Vietnam consumer trends 2025

Vietnam consumer trends 2025 explores the eight reasons Vietnam will prosper in the next decade.

Vietnam’s economy is set for substantial growth over the next decade, supported by domestic and global factors. This report explores the drivers of Vietnam’s economic expansion, key consumer trends, and challenges businesses must navigate. As Vietnam’s GDP grows and its digital economy expands, consumers are also changing their behaviours, driving new trends in tourism, retail, and financial inclusion.

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Richard Burrage

Vietnam’s socio-economic development

Vietnam made significant strides in both. Several key indicators reflect the nation’s ability to leverage its economic strengths for growth.

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Vietnam’s GDP growth is expected to be 6.6% in 2025

Vietnam’s GDP grew by 7.1% in 2024, contributing to a total GDP of US$431 billion.  Vietnam’s sustained industrial production and export growth played a pivotal role, with exports continuing to perform well, contributing to a trade surplus.

Vietnam has maintained steady GDP growth over the past decade, averaging 5.9%. Several critical factors contribute to this robust economic trajectory.  Foreign direct investment (FDI) and export growth have bolstered industrial production, with manufacturing accounting for 25% of GDP. Industrial production surged by 8.3%, driven by the country’s strong manufacturing base.

The country’s GDP per capita reached US$4,293 in 2024 (a slight drop compared to 2023 in US$ terms owing to VND devaluation). However, the trend reflects improved living standards and rising household affluence (2015 GDP per capita was at US$1,923). This marks Vietnam’s gradual transition from a low-income to a middle-income economy.

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Vietnam’s global trade integration – Vietnam consumer trends 2025

Exports reached $405 billion, representing 14% growth over 2023, while imports climbed by 16% to $380 billion, reflecting heightened trade activity. The country has shifted towards producing higher-value goods, with 40% of exports classified as high-tech in 2024, compared to just 4% in 2003. However, challenges still need to be addressed, including a shortage of managerial talent and limitations in infrastructure.

Vietnam’s economy continues to attract substantial foreign investment, with cumulative foreign direct investment (FDI) disbursements up 9.4% to $25.35 billion. This ongoing capital inflow underscores confidence in Vietnam as a strategic hub for global manufacturing and supply chains. Vietnam’s global interconnectivity reached 182% in 2024, demonstrating its prominence in international trade.

Vietnam’s inbound international touists up 40%

One bright spot for domestic services has been the remarkable rebound in international tourism. Vietnam welcomed 17.6 million visitors in 2024, a 40% increase compared to last year. This surge in tourism has provided crucial support for retail services, particularly in the hospitality and entertainment sectors.  Fortunately, domestic tourism continues to thrive, with emerging trends such as wellness tourism and solo travel impacting the sector.

Vietnam saw sluggish retail sales in 2024

Vietnam’s economy in 2024 contrasts subdued domestic consumption with impressive growth driven by exports, manufacturing, and investment.

While the macroeconomic outlook is positive, domestic consumer demand in Vietnam has remained sluggish in 2024.  True inflation and consumers’ focus on rebuilding savings post-pandemic have contributed to conservative spending habits. Retail growth has been muted. Retail sales of goods increased by a modest 1.1%, and combined goods and services sales rose by just 2.3%.

This slow growth suggests caution in household spending despite inflation being contained at 3.6%, lower than initial projections. Consumers have become more price-conscious, steering away from premium products and seeking value-based purchases, even for basic goods like milk. Businesses that have succeeded in this environment offer strong value propositions.

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Vietnam’s solo economy – Vietnam consumer trends 2025

New emerging trends see thriftiness gaining popularity among younger consumers, who gravitate towards secondhand fashion as a sustainable, eco-conscious alternative. Vietnam is seeing a rise in single-person households, leading to increased demand for solo travel, compact living spaces, pets, and single-portion meals.

