Vietnam and the aging silver generation

Richard Burrage
Oct 18, 2021

The aging silver generation is the fastest growing population segment in Vietnam

By 2036 just over half of Vietnam’s population (52%) will be over 40 years of age compared to 38% in 2021.  Those aged 50 plus, the aging silver generation in Vietnam, are the fastest growing segment of the population. In 2036 the aging silver generation in Vietnam will be the largest segment at 36% of the population.

In 2036 there will be over 36 million silver generation with a wealth of experience and complex needs. The over 50s have the most discretionary expenditure as their dependents have largely left the nest and become self-sufficient. They live active lifestyles and want much more out of life.  This silver generation in Vietnam will hold disproportionally higher wealth through household savings, land and property assets.

These demographic shifts are certain and raise many questions for policy makers and society;

  1. What is the source of the financial support required for ongoing healthcare, living expenses and aged care for the aging silver generation in Vietnam?
  2. What will be the impact on the aging silver generation in Vietnam from the cultural shift from multi-generational homes and support systems to nuclear family homes?
  3. The aging silver generation in Vietnam is neither frail of body or mind.  Where are the services which will enable engaging, connected and fulfilling second lives in retirement?
  4. What are the business opportunities in providing services for the aging silver generation in Vietnam?

Vietnamese society must plan and prepare now in order to ensure our aging population does not divert the socio-economic progress achieved to date.

8 minute read.

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Lowering birth rates and rising life expectancy in Vietnam

Coupled with advances in healthcare and living standards, Vietnamese will live longer with the average life expectancy moving from 71 years for men and 76 years for women in 2021 to 73 years for men and 78 years for women in 2036.

The average birth rate per 1,000 women aged 15 to 49 is 54 in 2021 falling to 46 in 2036. The average fertility rate of women aged 15 to 49 has decreased from 2.1 children per woman in 2001 to an estimated 2.05 children per woman in 2021 and is expected to fall to approximately 1.84 children per woman in 2036.

The replacement fertility is the total fertility rate at which women give birth to enough babies to sustain the population is 2.1. Urbanisation typically negatively impacts fertility rates, for example, Ho Chi Minh City already has a very low average fertility rate of women aged 15 to 49 at just 1.35 (in 20219) although initial data suggest it has increased to 1.53 in 2020.

The aging silver generation in Vietnam is not a single segment

This huge addressable market of 36,483,975 Vietnamese in 2036 cannot be treated as a single segment.  They can be segmented by; lifestyle, needs, chronological age bands, cognitive age bands, income and assets levels, and whether working, retired, partially retired to ensure a commercial and marketing focus. Certainly, they cannot be considered as frail nor dithering grandparents, but highly sophisticated consumers with a wealth of experience and complex needs.

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Retirement in Vietnam is a continuum not an absolute

The official retirement age in Vietnam is 60 years for men and 55 years for women. This will edge upwards in small increments to 62 for men and 60 for women over the coming seven years.

There are 12,614,724 Vietnamese aged 60 years plus in 2021 and this will reach 21,883,441 in 2036.

In 2021 there are 7.2 persons of working age (15 to 61 years) per every person of retirement age (62 years and more). By 2036 this ratio of aged dependents will have decreased to just 3.7 persons of working age (15 to 61 years) per every person of retired age. This almost doubles the burden on the working population to support the retired population in a span of just 15 years.

The Cimigo aging population and the silver generation survey in key urban cities of HCMC and Hanoi suggests that 30% of those aged 60-69 years are working as are 8% of those aged 70-79 years. Many look to family members for financial support at 36% of those aged 60-69 and 51% of those aged 70-79 years.

Cimigo does not expect people to stop working at this official retirement age.  Many already clearly continue working beyond retirement age. Partial retirement may have to become essential by 2036.

In this survey small traders, business owners and self-employed make up 40% of the occupations amongst those aged 50-59. Cimigo expects that the aging silver generation in Vietnam running these businesses will not cease to operate them, they will have to step back and still generate an income from them.

Many blue-collar workers may leave physically demanding production lines or construction sites yet carry on earning on a part-time basis in less physically enduring roles such as security, services, transport and logistics.

