![\"Vietnam](\"https:\/\/d2qu5xmcgmzxnb.cloudfront.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\")
<\/p>\nForeign Direct Investments<\/strong><\/h2>\nThough it has been in slight decline in recent years, Foreign Direct Investment has grown substantially over the last two decades, from $1.3 billion in 2001 to $15.66 billion in 2021.<\/p>\n
It rose 0.8% from a year earlier to $11.58 billion in the first seven months of 2023, while FDI pledges grew 4.5% year-on-year to $16.24 billion. The manufacturing and processing industries are due to receive the largest amount of investment, followed by the real estate sector.2<\/sup><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n\n\n\nGrowing Markets & Markets with High Growth Potential<\/strong><\/h2>\nVietnam\u2019s economic landscape is marked by dynamic growth across several sectors:<\/p>\n
The\u00a0Energy sector<\/strong>\u00a0sees a push towards renewables, with wind and solar power taking the lead due to Vietnam\u2019s geographical advantages. However, infrastructure and initial costs pose challenges.<\/p>\nTourism<\/strong>\u00a0thrives on the nation\u2019s rich cultural and natural offerings, but faces the strain of over-tourism and global events like pandemics.<\/p>\nThe IT, eCommerce, and Digital Services<\/strong>\u00a0sector is blossoming, propelled by a tech-savvy youth and a burgeoning startup ecosystem. Yet, it contends with regional competition and the need for advanced IT education.<\/p>\nFinally,\u00a0Manufacturing<\/strong>\u00a0is gaining traction as global companies view Vietnam as a favorable alternative to pricier Asian manufacturing hubs. This shift benefits from strategic trade agreements, but the nation grapples with raw material dependency and a need for skilled labor. Detailed market research is essential before investment.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n\n\nVietnam\u2019s Demographics<\/strong><\/h2>\nNearing a population of 100 million<\/strong>, Vietnam is characterized by a youthful demographic, with 22.61% under 15 years of age and an average age of 31.9 years. However, the average age of the population in 2100 is expected to be 47.43<\/sup>.<\/p>\nThe nation exhibits a\u00a0diverse ethnic tapestry<\/strong>, led predominantly by the Kinh (Viet) group comprising 85.3% of the population. That said, the Vietnamese Government recognizes 54 distinct ethnic groups. Though Vietnamese is the official language, English is quickly emerging as a favored second language.<\/p>\nUrbanization is advancing<\/strong>, with 38.1% of the populace residing in urban areas in 2021. The urban migration trend is accentuated by the swelling populations of major cities such as Ho Chi Minh City, with 8.838 million residents, and Hanoi, the capital, housing 4.875 million. Population distribution shows a distinct concentration along the South China Sea and Gulf of Tonkin, particularly in the Mekong Delta and the Red River Valley.<\/p>\nIn terms of\u00a0gender distribution<\/strong>, there\u2019s a slight male predominance with a total population sex ratio of 1.01 males per female. However, as age increases, this balance shifts, with females outnumbering males substantially in the over-65 bracket.<\/p>\nIncome in Vietnam is fairly well-distributed<\/strong>, with 21% earning between 15,000,000 \u2013 19,000,000 VND, and 17% making up both brackets of 20,000,000 \u2013 24,999,999 VND and 10,000,000 \u2013 14,999,999 VND. 3% make less than 5,000,000 and 7% make more than 40,000,000 VND.<\/p>\nVietnamese Consumers and Consumer Trends<\/strong><\/h2>\nAs Vietnam\u2019s economy grows, understanding the evolving preferences and behaviors of Vietnamese consumers becomes crucial to launching successful ventures in the country. Companies aiming to penetrate this market must understand these trends to tailor their offerings and strategies effectively.<\/p>\n
Vietnamese Consumers Coming of Age<\/h3>\n
In recent years, Vietnam\u2019s middle class has expanded both in diversity and geographic reach. The consumer base is not only swelling but is also becoming more sophisticated and selective. Projections suggest that, by 2035, over half of Vietnam\u2019s populace will join the global middle class4<\/sup>.<\/p>\nThis expanding middle class is reshaping Vietnam\u2019s economic (and societal) landscape. Their demands span new products and services, and there\u2019s evident investment in sectors like education and real estate.<\/p>\n
Value Conscious, but Willing to Splurge<\/h3>\n