Vietnam’s automotive and property sales up – Vietnam consumer trends 2025

Vietnam’s automotive industry rebounded, with 493,000 new passenger cars sold, up 22% year-on-year. Similarly, 2.9 million new motorbikes were sold, a 14% increase. In the real estate sector, 39,000 new apartments were sold across Hanoi and HCMC, signalling a recovery in the property market after an extremely difficult 2023.

Seismic shifts in Vietnam’s retail channels

Vietnam’s traditional trade declines -5% – Vietnam consumer trends 2025

2025 retail channel trends in Vietnam continue to evolve, driven by the rise of modern trade and e-commerce.  For the first time, traditional trade experienced an absolute decline in sales of -5% in 2024.

43% rise in e-commerce sales – Vietnam consumer trends 2025

E-commerce has experienced exponential growth of 43% in absolute sales over the prior year. It now accounts for 11% of all retail sales. This shift reflects a growing preference for online convenience, increased trust in online platforms, and the ‘shoppertainment’ experience offered, including live streaming. Shopee dominates the e-commerce landscape, but TikTok is quickly emerging as a strong challenger in the digital marketplace, particularly in social commerce.

Modern trade 4% expansion – Vietnam consumer trends 2025

Modern trade, which includes organised retail formats like supermarkets, convenience stores, and mini markets, has significantly increased in Vietnam over the past decade. In 2024, modern trade accounted for 27% of total retail sales (up from 15% in 2005).  Compared to 2023, modern trade absolute sales grew by 4% in 2024.

These trends are partly driven by Vietnam’s expanding middle class and urbanisation.  One of the most notable developments in 2024 has been the significant growth of modern retail outlets, particularly in provincial towns. The modern trade sector saw an 11% increase in outlets (1,173 more modern outlets) in 2024 compared to 24 months prior.

• Pharmacies led the expansion. FPT Long Châu Pharmacy added a staggering 796 new outlets, and Hasaki, a chain specialising in beauty, health, and wellness, expanded by 136 outlets. However, the landscape isn’t without challenges, as demonstrated by the closure of 179 outlets of An Khánh Pharmacy. This shows that retail expansion also comes with operational risks and market competition.

As retail chains expand into less urbanised areas, digital and modern trade channels are making significant inroads, offering greater accessibility to rural consumers. At the same time, the experience economy – focused on providing consumers with memorable, engaging shopping experiences – is flourishing. This is expected to shape consumer behaviour further, encouraging more shoppers to move away from traditional markets towards online platforms and organised retail.

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Vietnam’s growing middle class

Vietnam’s middle class continues to expand, driving consumption.  56% of Vietnamese households now belong to the ABCD income class, earning above VND 15 million (US$592) monthly. However, the increase in household wealth has been incremental, with a 0.5% rise in those earning between US$500 and US$999.

US5.1 billion spend on overseas education – Vietnam consumer trends 2025

An interesting anecdotal example of Vietnam’s rising affluence (and the sacrifices parents will make to achieve their children’s aspirations) is education investments. As an example, an estimated US$5.1 billion was spent educating Vietnamese children overseas in 2024.

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Health and wellness trends in Vietnam

Vietnam health and wellness trends are transforming, driven by increasing consumer awareness of healthy lifestyles. As consumers seek a balance between physical health, mental well-being, and convenience in modern life, Cimigos’ report digs into their motivations and priorities to capitalise on the potential.

Active lifestyles are becoming mainstream :Nearly 50% of Vietnamese consumers are adopting active lifestyles.

Dietary shifts reflecting health awareness: Planned diets like Paleo, Mediterranean, and vegan are becoming increasingly popular, particularly in urban areas. 79% of consumers regularly or occasionally use dietary supplements.

Riding stress – The need for mental wellness: Vietnamese consumers are experiencing rising levels of stress; there is increasing demand for solutions such as meditation apps, relaxation tools, and psychological counselling services.

Vietnam’s financial inclusion and digital payments

Vietnam continued progress in financial inclusion, with 79% of adults aged 18+ having a bank account in 2024. This growth in banking penetration underscores efforts to broaden access to financial services, supported by the increasing adoption of digital payments.

