Zara is outpacing archrival H&M in one of their fastest-growing markets, Vietnam.

Zara Vietnam’s revenue reached US$73 million last year, six times the 2017 figure.

The Spanish fast-fashion retailer has opened two stores in Vietnam – one in Hanoi and one in Ho Chi Minh City.

During three years of operations, Zara Vietnam has achieved US$128 million. Rival H&M, which runs seven Vietnam stores, reportedly achieved revenue of $33 million last year, double that of its first year in the country.

Along with three other Inditex’s brands, Massimo Dutti, Pull & Bear and Stradivarius, Zara is distributed by Indonesia’s Mitra Adiperkasa Group.

According to Mitra Adiperkasa’s financial report, Zara remains its main revenue earner and Vietnam is its second-largest market after Indonesia.

The company’s revenues in Vietnam last year were almost double the previous year’s figure and four times higher than its sales in Thailand.