issue, the government has been rolling out measures to curb the use of

plastic, such as the Vietnam Action Plan on the Management of Plastic Waste (2020–2025),

which includes policies on reducing plastic waste in various sectors, including retail.

 Plastic Usage & Eco-Friendly Packaging: As a toy company heavily reliant on plastic,

Pop Mart must adopt sustainable sourcing practices like using recycled or biodegradable

materials. Offering recyclable, biodegradable, or minimalistic packaging could enhance

its environmental footprint and attract eco-conscious consumers. As the demand for

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 sustainable products grows, businesses that fail to adapt may face both regulatory hurdles

and consumer backlash.

 Recycling and Circular Economy: Vietnam is increasingly pushing for a circular

economy, in which products and materials are reused, repaired, or recycled rather than

discarded. Pop Mart could consider participating in this trend by designing products and

packaging that are easier to recycle or repurpose, helping to reduce the volume of plastic

waste.

b. Climate Change and Natural Disasters:

 Supply Chain Disruptions: Vietnam is vulnerable to natural disasters such as floods,

typhoons, and rising sea levels. These environmental risks could disrupt Pop Mart's

supply chains, especially if raw materials or finished products are sourced from areas that

are prone to extreme weather. The company will need to develop contingency plans and

diversify its supply chain to mitigate these risks.

 Logistics and Distribution: Flooding and storm-related disruptions could affect the

logistics and distribution infrastructure in Vietnam, including road and port access. Pop

Mart must factor in the potential for these disruptions when planning its delivery

schedules, inventory management, and distribution networks, particularly in regions that

are prone to flooding during the rainy season.

 Energy Efficiency and Carbon Emissions: As part of global sustainability efforts,

businesses in Vietnam are increasingly being encouraged to adopt energy-efficient

practices and reduce their carbon emissions. This could involve using green energy

sources in retail operations, optimizing logistics routes to reduce carbon footprints, or

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 offsetting emissions. While this is a long-term trend, it could become more significant as

regulations tighten.

5. Legal

a. Consumer Protection Laws:

Complying with consumer protection laws, including labeling, advertising, and warranty

regulations, is vital. Transparent and fair business practices are essential to avoid consumer

disputes.

 Product Safety and Quality Standards: Vietnam's consumer protection regulations require

that products meet safety and quality standards, particularly for children's toys and

collectibles. Pop Mart must ensure its toys comply with these safety regulations, which

might include testing for non-toxic materials, age-appropriate designs, and durability

standards. Non-compliance could lead to fines, product recalls, and reputational damage.

 Advertising and Marketing Regulations: There are strict guidelines about advertising to

children in Vietnam, particularly in the context of toys. Pop Mart must ensure that its

marketing strategies comply with local advertising laws to avoid misleading promotions

or aggressive sales tactics, particularly with respect to minors.

b. Intellectual Property Rights:

 Patent and Trademark Protection: Vietnam has improved its intellectual property laws in

recent years, in line with its commitments to international trade agreements (such as the

CPTPP and WTO). However, counterfeit products remain a significant concern in the

market. For Pop Mart, protecting its brand, toys, and designs is essential, especially since

it sells limited-edition and designer collaboration items. Counterfeit versions of Pop

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 Mart’s products could damage its reputation, erode market share, and reduce consumer

trust.

 Copyright Issues: Pop Mart’s product offerings often include licensed characters and

collaborations with artists. This means that IP protection is crucial in order to avoid

disputes related to copyright infringement. Vietnamese consumers may also face

increased exposure to counterfeit goods online (via e-commerce platforms), so Pop Mart

needs to be proactive in monitoring and enforcing its copyright and trademark rights to

prevent unauthorized reproduction or imitation.

c. Employment and Labor Laws:

 Minimum Wage and Labor Rights: Vietnam has strong labor protections, including a

national minimum wage, which is adjusted periodically. Pop Mart must adhere to these

wage regulations, along with other employment rights such as overtime pay, workplace

safety, and benefits like social insurance for workers. It’s important for Pop Mart to be

mindful of labor laws to ensure fair treatment of its employees and avoid potential labor

disputes.

d. Regulations on E-Commerce:

 Online Retail Laws: As Pop Mart expands its reach through e-commerce, it must comply

with Vietnam’s legal framework for online retailing, including requirements for

consumer data protection, secure payment systems, and the sale of goods online. Vietnam

is strengthening its e-commerce regulations to protect consumers and ensure the integrity

of online transactions, so Pop Mart should stay updated on new laws and platforms that

might impact its online operations.

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  Cross-border Transactions and Customs: If Pop Mart sells its products online and ships

internationally (for instance, within Southeast Asia), it needs to navigate import/export

regulations and tariffs. Customs clearance procedures, product classification, and duties

on foreign goods will all impact pricing and delivery times.

