{"id":23267,"date":"2023-11-13T10:05:32","date_gmt":"2023-11-13T03:05:32","guid":{"rendered":"https:\/\/staging.cimigo.com\/?post_type=product&p=23267"},"modified":"2024-07-30T09:48:54","modified_gmt":"2024-07-30T02:48:54","slug":"vietnam-consumer-trends-report-2023","status":"publish","type":"product","link":"https:\/\/staging.cimigo.com\/id\/research-reports\/vietnam-consumer-trends-report-2023\/","title":{"rendered":"Vietnam consumer trends report 2023"},"content":{"rendered":"

A free report from Cimigo<\/a> market research on Vietnam Consumer Trends report 2023.\u00a0 Cimigo assesses the consumer trends and expectations for 2023 in Vietnam. Discover the economic, social and consumer trends in Vietnam.<\/p>\n

Richard Burrage<\/a><\/p>\n

Vietnam consumer trends report 2023<\/h2>\n

Vietnam consumer trends report 2023:\u00a0Nine reasons that Vietnam will prosper in the next decade<\/b><\/h3>\n

The Vietnam consumer trends report 2023 explores the nine reasons that Vietnam will prosper in the next decade.<\/p>\n

Vietnam consumer trends report 2023<\/h2>\n

The report reviews;<\/p>\n

    \n
  1. Working age population, high labour participation and a low dependency ratio.<\/li>\n
  2. GDP growth averaged 5.9% over the past ten years.<\/li>\n
  3. Manufacturing gains. Increased investment and ever more sophisticated.<\/li>\n
  4. Retail goods and services consumption rises unabated.<\/li>\n
  5. Domestic tourism replenishes the international void.<\/li>\n
  6. In 2022 the internet economy reached US$23 billion.<\/li>\n
  7. Rising household affluence.<\/li>\n
  8. Financial ecosystems enable e-commerce, e-payments and entrepreneurs.<\/li>\n
  9. Political stability and formidable geopolitical management.<\/li>\n<\/ol>\n

    1. Working age population, high labour participation and a low dependency ratio in Vietnam<\/h2>\n

    A big workforce. The working population is 62% of the total in 2022. Half of the working population is aged 20 to 39 years.\u00a0 There is high female participation in the workforce. 88% amongst females 20 to 64. Just 40% in Indonesia and 25% in India do the same. It significantly lowers dependency ratios to just 0.7 per employed person. This gives GDP a huge boost.\u00a0 V<\/p>\n

    2. Vietnam’s GDP growth averaged 5.9% over the past ten years<\/h2>\n

    Vietnam’s GDP growth in 2023 is expected to reach 6.3%. Vietnam’s per capita GDP in 2022 was US$4,104.\u00a0 The Vietnamese economy grew by 8% in 2022, attracting a healthy trade surplus, a continued rise in foreign direct investment disbursements and 1,700,000 new jobs. Retail sales of goods and services grew 19.8% and long surpassed pre-Covid 2019 levels. Whist domestic consumer demand is strong there are risks and business confidence (in contrast to consumer confidence) has dampened. Despite this Cimigo expects Vietnam’s GDP growth in 2023 to reach 6.3%.<\/p>\n

    3. Vietnam manufacturing gains. Increased investment and ever more sophisticated (manufacturing accounts for 25% of GDP)<\/b><\/h2>\n

    Free trade agreements abound for Vietnam. Vietnam leads the charts on global trade interconnectivity. Vietnam\u2019s global interconnectivity in 2022 was 180%.\u00a0 Interconnected global trade is defined as imports plus exports expressed as a % of GDP.<\/p>\n

    . Whilst manufacturing slowed in Q4 2022,\u00a0 growth returned in February 2023.\u00a0\u00a0The risks of overreliance on China were realised as the zero Covid approach locked down the country. Big brands and their suppliers are expanding production in Vietnam to serve export markets beyond China. These include;\u00a0 Samsung, Intel, Komatsu, Lenovo, Apple, Xiaomi Hanwa and LG amongst others.<\/p>\n

    4. Retail goods and services consumption rises unabated in Vietnam (retail goods and services account for 55% of GDP)<\/b><\/h2>\n

    Consumer demand for retail goods and services is strong growing by 20% over 2021.\u00a0 Compared to demand for retail goods and services pre-Covid in 2019, sales grew by 15% in 2022.<\/p>\n

    Modern trade\u2019s contribution to retail sales has moved from 15% in 2005 to 26% in 2022.<\/p>\n

