Collectible toy retailer Pop Mart is expanding into Vietnam with the opening of its first two stores in the country, following the announcement of its 2023 financial report, which highlighted a net profit increase of more than 100 per cent. 

The stores, set to open in May, will be located in District 7 of Ho Chi Minh City and Ba Na Hills in Da Nang, Justin Moon, president of Pop Mart International, announced on LinkedIn.

Pop Mart’s adjusted net profit increased by 107.6 per cent last year to RMB1.19 billion (US$165 million), while revenue jumped 36.5 per cent to RMB6.3 billion.

The retailer generated RMB1.066 billion in revenue from Hong Kong, Macau, and Taiwan, representing 16.9 per cent of total revenue. 

During the year, Pop Mart launched its first offline stores in France, Malaysia, Thailand, and the Netherlands. As of December 31, the company had 80 outlets worldwide, along with 159 robot stores.

“The growth of the overseas market has given us great confidence,” said chairman and CEO Wang Ning. “We expect that our overseas business will continue to maintain triple-digit growth in the future.”

Pop Mart said earlier this year that it is expanding globally by opening new locations in various markets.