Spending patterns among the emerging middle class are shifting. The combined effects of inflation and a preference for premium brands are pushing consumers to splurge on some products and services, but not on others. At the same time, they\u2019re buying less overall and becoming more value-conscious.<\/p>\n
This trend plays out in two key ways:<\/p>\n
\n- Essentials vs. Luxuries:<\/strong>\u00a0While consumers are cutting back in many areas, they aren\u2019t skimping on necessities. Groceries, fuel, household items, and personal care remain high on the shopping list. Many consumers are willing to spend more on items like vitamins, over-the-counter drugs, and fitness products. But on the flip side, dining out is seeing a pinch.<\/li>\n
- Price Point Preferences:<\/strong>\u00a0When it comes to what\u2019s inside their shopping carts, consumers are leaning towards two extremes: top-quality premium goods or items that offer great bang for their buck. This means products in the middle, which aren\u2019t seen as luxury or bargain, might get left behind.<\/li>\n<\/ol>\n
A Preference for Omnichannel Shopping<\/h3>\n
The pandemic accelerated the trend of omnichannel shopping, and it looks like it\u2019s here to stay. Most consumers, with figures ranging from 67% to 88%4<\/sup>, have embraced alternatives to traditional in-store shopping and plan to continue doing so. In fact, between 50% to 75%4<\/sup>\u00a0of shoppers not only research but also make purchases via these multi-platform channels. This popularity in Vietnam can be attributed to tech and media companies constantly enhancing their omnichannel experiences. Still, some items \u2013 like groceries and vitamin supplements\u00a0\u2013 are typically preferred in-store.<\/p>\nHighlighting the shift, over 65% of Vietnamese shoppers think they will stick to these new shopping methods even after the pandemic4<\/sup>.<\/p>\nAmong the younger demographic, social media plays a big role in shaping buying habits. Platforms like Instagram, YouTube, and TikTok dominate, especially for Gen Z, influencing choices from skincare to footwear, and even food delivery. There\u2019s been a notable uptick in digital and remote service purchases as well.<\/p>\n
Less and Less Brand Loyalty<\/h3>\n
Vietnamese consumers are showing less and less loyalty towards stores and brands, frequently adjusting their shopping habits. In the Asia-Pacific region, they stand out for this trait: a whopping 90% have switched brands or stores for particular products or services in the last three months4<\/sup>. This propensity to switch is even more pronounced in southern Vietnam, likely due to the influx of new market entrants.<\/p>\nVietnamese buyers aren\u2019t just indifferent to brand or store names; they\u2019re also diversifying their product preferences. This can be traced back to their desire for premium products, combined with a discerning eye for value. In fact, the quest for better value-for-money often prompts brand switches, with product quality, novelty, and personal preferences being other primary drivers.<\/p>\n
More Purposeful Buying<\/h3>\n
Health and sustainability trends are gaining traction among Vietnamese consumers. For instance, three-quarters of surveyed consumers plan to maintain healthy habits like using wellness apps and telehealth services.<\/p>\n
Additionally, about 28% expect brands to be purpose-driven, aligning with customer values and prioritizing employee well-being. However, environmental concerns seem secondary: just 24% find eco-friendly ingredients and recyclable packaging crucial, and only 31% are ready to pay extra or opt for pricier brands to benefit the environment4<\/sup>.<\/p>\nSuper Apps + Digital Payment Adoption<\/h3>\n
Even before the pandemic, there was already a noticeable move towards digital transactions for products and services. This trend has been fast-tracked, leading to a big rise in cashless transactions.<\/p>\n
Vietnam is poised for a boom in e-payments. The total transaction value in this sector is predicted to grow at a 15.7% annual rate through 2025. Given that only 30% of Vietnamese adults currently use digital banking5<\/sup>, there\u2019s space for expansion. By promoting and adopting digital services, including e-payments, Vietnamese businesses can tap into this untapped potential more quickly.<\/p>\nLocal Choices Over Global Brands<\/h3>\n