Many white-collar workers will not immediately disengage from work at retirement, they will be able to conduct assistance to younger workers through training, development and mentoring.

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Incomes are a mere fraction of the wealth held by the aged silver generation in Vietnam

In 2036 the aging silver generation in Vietnam will represent 36% of the population and will hold disproportionally higher wealth through household savings, land and property assets.

Unlocking these assets and creating income streams will be necessary as most will have insufficient savings for what is becoming an ever longer second life at retirement. This will generate new financial service products to help the aging silver generation in Vietnam extract income from their homes without losing them.

The slow demise of multi-generational family homes in Vietnam

New families often seek to live in their own homes, typically an apartment in the city. This movement from multi-generational homes to nuclear homes is a cultural shift that will leave many in the aging silver generation in Vietnam lacking close family connections and support.

Despite the sweet smile, few new brides truly desire to live with their husband’s parents as is the conventional norm.  In the last twenty years, apartment stock has increased exponentially and demand is unlikely to abate. This creates a shift in living quarters, where many nuclear families now live (or aspire to live) in their own nuclear family, beyond the immediate reach and oversight of the in-laws which the previous generations experienced.

This breaks a major social contract where the son and his wife will increasingly support their parents as their financial and physical independence diminishes over their aging years.

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Exponential demand for social care aged silver generation in Vietnam

The Cimigo aging population and the silver generation survey in HCMC and Hanoi reports that 79% of the aging silver generation in Vietnam now live in a multi-generation home. To date, multi-generation living and family support for the aging silver generation in Vietnam has negated the need for public and private social care and retirement homes in Vietnam.

This cultural shift to nuclear family homes coupled with a near doubling of the aged dependency ratio will challenge the financial livelihoods and support systems for the silver generation in the future.  Paradoxically the longer the life expectancy leads to a far higher likelihood of becoming poor as income streams and savings run low for the aging silver generation in Vietnam.

Today private nursing homes are very limited in supply and cost approximately USD700 per month depending on care needs in 2021.   The need and opportunities for social care services in 2036 and beyond will be immense, be that training social care staff, nursing services, retirement homes, apartments with special care services, rural retirement villages, on-demand care services and social outreach programmes.

Future healthcare needs for aged silver generation in Vietnam

Vietnam’s healthcare expenditure is approximately 6.0 to 7.0 % of GDP in 2021. The government spends at approximately 2.5% to 3.0% and private households spend at approximately 3.0 to 4.0%. The rising healthcare needs of an aging population will take a toll on both government and household budgets, to maintain current standards of care will bring healthcare expenditure closer to 8% of GDP by 2036.

Technological advances may provide some relief by catching diseases early to prevent their development. Advances in remote monitoring, biometric diagnostics, remote consultations, precision targeted treatment regimes will lead to earlier and far more effective treatment.

Technology will often replace human led treatments reducing error and enhancing efficacy yet further. New tools for diagnosis, monitoring and treatments will help keep our bodies and minds younger, such that our cognitive and physical mobility age will at least feel far below our actual age in years.

Both private and public healthcare services in Vietnam will encounter many opportunities and challenges to match the demand for services.

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Leading the aging silver generation in Vietnam leisure renaissance

The silver generation has time, the money but not necessarily accessible services.  The silver generation in Vietnam will lead the leisure renaissance. Opportunities will abound for time rich retirees with disposable income. Mundane chores from shopping, paying bills and cleaning the home are all being made far easier with online services and automated home cleaning devices. Expect to see further companionship devices that enable emotional care-bots which provide support for those in the aging silver generation in Vietnam.

Travel needs differ for the silver generation in Vietnam. See Cimigo’s Vietnamese Travel Habits to see how journeys differ for the silver generation in Vietnam today. But day to day travel requirements increasingly met by ride-hailing services may include driverless cars and a new range of cars designed for the aging silver generation in Vietnam. Fortunately, Japan’s automotive industry is far ahead in the field given their aging society.