III.International Strategy

1. Multidomestic Strategy

Pop Mart operates in multiple countries, tailoring its products, services, and marketing strategies

to each specific market. In Viet Nam market, brands would maintain core value and implement

strategies, which were successful in other foreign markets. However, Pop Mart adjust its

strategies such as business model, marketing, products distribution to suit the tastes and specific

demands of the Vietnamese market. This approach prioritizes local responsiveness over global

integration, lower pressure for reducing cost would aim to maximize local market share and

competitiveness.

a. High Pressure for Local Adaptation:

Pop Mart's products cater to diverse cultural preferences and trends. Not only localizing

marketing campaigns, product offerings and flexible supply chain in different markets, but Pop

Mart also adapts to the difference of local regulations and consumer behaviors.

b. Lower Pressure to Reduce Costs:

Pop Mart's products, often premium or niche items with unique designs and limited editions,

only a certain number of consumers afford to access. The products justify higher pricing, with

lower pressure to reduce costs. However, cost efficiency is an important driver.

2. Core value

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a . Brand Building and Positioning

With the aim of "light up passion and bring joy around the world," and noticeably uniquely

designed, Pop Mart is regarded as a leading global pop culture entertainment company. Brands

not only, creates pop culture and entertainment, but also pop culture trends such as blind box.

b. Product strategy

With the cooperation with more than 90 top global brands such as Harry Potter, Disney, Minion,

League of Legends and renowned artists, Pop Mart has created high-value artistic collectibles

and exclusive figurine designs. Not only assuring high-quality materials and unique designs of

products, but Pop Mart also focus on sophisticated package.

3. Strategies in VN market

a. Distribution Strategy

- Traditional distribution channel

 Strategic Store Locations: Pop Mart selects prime locations in major cities and popular

shopping malls. Pop Mart has set up official store system at strategic locations, such as

Crescent Mall, Sun World Ba Na Hills, …Moreover, Pop mart is distributed in

Hobiverse stores in many sites, such as Ocean time city, Aeon Tan Phu, Van Hanh…

 Collaboration with local distributors and retailers: Pop mart cooperates with

MYKINGDOM, the leading reputable toy and souvenir system in Vietnam. Not only

creating a chain of genuine stores, Pop mart also cooperates with Vietnamese retailers

such as Alfie Toys, Toyist Zone, Fahasa… To diversify its product offerings, Pop Mart

collaborate with brands like Uniqlo Viet Nam for merchandise like T-shirts, badges.

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- Online Presence: Currently, Pop Mart has an official website in Vietnam. Besides, Pop Mart

products are also sold on e-commerce platforms such as: Shopee Mall, Lazada, Tiki,... and

social network sites such as: Instagram, Facebook, TikTok...

b. Marketing and Promotion

- Promotion: Pop Mart doesn't sell toys, what they sell is luxury, stimulating curiosity and

intangible values that enhance the social status of the buyer.

- Limited edition releases: As a high-end toy manufacturing company, Pop Mart creates a sense

of urgency and exclusivity through limited edition releases. Thanks to Pop mart’s balance

strategy of the law of supply and demand, brands can maintain both consuming value and

product branding value. This has created a vibrant market for Labubu and Pop Mart because of

its high resale value.

- Pop-up Stores and Events:

 Unique and large-scale flagship campaigns: Pop Mart launched its first official store in

Crescent Mall, District 7, Ho Chi Minh City, on May 18, 2018. In its first release, POP

MART launched more than 4.000 products in 4 categories of products, including limited

editions, hot products, new products, special products. After launching the first official

store in Ho Chi Minh, Pop Mart opened "flagship store" space in Ba Na Hills theme park

on May 25, 2024. Attending the first POP MART store in Southeast Asia’s theme park,

visitors and fans were treated to the spectacular LABUBU Show. Specially, Pop Mart

unveiled 300 limited-edition products for patrons and presented over 9,000 enticing gifts

to VIP customers and shoppers who met the spending requirements, totaling 1 billion

VND. The event brought together renowned KOLs, beloved influencers and beloved

Vietnamese celebrities.

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  Unique Blind Box trends: Pop Mart creates a Blind Box trend, where customers don't

know which figurine they're getting until after purchase, inspiring customers with

creativity, curiosity and elements of surprise.

IV. Entry method of Pop Mart Vietnam

Pop Mart has used the “Wholly-owned Subsidiary” method of entry with direct investment on a

brand new subsidiary (greenfield) to get into the Vietnamese market. The stores in Vietnam are

fully controlled and operated by Pop Mart, with 100% capital.

The reason for this choice is that the products of Pop Mart are quite unique in Vietnam, therefore

there is no big competitor. The operation of a toy store is also simple, unlike the service provider

business, so the management is easy to process. In addition, they also do not need to produce in

other countries rather than China- their main land because the cost is maximized there, so

opening a greenfield subsidiary in Vietnam is the optimal choice. One other reason is that Pop

Mart already has a market in Vietnam before, since the “blind box fever” is already hot in

Vietnam, and people have been ordering from Pop Mart China.