A recent study shows that 76% of Vietnamese shoppers have a preference for local brands over global ones6<\/sup>. The combination of high quality and reasonable pricing has given Made-in-Vietnam products an advantage over international competitors, making them more prevalent on supermarket shelves.<\/p>\nData from the Ministry of Industry and Trade indicates that home-grown products constitute over 90% of items in domestically-owned supermarkets. This percentage varies in foreign-owned supermarkets, ranging between 60 to 96%, and stands at approximately 60% in traditional retail outlets.<\/p>\n
The campaign \u201cVietnamese people prioritize Vietnamese products,\u201d initiated in 2006, has elevated the prominence of local goods. In turn, it has bolstered consumer trust in domestic products, which are both transparent in origin and comparable in quality to imports.<\/p>\n
Key Takeaways<\/strong><\/h1>\n
Growing Markets & Markets with High Growth Potential<\/strong><\/h2>\nVietnam\u2019s economic landscape is marked by dynamic growth across several sectors:<\/p>\n
The\u00a0Energy sector<\/strong>\u00a0sees a push towards renewables, with wind and solar power taking the lead due to Vietnam\u2019s geographical advantages. However, infrastructure and initial costs pose challenges.<\/p>\nTourism<\/strong>\u00a0thrives on the nation\u2019s rich cultural and natural offerings, but faces the strain of over-tourism and global events like pandemics.<\/p>\nThe IT, eCommerce, and Digital Services<\/strong>\u00a0sector is blossoming, propelled by a tech-savvy youth and a burgeoning startup ecosystem. Yet, it contends with regional competition and the need for advanced IT education.<\/p>\nFinally,\u00a0Manufacturing<\/strong>\u00a0is gaining traction as global companies view Vietnam as a favorable alternative to pricier Asian manufacturing hubs. This shift benefits from strategic trade agreements, but the nation grapples with raw material dependency and a need for skilled labor. Detailed market research is essential before investment.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n\n\nVietnam\u2019s Demographics<\/strong><\/h2>\nNearing a population of 100 million<\/strong>, Vietnam is characterized by a youthful demographic, with 22.61% under 15 years of age and an average age of 31.9 years. However, the average age of the population in 2100 is expected to be 47.43<\/sup>.<\/p>\nThe nation exhibits a\u00a0diverse ethnic tapestry<\/strong>, led predominantly by the Kinh (Viet) group comprising 85.3% of the population. That said, the Vietnamese Government recognizes 54 distinct ethnic groups. Though Vietnamese is the official language, English is quickly emerging as a favored second language.<\/p>\nUrbanization is advancing<\/strong>, with 38.1% of the populace residing in urban areas in 2021. The urban migration trend is accentuated by the swelling populations of major cities such as Ho Chi Minh City, with 8.838 million residents, and Hanoi, the capital, housing 4.875 million. Population distribution shows a distinct concentration along the South China Sea and Gulf of Tonkin, particularly in the Mekong Delta and the Red River Valley.<\/p>\nIn terms of\u00a0gender distribution<\/strong>, there\u2019s a slight male predominance with a total population sex ratio of 1.01 males per female. However, as age increases, this balance shifts, with females outnumbering males substantially in the over-65 bracket.<\/p>\nIncome in Vietnam is fairly well-distributed<\/strong>, with 21% earning between 15,000,000 \u2013 19,000,000 VND, and 17% making up both brackets of 20,000,000 \u2013 24,999,999 VND and 10,000,000 \u2013 14,999,999 VND. 3% make less than 5,000,000 and 7% make more than 40,000,000 VND.<\/p>\nVietnamese Consumers and Consumer Trends<\/strong><\/h2>\nAs Vietnam\u2019s economy grows, understanding the evolving preferences and behaviors of Vietnamese consumers becomes crucial to launching successful ventures in the country. Companies aiming to penetrate this market must understand these trends to tailor their offerings and strategies effectively.<\/p>\n
Vietnamese Consumers Coming of Age<\/h3>\n
In recent years, Vietnam\u2019s middle class has expanded both in diversity and geographic reach. The consumer base is not only swelling but is also becoming more sophisticated and selective. Projections suggest that, by 2035, over half of Vietnam\u2019s populace will join the global middle class4<\/sup>.<\/p>\nThis expanding middle class is reshaping Vietnam\u2019s economic (and societal) landscape. Their demands span new products and services, and there\u2019s evident investment in sectors like education and real estate.<\/p>\n