A generation that actively seeks friendships creates opportunities to facilitate shared experiences and connections. Think Tinder for companionship and online games that whilst fun will enable connections and exercise the brain and memory. Advances in medicine that help the physical well-being and extend life expectancy will need to be complemented with social and emotional well being.

The silver generation are time rich are will embrace continued personal development in many spheres often revisiting their cultural heritage through; music, arts, crafts, poetry, literature calligraphy and healthier lifestyles impacting consumption of food, beverages, supplements and engaging in exercise regimes with yoga, swimming, badminton and other low impact sports and exercise.

Opportunities abound to serve the aging silver generation in Vietnam

The further the aging silver generation in Vietnam progress from their 50s and 60s through to their 70s and 80s the sharper the shift in their expenditure away from education, transport, clothing, communications, alcohol and tobacco towards healthcare, travel, leisure, food and beverages.

Clothing can be designed for the silver generation which is easier to wear and remove through design, for example, larger sleeves and fasteners which are more tactile and easier to grasp. So if clothing can be a business opportunity for the growing aging silver generation in Vietnam there is little that cannot.

Any digital device and accompanying application can be better designed for the silver generation. Get used to hearing researchers, user experience and human-centered design consultants espouse gerontechnology, which simply concerns matching technology design to health, housing, mobility, communication, leisure and work of the aging silver generation in Vietnam. Mobile applications will need voice controls with stronger microphones and speakers, far better lighting, more intuitive navigation paths and identifiers, larger buttons, voice commands and dictating messages will need to be the norm.  Twenty years ago Japan’s NTT Docomo answered the call for Japan’s aging silver generation in Vietnam with the Raku-Raku (Easy-Easy) handset and software suite.

Super applications will emerge that better serve the needs of the silver generation in Vietnam by providing more readily accessible, intuitive and simple tools for connecting with key services.  There is great potential for; leisure, healthcare, home security, shopping, financial and transport services designed for the silver generation. The aging silver generation in Vietnam will increasingly be offered digital tools to help them with cultivating plants and partaking in storytime with their grandchildren. In fact, digital tools which support inter-generational relationships will become a standalone application category in the future.

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Navigating a brighter future for the aging silver generation

The changing shape of Vietnam’s population is certain and that this will create both numerous opportunities and challenges for public policy, society and private business. The nature of work, how retirement will be experienced, developments in healthcare, social care and transport services for the aging population could all yet take on significant changes over the next 15 years. However, Vietnamese society must plan and prepare now in order to ensure our aging population does not divert the socio-economic progress achieved to date.

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End.

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Working with Cimigo has been incredibly rewarding. Their exceptional service and unwavering commitment to excellence have been truly impressive. Together, we've successfully completed projects ranging from fabric care like detergents and fabric softener to home essentials like floor cleaner and dishwashing liquid in both urban and rural settings, showcasing Cimigo's versatility and dedication to reaching diverse markets. Thanks to Cimigo's dedication and expertise, we secured a major project with our client last year. I'm grateful for our partnership and excited for future collaborations.

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Cimigo has been an excellent partner for AmCham. They provided insightful feedback during the planning phase of our project and offered suggestions to ensure that we met our goals. Their analysis was comprehensive, thoughtful, and accurate, and I appreciated their customer service skills – I always felt that Cimigo had our best interests at heart. I’m very much looking forward to working with Cimigo again in the near future!

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I have never seen or had support for our business like we have received from Cimigo Vietnam. The depth & understanding of our business shows how well you have studied both Jardines Distribution Inc. and Koppers Performance Chemicals. We, (JDI & KPC), really appreciate the efforts the whole Cimigo team have put into your research. The help to connect potential distributors for both our Industrial and retail products are absolutely on point. I will have no hesitation in recommending Cimigo Vietnam to any company wanting to venture into the Vietnam market.

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Cimigo is one of the top research companies in Vietnam that provides very good services and actionable insights. We have the pleasure of working with Cimigo. With extensive knowledge of Vietnamese consumers, Cimigo keeps bringing value to our company. We look forward to working with them in the future.

