Top 10 high profit business products in the Vietnam

The Vietnamese market is currently enjoying a lucrative period, with many industries developing at a rapid pace. This situation provides a wealth of opportunities for both domestic and foreign businesses to incorporate the most in-demand products and services into their plans, thereby attracting more customers. The following is 10 of the most sought-after high profit business products for brands looking to win a top spot in the market.

Top 10 high profit business products

Embarking on a business venture involving any product or platform necessitates thorough research and a well-crafted strategy. Choosing a niche that perfectly caters to current consumer preferences remains a formidable challenge for many startups. Let On Digitals guide you through a list of potential high profit business products.

Face masks

Face masks reached an entirely different status, emerging as the most sought-after product during the pandemic. The demand for these products skyrocketed throughout the pandemic. Even as we transition into the post-pandemic phase, face masks continue to be an integral part of people’s daily lives. The benefits that face masks offer users, such as health assurance, dust protection, and hygiene in public spaces, remain instrumental.

Face masks have become bare necessities during the pandemic

There are countless face mask suppliers operating on the market. However, if you have sources with stable pricing and ensured quality, it is more than possible to enter the industry.

Cosmetics and supplements

Cosmetic and supplement products have mostly received positive reception from consumers. In this modern age, as we gradually recognize the role of beauty in self-confidence and health care, such products have gained significant popularity. For this reason, numerous brands are continuously investing in enhancing product functionality.

Cosmetics and supplements are in high demand lately

The user base for these items is extensive, encompassing not only women but also children, men, the elderly, and more. Consequently, the demand remains consistently high.

If you are considering this field, your first step should be scouting the market and identifying consumer-favored products. Next, look into sourcing high-quality and reputable product suppliers.

Examples of products in this industry include makeup tools, perfumes, skincare cosmetics, multivitamins, and more.

Phone accessories

In the current technological era, a smartphone is a must-have item for anyone. As a result, accessories such as phone cases, stickers, power banks, etc., play a significant role in both protecting and beautifying the device.

Equipping accessories for your phone, specifically phone cases, goes beyond merely protection. It also reflects a penchant for collecting such items. Authentic accessories from phone distributors come with a relatively higher price tag.

Consequently, many third-party sources offer the same items but at a more affordable price, which garners consumer attention. You can explore these third-party distributors to gain insights, as the sourcing costs for these products are notably lower. So if you are looking for what to sell for high profit, colorful and unique phone cases can be just what you are looking for.

Accessories are essential for smartphones

Second-hand items

Fashion has always been a hot commodity. Moreover, the term “sustainable fashion” is becoming a leading trend in the fashion industry. These two trends have contributed to a viable business product type.

The second-hand goods business offers more value than you might think, as it allows for significant savings. You do not have to start with a substantial investment to purchase new products. Your task is simply to make use of or collect pre-owned items and refurbish them. The concept of “one man’s trash is another man’s treasure” is highly favored by many customers when shopping for these items.

Second-hand items do not require significant capital

With just a few million VND, you can acquire various types of second-hand items like clothing, ceramics, and other goods. Selling them at appropriate prices can lead to a steady profit margin.

Swimwear, bikini, beach accessories

Seasonal items like swimwear, bikinis, and beach accessories have major potential for profitable ventures. The beachwear industry has become a significant player in the global fashion market, since its products are highly sought-after each summer. Therefore, you might consider this time of the year to embark on this fresh business endeavor.

Swimwear, bikini, and beach accessories can be very profitable

Beach accessories come in a wide variety: bikinis, sunglasses, hats, flip-flops, travel bags, towels, and more. Since there is a wide variety of products, numerous vendors have already entered this market. This is why your task is to seek out unique sourcing opportunities. On Digitals suggests exploring products imported from Thailand, China, or Cambodia, as they often offer diverse and stylish selections.

Handbags and backpacks

Besides the aforementioned products, it would be remiss to omit handbags and backpacks, some of the best high profit products for businesses in the fashion industry. These are among the leading fashion products in terms of generating substantial profits. Due to their popularity and a wide customer base, they should be considered a top priority for entrepreneurial endeavors.

Handbags and backpacks business earn tremendous profit

Running a handbag and backpack business requires a well-defined strategy. This entails identifying a clear customer segment and carefully considering
competitive pricing while ensuring product quality. Wholesale markets, individual suppliers, and similar sources can serve as reference points for exploring product sourcing.

Children’s toys

The limited customer segment drives many people away from choosing these products. However, their demand remains consistent and stable. Children always need these items for intellectual and skill development while bringing joy to their daily lives.

Children’s toys businesses have a lot of growth potential

It is necessary to devote time and effort to successfully capture this market. For instance, conducting market research, ensuring product quality, and optimizing sales methods through diversified distribution channels, are all essential investments.