Value Conscious, but Willing to Splurge<\/h3>\n
Spending patterns among the emerging middle class are shifting. The combined effects of inflation and a preference for premium brands are pushing consumers to splurge on some products and services, but not on others. At the same time, they\u2019re buying less overall and becoming more value-conscious.<\/p>\n
This trend plays out in two key ways:<\/p>\n
\n- Essentials vs. Luxuries:<\/strong>\u00a0While consumers are cutting back in many areas, they aren\u2019t skimping on necessities. Groceries, fuel, household items, and personal care remain high on the shopping list. Many consumers are willing to spend more on items like vitamins, over-the-counter drugs, and fitness products. But on the flip side, dining out is seeing a pinch.<\/li>\n
- Price Point Preferences:<\/strong>\u00a0When it comes to what\u2019s inside their shopping carts, consumers are leaning towards two extremes: top-quality premium goods or items that offer great bang for their buck. This means products in the middle, which aren\u2019t seen as luxury or bargain, might get left behind.<\/li>\n<\/ol>\n
A Preference for Omnichannel Shopping<\/h3>\n
The pandemic accelerated the trend of omnichannel shopping, and it looks like it\u2019s here to stay. Most consumers, with figures ranging from 67% to 88%4<\/sup>, have embraced alternatives to traditional in-store shopping and plan to continue doing so. In fact, between 50% to 75%4<\/sup>\u00a0of shoppers not only research but also make purchases via these multi-platform channels. This popularity in Vietnam can be attributed to tech and media companies constantly enhancing their omnichannel experiences. Still, some items \u2013 like groceries and vitamin supplements\u00a0\u2013 are typically preferred in-store.<\/p>\nHighlighting the shift, over 65% of Vietnamese shoppers think they will stick to these new shopping methods even after the pandemic4<\/sup>.<\/p>\nAmong the younger demographic, social media plays a big role in shaping buying habits. Platforms like Instagram, YouTube, and TikTok dominate, especially for Gen Z, influencing choices from skincare to footwear, and even food delivery. There\u2019s been a notable uptick in digital and remote service purchases as well.<\/p>\n
Less and Less Brand Loyalty<\/h3>\n
Vietnamese consumers are showing less and less loyalty towards stores and brands, frequently adjusting their shopping habits. In the Asia-Pacific region, they stand out for this trait: a whopping 90% have switched brands or stores for particular products or services in the last three months4<\/sup>. This propensity to switch is even more pronounced in southern Vietnam, likely due to the influx of new market entrants.<\/p>\nVietnamese buyers aren\u2019t just indifferent to brand or store names; they\u2019re also diversifying their product preferences. This can be traced back to their desire for premium products, combined with a discerning eye for value. In fact, the quest for better value-for-money often prompts brand switches, with product quality, novelty, and personal preferences being other primary drivers.<\/p>\n
More Purposeful Buying<\/h3>\n
Health and sustainability trends are gaining traction among Vietnamese consumers. For instance, three-quarters of surveyed consumers plan to maintain healthy habits like using wellness apps and telehealth services.<\/p>\n
Additionally, about 28% expect brands to be purpose-driven, aligning with customer values and prioritizing employee well-being. However, environmental concerns seem secondary: just 24% find eco-friendly ingredients and recyclable packaging crucial, and only 31% are ready to pay extra or opt for pricier brands to benefit the environment4<\/sup>.<\/p>\nSuper Apps + Digital Payment Adoption<\/h3>\n
Even before the pandemic, there was already a noticeable move towards digital transactions for products and services. This trend has been fast-tracked, leading to a big rise in cashless transactions.<\/p>\n
Vietnam is poised for a boom in e-payments. The total transaction value in this sector is predicted to grow at a 15.7% annual rate through 2025. Given that only 30% of Vietnamese adults currently use digital banking5<\/sup>, there\u2019s space for expansion. By promoting and adopting digital services, including e-payments, Vietnamese businesses can tap into this untapped potential more quickly.<\/p>\nLocal Choices Over Global Brands<\/h3>\n