Cimigo’s latest retail banking report highlights how digital payments have become ubiquitous, with nearly 40% of consumers using banking apps for their latest purchases. This shift has helped expand financial inclusion, especially in the provinces where e-commerce and modern trade have made significant inroads.

Household savings rate increased to 10% – Vietnam consumer trends 2025

The household saving rate rose from 8.5% in 2019 to 10% in 2024, suggesting consumers remain cautious, prioritising savings over discretionary spending due to inflationary pressures and economic uncertainty.

Vietam’s expansion of the digital economy

One of the most notable economic achievements was the expansion of the digital economy, which grew to US$36 billion in 2024, representing 8% of the national GDP. This robust growth can be attributed to the increased use of e-commerce, online services, and digital payments as Vietnam continues to embrace digital transformation across all sectors of the economy.

Vietnam boasted 78.9 million internet users in 2024, with 98% of adults aged 15+ owning smartphones. This near-universal digital access transforms how businesses operate and consumers engage with the economy, particularly in urban areas but increasing across rural Vietnam.

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Vietnam’s demographic shifts

Vietnam’s favourable demographic structure is a significant asset to its economy, though the dynamics are gradually shifting.

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High female workforce participation – Vietnam consumer trends 2025

Vietnam has a very high female workforce participation rate: 88% among females aged 20 to 64. In comparison, just 40% in Indonesia and 25% in India do the same. This high female participation supports a low dependency ratio (just 0.64 dependents per employed person), which is the key driver of economic growth.

Vietnam’s young and comparably cheap workforce – Vietnam consumer trends 2025

In 2025, the working population will be 62% of the total. Half of the working population is aged 20 to 39.  Furthermore, Vietnam’s workforce is comparatively cheap; in 2025, the minimum monthly wage in Saigon is US$198, just 54% of the minimum in Guangzhou, which is US$370.

Over 50s are Vietnam’s fastest growing age segment – Vietnam consumer trends 2025

Vietnam’s demographic dividend will fade. By 2036, Vietnam will lose its demographic advantage as the population ages. The silver generation is the fastest-growing segment, and businesses have opportunities to tap into their disposable income, focusing on sectors like healthcare, travel, and wellness services.

Vietnam’s birth rates are declining rapidly. The average number of children born to a woman over her lifetime was 2.5 in 2000 and just 1.91 in 2024. It was lower still in the South-East of Vietnam, at 1.39 in 2024.  Note that 2.1 children born to a woman over her lifetime are required to sustain Vietnam’s 100 million population.

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Vietnam’s 2025 consumer and economic outlook

Despite long-term optimism, Vietnam’s short-term consumer outlook remains volatile. Vietnam’s business confidence has been shaken due to anti-corruption campaigns and inflationary pressures. Bureaucratic delays and a lack of government approvals have also hindered business sentiment, with significant improvements highly anticipated following ongoing government reforms in Q1 2025. Cimigo expects Vietnam’s GDP growth to reach 6.6% in 2025.

Businesses must navigate a challenging consumer landscape where demand remains muted, and price sensitivity is high. Consumer demand is forecasted to improve gradually in 2025, but this recovery will be modest, hovering just above inflation.

Vietnam’s 2035 consumer and economic outlook

Vietnam is poised for continued economic growth, driven by foreign direct investment, female participation in the workforce, a youthful workforce, and an expanding digital economy. 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 has primarily been the high labour participation of women, which provides a low dependency ratio. Vietnam has gone through a decade with average GDP growth of 5.9%. Cimgio expects these levels of economic growth to be maintained over the next decade to 2035.

The challenges will come in 2036 and beyond as the population structure changes whilst the nation seeks to move from a lower-middle to an upper-middle-income country.

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Vietnam consumer trends 2025

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

1. GDP growth averaged 5.9% 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.
5. Rising household affluence.
6. Financial inclusion and digital payments.
7. The growth of the digital economy – is now at US$36 billion.
8. Working age population, high labour participation and a low dependency ratio.

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