This industry can be quite tricky because you are working with two rather different consumer demographics. Your products should appeal to children, so they need to be eye-catching and colorful. However, children are usually not the one making the purchase decisions. Hence, safety should also be prioritized to gain approval from parents. Once you have cracked the code, this industry can prove quite beneficial for your business.

In recent years, when young children do not completely rely on these products for entertainment and leisure due to the rise of digital platforms, this industry is facing fierce competition. Businesses should refine their strategy, reconsider their marketing and distribution in order to appeal to their target consumers.

Hand-carried goods

The shopping demand of consumers goes beyond domestic products due to the fact that the imported goods market offers diverse products from international brands that are otherwise unavailable in your market.

Take advantage of this mindset and leverage imports to supply in-demand items like handbags, functional foods, cosmetics, etc. in order to kickstart your business. Venturing into this business requires thorough research into custom regulations of various countries, most specifically your home country and your supplier’s.

More importantly, you need to make sure that these products do not belong in the list of banned goods of your home country. This can range from generally expected ones like alcohol and tobacco to regular items such as chewing gum (banned in Singapore), Kinder eggs (the USA), and baby walkers (Canada).

Snacks

The culinary industry provides high profit business products and services that serve a fundamental need. Food, in general, and snacks, in particular, are products that are consumed every day. Thanks to the breakneck advancement of technology, snacks have now found their place in e-commerce platforms, making it easy for users to choose and enjoy.

Furthermore, products are meeting hygiene standards with safe packaging for consumers. This alleviates one of the main concerns of consumers regarding these products. Besides, thanks to the variety of digital platforms like YouTube and TikTok, business owners can showcase their manufacturing process through engaging videos.

Snacks businesses are favored by consumers

What you need to do is search for the desired products and consider transportation methods to optimize the delivery process. Some starter snack items you can consider for your business include mixed rice paper, dried beef, dried chicken, etc.

The most important thing to note is that it may not always be wise to chase the hottest trends. Given that these items can be incredibly successful in the early stages, few manage to remain relevant after the first few months. There have been numerous instances of consumers growing tired of a snack product due to overexposure.

In the end, the best tip for this industry is not to keep all your eggs in one basket. Instead, diversify your offerings, get creative with your marketing efforts, and harness the power of digital e-commerce platforms.

Jewelry and beauty accessories

The potential of the jewelry and beauty accessories business lies in the demands of a vast and ever-changing market aligned with fashion trends. Since it goes hand in hand with fashion, this market consistently calls for creativity and diversity. Customers are always in search of fresh, unique products to express their style and individuality. This opens up opportunities for entrepreneurs to develop and provide exclusive merchandise.

Jewelry and beauty accessories can generate huge profit

On Digitals recommend you to source jewelry and accessories from the Guangzhou and Thailand regions. With a low initial investment, you can import these high profit business products and tap into this market. Doing so will help you avoid detrimental losses when dealing in the business of beauty-oriented jewelry and accessories.

Things to note regarding high profit business products

For a seamless business operation and overcoming obstacles, here are some important things to take into consideration when working with high profit business products:

Thorough market research

Before embarking on your business journey, market research plays an important role in understanding customer needs and trends. By gathering insights on competitors, market dynamics, and influencing factors, you can precisely identify your target audience and develop an effective approach strategy.

Appropriate price evaluation

Product pricing holds utmost significance in any business endeavor. Careful evaluation is needed to find the sweet spot between profitability and appealing to customers. This entails factoring in production costs, competitive pricing, and the value the product brings to customers.

Funding

While the aforementioned products offer significant financial benefits, they do require an initial investment before anything. Prudent financial planning is necessary to ensure you have adequate funding to kickstart and sustain your business operations smoothly.

Some of these high profit business products require considerable capital. For example, while snacks are not expensive on their own, businesses will need to invest in marketing and logistics to compete with other names in a packed industry.

Finding reputable and quality sources

Another critical aspect of business is selecting good and reliable suppliers. Ensure that you collaborate with credible suppliers to ensure a stable supply chain and products that consistently meet your standards.

Devising a clear strategy

A well-defined business strategy is the key to success in any field. It involves identifying business goals, market approach strategies, marketing tactics, and financial management. This equips entrepreneurs with a detailed and adaptable plan to navigate changes and diverse situations.

Having a well thought out strategy for high profit business products can help you manage expenditures, which can guarantee profit in a competitive market such as Vietnam.

Learn more: How to write a good new product introduction article to attract the attention of consumers.

Final thoughts

And there you have it – a compilation of the top 10 high profit business products from On Digitals. Additionally, while these goods present numerous opportunities, it also requires thorough preparation and sensible management. By adhering to the pointers outlined by On Digitals, you can establish a robust foundation for success in this business domain.

Stay tuned for further valuable insights on our website and contact us should you require any assistance with digital marketing. On Digitals is a Digital Marketing Agency, perfect for enterprises seeking solutions to promote your products or services. We look forward to the possibility of becoming your future partner.