A recent study shows that 76% of Vietnamese shoppers have a preference for local brands over global ones6<\/sup>. The combination of high quality and reasonable pricing has given Made-in-Vietnam products an advantage over international competitors, making them more prevalent on supermarket shelves.<\/p>\nData from the Ministry of Industry and Trade indicates that home-grown products constitute over 90% of items in domestically-owned supermarkets. This percentage varies in foreign-owned supermarkets, ranging between 60 to 96%, and stands at approximately 60% in traditional retail outlets.<\/p>\n
The campaign \u201cVietnamese people prioritize Vietnamese products,\u201d initiated in 2006, has elevated the prominence of local goods. In turn, it has bolstered consumer trust in domestic products, which are both transparent in origin and comparable in quality to imports.<\/p>\n
Key Takeaways<\/strong><\/h1>\n
Tourism<\/strong>\u00a0thrives on the nation\u2019s rich cultural and natural offerings, but faces the strain of over-tourism and global events like pandemics.<\/p>\n The IT, eCommerce, and Digital Services<\/strong>\u00a0sector is blossoming, propelled by a tech-savvy youth and a burgeoning startup ecosystem. Yet, it contends with regional competition and the need for advanced IT education.<\/p>\n Finally,\u00a0Manufacturing<\/strong>\u00a0is gaining traction as global companies view Vietnam as a favorable alternative to pricier Asian manufacturing hubs. This shift benefits from strategic trade agreements, but the nation grapples with raw material dependency and a need for skilled labor. Detailed market research is essential before investment.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n Nearing a population of 100 million<\/strong>, Vietnam is characterized by a youthful demographic, with 22.61% under 15 years of age and an average age of 31.9 years. However, the average age of the population in 2100 is expected to be 47.43<\/sup>.<\/p>\n The nation exhibits a\u00a0diverse ethnic tapestry<\/strong>, led predominantly by the Kinh (Viet) group comprising 85.3% of the population. That said, the Vietnamese Government recognizes 54 distinct ethnic groups. Though Vietnamese is the official language, English is quickly emerging as a favored second language.<\/p>\n Urbanization is advancing<\/strong>, with 38.1% of the populace residing in urban areas in 2021. The urban migration trend is accentuated by the swelling populations of major cities such as Ho Chi Minh City, with 8.838 million residents, and Hanoi, the capital, housing 4.875 million. Population distribution shows a distinct concentration along the South China Sea and Gulf of Tonkin, particularly in the Mekong Delta and the Red River Valley.<\/p>\n In terms of\u00a0gender distribution<\/strong>, there\u2019s a slight male predominance with a total population sex ratio of 1.01 males per female. However, as age increases, this balance shifts, with females outnumbering males substantially in the over-65 bracket.<\/p>\n Income in Vietnam is fairly well-distributed<\/strong>, with 21% earning between 15,000,000 \u2013 19,000,000 VND, and 17% making up both brackets of 20,000,000 \u2013 24,999,999 VND and 10,000,000 \u2013 14,999,999 VND. 3% make less than 5,000,000 and 7% make more than 40,000,000 VND.<\/p>\n As Vietnam\u2019s economy grows, understanding the evolving preferences and behaviors of Vietnamese consumers becomes crucial to launching successful ventures in the country. Companies aiming to penetrate this market must understand these trends to tailor their offerings and strategies effectively.<\/p>\n In recent years, Vietnam\u2019s middle class has expanded both in diversity and geographic reach. The consumer base is not only swelling but is also becoming more sophisticated and selective. Projections suggest that, by 2035, over half of Vietnam\u2019s populace will join the global middle class4<\/sup>.<\/p>\n This expanding middle class is reshaping Vietnam\u2019s economic (and societal) landscape. Their demands span new products and services, and there\u2019s evident investment in sectors like education and real estate.<\/p>\n Spending patterns among the emerging middle class are shifting. The combined effects of inflation and a preference for premium brands are pushing consumers to splurge on some products and services, but not on others. At the same time, they\u2019re buying less overall and becoming more value-conscious.