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Cimigo conducted a large, nationally representative demand forecasting study in Vietnam for us, including a discreet choice component, to assess demand for potential new male contraceptives in development to support funding decisions by The Bill & Melinda Gates Foundation. The research was additionally complex by linking interviews with men and separate interviews with their female partners. The Cimigo team was were professional, knowledgeable and adaptive through the process of understanding our needs and collaborating to find solutions that would work, resulting in a very successful study.

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I've had the pleasure to work with Richard and Cimigo over many years and across multiple markets. Cimigo was a key partner in our business decision making process including market entry strategy, brand positioning development, shopper insights, brand equity tracking, and consumer need state segmentation development. The Cimigo team are local market experts who understand consumer culture like no other. I would highly recommend them.

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Cimigo is our go-to agency in Indonesia. They're great collaborators, work hard to meet our deliverables, and are a joy to work with.

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Cimigo is the research agency that I appreciate for their expertise and customer service. Cimigo understand well the business context for each of project hence they can design the research to best fit with the objectives. The optimization on methodologies, sample size and questionnaire bring the value to the projects I have worked with them. Cimigo can go beyond data and give me valuable insights for each of research projects based on their knowledge and experience with the industry. All of these support me well to navigate the brand strategy in short term and long term.

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We partnered with Cimigo on assessing TET campaign launch focusing on improving booking through our platform. Cimigo, provided its customized campaign evaluation technique based on Cimigo Online Communities that fully meets our requirement in terms of type of respondents and expected timelines. The report provided insightful findings with benchmarks to identify the next course of action for launching the campaign. We will recommend Cimigo team and its Online communities for its quality reporting and scale of coverage.

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Cido have worked with Cimigo in Vietnam for more than 10 years. All our projects, both qualitative and quantitative, have been delivered in a timely manner with a high standard of quality throughout. Cimigo’s client service team has provided great support over the years which has ensured smooth project execution and helped us to deliver work on time and exceed our client’s expectations.

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I have partnered with Cimigo over the past 15 years. Most recently Cimigo engaged us to collaborate on an unusually tough new product development project, which was akin to selling ice to Eskimos. Cimigo bought alive the consumer, her shopping journey, her cooking rituals and potential brand promises. Cimigo inspired our creative team to build alternate brand propositions and accompanying package designs. Cimigo then went back to consumers to evaluate, iterate and optimise these in focus groups. The Doodle team were able to observe this process and subtly adjust the expression of the brand between focus groups. The result of this great collaboration was a winning brand proposition and packaging design that hit consumer needs head on whilst appealing to their hearts.

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We have worked together with Cimigo many times. The findings from Cimigo are factual, accurate & reliable. They deliver value from the voice of our customer so we can easily determine the next step. Working with Cimigo feels like not only building a partnership but a sense of family. Very amazing to work with Cimigo, they always go beyond our expectations.

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Cimigo digs deep to understand the key issues we need to address. Then, they quickly customize a highly suitable research approach to provide us the insights we need to achieve our breakthrough business targets. From tough questions to aha answers in just a few easy conversations!

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Our relationship with Cimigo goes back many years. We engaged Cimigo to provide an independent view on what our customers and potential customers think of our company. The insights from Cimigo were very helpful for us to better understand the Vietnam market and also in developing our brand manifesto.

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As a creative director I have used the services of Cimigo for the past 15 years when developing communications, so I know their style, innovations and resources well. Most recently we tested copy for print, out of home and digital communications to put an Australian colloquialism into a Vietnamese context. A job and budget so small I felt it was highly likely to fall through the cracks. I was astounded at their incredible response. From their advice and style of how we should present the stimulus material, to their cross-reference manoeuvres used in the testing. Their over-delivering response, was to an embarrassing level. We walked away with a clear winner and could present back to our client with confidence and clarity. Cimigo made us look great. Plus they even threw in a few extra insights on the awareness and perception of the product in Vietnam.

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Cimigo have built and managed both our employee and customer experience programme since 2012. We have a complex suite of services with in-patient, out-patient, surgical, diagnostic, consultative and facilities to account for, all amongst patients who are naturally sensitive regarding their privacy and experience. Yet Cimigo have designed a system to measure customer experience across multiple languages and cultures and direct us in improving this experience. Our net promoter score (NPS) has grown as a direct result of changes implemented based on this direction and continuously listening to patient feedback. The NPS growth correlates directly to new patient numbers and improved profitability, as happier customers drives our business growth.

