Vietnam consumer trends report 2024

A free report from Cimigo market research on Vietnam Consumer Trends report 2024.  Cimigo assesses the consumer trends and expectations for 2024 in Vietnam. Discover the economic, social and consumer trends in Vietnam.

Richard Burrage

Vietnam consumer trends report 2024

The Vietnam consumer trends report 2024 explores the eight reasons that Vietnam will prosper in the next decade.

Vietnam’s long-term outlook

Vietnam is poised for continued economic growth, driven by FDI, a youthful workforce, and an expanding digital economy. However, businesses must navigate a challenging consumer landscape, where demand remains muted, and price sensitivity is high. As Vietnam transitions into a more affluent, digitalised society, companies that adapt to these trends will be well-positioned for success.

The number one enabler for Vietnam’s economic success primarily has been the structure of its working population and its youth therein and the high labour participation of women, providing a low dependency ratio. Vietnam has gone through a decade with average GDP growth of 6%.  Vietnam has strong domestic consumer demand and Cimgio expects these levels of economic growth to be maintained over the next decade.

The change will come in 2036 as the population structure changes  The economic challenge lies in moving from a lower-middle to an upper-middle-income country as these population changes take hold.

Vietnam consumer trends 2024

Vietnam will stand out as a high-growth economy over the next ten years.  These are the key eight reasons why Vietnam will continue to prosper over the next decade and growth will be the strongest in Asia and across most of the world.

The Vietnam consumer trends 2024 presentation explores the eight reasons that Vietnam will prosper in the next decade.

  1. GDP growth averaged 5.8% over the past ten years.
  2. More sophisticated production. Increased FDI and exports. Global interconnectivity.
  3. Domestic tourism thrives and international recovers.
  4. Consumer retail demand challenges and recovery.
  5. Rising household affluence.
  6. Financial inclusion and digital payments.
  7. Growth of the digital economy, now at US$30 billion.
  8. Working age population, high labour participation and a low dependency ratio.

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