<\/p>\n This trend plays out in two key ways:<\/p>\n The pandemic accelerated the trend of omnichannel shopping, and it looks like it\u2019s here to stay. Most consumers, with figures ranging from 67% to 88%4<\/sup>, have embraced alternatives to traditional in-store shopping and plan to continue doing so. In fact, between 50% to 75%4<\/sup>\u00a0of shoppers not only research but also make purchases via these multi-platform channels. This popularity in Vietnam can be attributed to tech and media companies constantly enhancing their omnichannel experiences. Still, some items \u2013 like groceries and vitamin supplements\u00a0\u2013 are typically preferred in-store.<\/p>\n Highlighting the shift, over 65% of Vietnamese shoppers think they will stick to these new shopping methods even after the pandemic4<\/sup>.<\/p>\n Among the younger demographic, social media plays a big role in shaping buying habits. Platforms like Instagram, YouTube, and TikTok dominate, especially for Gen Z, influencing choices from skincare to footwear, and even food delivery. There\u2019s been a notable uptick in digital and remote service purchases as well.<\/p>\n Vietnamese consumers are showing less and less loyalty towards stores and brands, frequently adjusting their shopping habits. In the Asia-Pacific region, they stand out for this trait: a whopping 90% have switched brands or stores for particular products or services in the last three months4<\/sup>. This propensity to switch is even more pronounced in southern Vietnam, likely due to the influx of new market entrants.<\/p>\n Vietnamese buyers aren\u2019t just indifferent to brand or store names; they\u2019re also diversifying their product preferences. This can be traced back to their desire for premium products, combined with a discerning eye for value. In fact, the quest for better value-for-money often prompts brand switches, with product quality, novelty, and personal preferences being other primary drivers.<\/p>\n Health and sustainability trends are gaining traction among Vietnamese consumers. For instance, three-quarters of surveyed consumers plan to maintain healthy habits like using wellness apps and telehealth services.<\/p>\n Additionally, about 28% expect brands to be purpose-driven, aligning with customer values and prioritizing employee well-being. However, environmental concerns seem secondary: just 24% find eco-friendly ingredients and recyclable packaging crucial, and only 31% are ready to pay extra or opt for pricier brands to benefit the environment4<\/sup>.<\/p>\n Even before the pandemic, there was already a noticeable move towards digital transactions for products and services. This trend has been fast-tracked, leading to a big rise in cashless transactions.<\/p>\n Vietnam is poised for a boom in e-payments. The total transaction value in this sector is predicted to grow at a 15.7% annual rate through 2025. Given that only 30% of Vietnamese adults currently use digital banking5<\/sup>, there\u2019s space for expansion. By promoting and adopting digital services, including e-payments, Vietnamese businesses can tap into this untapped potential more quickly.<\/p>\n A recent study shows that 76% of Vietnamese shoppers have a preference for local brands over global ones6<\/sup>. The combination of high quality and reasonable pricing has given Made-in-Vietnam products an advantage over international competitors, making them more prevalent on supermarket shelves.<\/p>\n Data from the Ministry of Industry and Trade indicates that home-grown products constitute over 90% of items in domestically-owned supermarkets. This percentage varies in foreign-owned supermarkets, ranging between 60 to 96%, and stands at approximately 60% in traditional retail outlets.<\/p>\n The campaign \u201cVietnamese people prioritize Vietnamese products,\u201d initiated in 2006, has elevated the prominence of local goods. In turn, it has bolstered consumer trust in domestic products, which are both transparent in origin and comparable in quality to imports.<\/p>\nVietnam\u2019s Demographics<\/strong><\/h2>\n
Vietnamese Consumers and Consumer Trends<\/strong><\/h2>\n
Vietnamese Consumers Coming of Age<\/h3>\n
Value Conscious, but Willing to Splurge<\/h3>\n
\n
A Preference for Omnichannel Shopping<\/h3>\n
Less and Less Brand Loyalty<\/h3>\n
More Purposeful Buying<\/h3>\n
Super Apps + Digital Payment Adoption<\/h3>\n
Local Choices Over Global Brands<\/h3>\n
Key Takeaways<\/strong><\/h1>\n