    There are now 9,071 modern trade stores nationally. There were many closures of modern formats in 2022, with a net gain of just 5%. Store counts over 2021:<\/p>\n

      \n
    • Minimarket shrank -20%<\/li>\n
    • Convenience flat<\/li>\n
    • Supermarket grew +25%<\/li>\n
    • Pharmacy grew +48%<\/li>\n<\/ul>\n

      The pandemic helped e-commerce in 2021 with 60% sales growth. E-commerce’s share of sales in 2022 is lower at 7.3%; however, retail sales grew by US$1 billion. Cimigo expects that online shopping will surpass the modern trade share of sales in 2028.<\/p>\n

      5. Domestic tourism replenishes the international void in Vietnam<\/h2>\n

      Domestic tourism replenishes the international void since the pandemic.\u00a0 Only 3% of tourists were international in 2022. One-third of inbound tourists in 2019 were from China, the return of these and those from further afield are expected to build through 2023. However, the brighter story is that domestic tourism is flourishing and signals rising affluence and a strengthening of the experience economy.<\/p>\n

      6. The 2022 internet economy in Vietnam reached US$23 billion<\/h2>\n

      In 2022 97% of adults have a smartphone and 79% of the population have internet access. This ubiquitous digital access equates to more transformation, innovation and digital experiences. The internet economy represented 5.7% of GDP at US$23 billion in 2022.<\/p>\n

      7. Rising household affluence in Vietnam<\/h2>\n

      Middle-class acceleration coupled with urban migration and lower birth rates means that households are smaller and wealthier. In 2022 there were 15,386,852 households have an income above US$ 644 (VND 15,000,000) per month. These households are classified as ABCD economic class. This equates to 54,749,213 people.<\/p>\n

      8. Financial ecosystems enable e-commerce, e-payments and entrepreneurs in Vietnam<\/h2>\n

      70% of Vietnamese adults were banked in 2022.\u00a0But immense opportunities for up-selling credit products to improve retail banking profitability.\u00a0Digital transformation will continue to change the shape of retail banking.\u00a0Improving customers\u2019 digital experience and the ecosystem of digital products and services is key to future success.<\/p>\n

      9. Vietnam’s political stability and formidable geopolitical management<\/h2>\n

      Despite recent high-profile removals of high-level officials, political stability remains assured in Vietnam. The geopolitical position and management of overseas influences remain formidable.<\/p>\n

      Vietnam consumer trends report 2023<\/h2>\n

      The Vietnam consumer trends report 2023 explores the nine reasons that Vietnam will prosper in the next decade.<\/p>\n

        \n
      1. Working age population, high labour participation and a low dependency ratio.<\/li>\n
      2. GDP growth averaged 5.9% over the past ten years.<\/li>\n
      3. Manufacturing gains. Increased investment and ever more sophisticated.<\/li>\n
      4. Retail goods and services consumption rises unabated.<\/li>\n
      5. Domestic tourism replenishes the international void.<\/li>\n
      6. In 2022 the internet economy reached US$23 billion.<\/li>\n
      7. Rising household affluence.<\/li>\n
      8. Financial ecosystems enable e-commerce, e-payments and entrepreneurs.<\/li>\n
      9. Political stability and formidable geopolitical management.<\/li>\n<\/ol>\n

        End.<\/p>\n","protected":false},"excerpt":{"rendered":"

        A free report from Cimigo market research on Vietnam Consumer Trends report 2023.\u00a0 Cimigo assesses the consumer trends and expectations for 2023 in Vietnam. Discover the economic, social and consumer trends in Vietnam. Richard Burrage Vietnam consumer trends report 2023 Vietnam consumer trends report 2023:\u00a0Nine reasons that Vietnam will prosper in the next decade The […]<\/p>\n","protected":false},"author":1,"featured_media":22058,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"inline_featured_image":false},"product_brand":[],"product_cat":[136],"product_tag":[171,1341,1339,1342,1340],"country-report":[30],"class_list":{"0":"post-23267","1":"product","2":"type-product","3":"status-publish","4":"has-post-thumbnail","6":"product_cat-vietnam-market-research-reports","7":"product_tag-market-research-vietnam","8":"product_tag-vietnam-banking-market-research","9":"product_tag-vietnam-consumer-marketing-trends","10":"product_tag-vietnam-media-market-research","11":"product_tag-vietnam-retail-market-research","12":"country-report-vietnam-market-research","14":"first","15":"instock","16":"taxable","17":"shipping-taxable","18":"product-type-simple"},"acf":[],"yoast_head":"\nVietnam consumer trends report 2023 - 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