The advantages of wholly-owned subsidiary method are outstanding. Pop Mart can have full

control over the store and branches in Vietnam, therefore ensuring brand wellness and quality.

Secondly, the experienced parent company may apply the most appropriate strategy to the

Vietnam market. Lastly, since Pop Mart is trending, open subsidiaries around the world helps the

brand to expand quick and serve a larger number of customers,

However, there are still some underlying risks. Although experts projected that blind boxes and

“labubu” are going to be trendy for a long period of time, the company should be careful if they

open too many stores, as Vietnam is a fast-moving market.

C. The company position in the future

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 The enthusiastic reception from Vietnamese customers is a major motivation for POP

MART to expand further, but sales growth is not the only goal of the brand. The brand

always focuses on creating a space for shopping and exploration for the community of art

toy enthusiasts in Vietnam (V.T.K 2024).

 According to Jeremy Lee, “The opening of the first official store in Vietnam not only

marks the expansion of POP MART but also affirms our commitment to the Vietnamese

market - a region full of potential and rich in cultural heritage. I believe that this vibrant

market as well as Crescent Mall's strategic location will create a solid foundation for POP

MART Get closer to local customers. We look forward to bringing you outstanding

shopping experiences. This store is just the beginning of our long-term strategy and

strong commitment in the Vietnamese market." (Báo Thanh niên 2024).

 The brand plans to host numerous events such as pop-up exhibitions and collaborate with

international artists, offering its customers the opportunity to experience unique and rare

collections. This will elevate the brand's value and strengthen its connection with the

community (V.T.K 2024).

 In the future, we will continue to expand our collaborations with Vietnamese artists to

create products that authentically reflect local culture, thereby strengthening our

connection with Vietnamese consumers (V.T.K 2024).

 Through these products, we aim to infuse Vietnamese lifestyle and culture into each

design, allowing consumers to find familiarity and personalization in our offerings

(V.T.K 2024).

 The brand’s long-term expansion plan in Vietnam includes systematically building and

increasing brand awareness. It has a plan to develop a chain of stores across bustling

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 shopping centers in Ho Chi Minh City and Hanoi over the next three years, providing the

best shopping experience for fans in Vietnam (Hoàng Lê 2024).

D. Recommendation

 Vietnamese culture integration:

In order to promote brand image in the country, Pop Mart should make their products more

“Viet”. For example, they can make Tet holiday collections or collaborate with Vietnamese

brands. Also, the marketing campaigns should be tailored according to the local market. For

instance, the young people tend to follow KOLs or KOC, so affiliate programs might work well.

 Leveraging e-commerce platforms:

Since the digital age is a reality, so does one need to have an online presence. Pop Mart should

invest in robust e-commerce platforms that could reach out to more customers, especially in

smaller cities and rural areas. The community in Vietnam, on different social networking sites

like TikTok, Instagram, or Facebook, needs to be involved in the creation of brand loyalty or

driving sales. Influencer marketing also can be strong in promoting brand to specific audiences.

 Diversifying products:

Pop Mart can consider researching more usable and versatile products like keychain, or card

holders rather than just toy figures. Also, Pop Mart can consider developing more product lines

other than blind box. For example, they can allow customers to customize their own character.

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25. https://english.luatvietnam.vn/legal-news/building-trust-in-the-digital-marketplace-
consumer-protection-laws-for-e-commerce-in-vietnam-4729-99750-article.html
26. https://undp.org/vietnam/stories/ripples-change-viet-nams-journey-reduce-plastic-
pollution
27. https://www.vietnam-briefing.com/doing-business-guide/vietnam/human-resources-and-
payroll/minimum-wage

28. Hoàng Lê.2024 “Giám đốc Jeremy Lee và câu chuyện cảm hứng-chiến lược của POP
MART tại Việt Nam” https://www.elledecoration.vn/decorating/events/jeremy-lee-chien-
luoc-phat-trien-pop-mart-vietnam
29. Da Nang center for tourist promotion.2024. “Global Toy Empire POP MART officially
launches at Ba Na Hills”https://danangfantasticity.com/en/discovery/global-toy-empire-
pop-mart-officially-launches-at-ba-na-hills
30. Brand VN.2024.“Labubu: Bí kíp biến một món đồ chơi thông thường thành tài sản trị giá
hơn 7,7 tỷ USD với mô hình Blind Box” https://www.brandsvietnam.com/24198-
Labubu-Bi-kip-bien-mot-mon-do-choi-thong-thuong-thanh-tai-san-tri-gia-hon-7-7-ty-
USD-voi-mo-hinh-Blind-Box

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31. Vietnamvn.2024. “POP MART - The world famous "blind box" toy empire is about to
arrive in Ba Na Hills”https://www.vietnam.vn/en/pop-mart-de-che-do-choi-blind-box-
noi-tieng-the-gioi-sap-co-mat-tai-ba-na-hills/

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