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We have worked with Cimigo recently and highly recommend them. Cimigo have made great recommendations on the price elasticity.

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Cimigo designed a customer experience programme for Coats that reached into Vietnamese, Chinese and Korean customers across various levels of seniority. Cimigo instilled the importance of the voice of the customer within our executive committee. This led to fundamental changes in our structure, services and speed to market. Significant investments were made behind these improvement programmes, for example in reducing delivery times and in managing specialised custom orders, which in turn have led to improved revenue streams and higher margin sales.

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Cimigo - The best “Glocal” market research firm in Vietnam with whom we have developed a great partnership since many years. While the quality of research and findings are of top standard, the added advantage being the local insights that Richard and his team are able to provide in helping us make important decisions.
Cimigo - The best “Glocal” market research firm in Vietnam with whom we have developed a great partnership since many years. While the quality of research and findings are of top standard, the added advantage being the local insights that Richard and his team are able to provide in helping us make important decisions.

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I respect Cimigo not only because of their dedication, meticulousness, and high-quality services but also how much they care about the local community here. I proposed the idea of doing a survey with the digital young generation on the topic of social impact and leadership. I wanted to identify, shape, and develop our content so that could really speak to the heart of the problems and empower young Vietnamese to take action on social impact in Vietnam. The Cimigo team agreed pro-bono to help without hesitation. The research findings are truly helpful in providing us a deeper understanding of our targeted audiences, what they need and are concerned about in life. The results show us how we can help them to achieve their goals and dreams. It is no longer a shot in the dark!

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Cimigo consistently carries out researches with international standards and consistently bring about truly mind opening local insights.

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Cimigo not only delivered an exceptional piece of qualitative research for us, but provided hugely valuable direction when it came to product development and market positioning which we have since implemented. We can’t wait to work with the team again.

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Pharmacity started a Brand Health Check with Cimigo in 2020 and we were immediately impressed with their great consultancy and supportive spirit. The study had interesting analysis and insights which helped us efficiently shape the marketing plan and direction moving forward. We are now working with Cimigo on a tracking basis to continuously monitor and foster our brand performance.

Richard Willis - Director

When we were looking to develop one of the worlds the leading economic indicator in Vietnam, the Purchasing Managers’ Index™ (PMI®) Cimigo showed an immediate understanding of our needs and showed their understanding of the Vietnamese market. IHS Markit has now been working with Cimigo since 2013. Every month Cimigo continues to provide high quality data, a representative panel, on time data and great customer service. We look forward to many more years of working together.
When we were looking to develop one of the worlds the leading economic indicator in Vietnam, the Purchasing Managers’ Index™ (PMI®) Cimigo showed an immediate understanding of our needs and showed their understanding of the Vietnamese market. IHS Markit has now been working with Cimigo since 2013. Every month Cimigo continues to provide high quality data, a representative panel, on time data and great customer service. We look forward to many more years of working together.

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I have worked with CIMIGO on educational research for over 4 months. This is extremely impressive to me by the way CIMIGO approaches, cooperating and supporting me during the research launched. Specifically, the design for both qualitative and quantitative research are practical and logical with accurate questionnaires and appropriate interviews methodology for different respondents. Moreover, the outcomes of this research helps us to recognize our opportunities in the current English Language Training Market and understand profoundly our customer needs, behaviours and expectations when sending their children to us.

Geert Heestermans - Marketing Director

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Cimigo is and will be our strategic research agency. We are happy with your work and the way our projects are handled. You walked the extra mile and we are grateful for that.

Louise Knox - Consumer Technical Insights

Just to say a huge thank you for all of the film footage. We are absolutely delighted with it all. The Vox Pops are really interesting and have turned out very well – those ladies were great at talking spontaneously. Cimigo did a great job. Thank you for your patience and perseverance with getting this off the ground.
Just to say a huge thank you for all of the film footage. We are absolutely delighted with it all. The Vox Pops are really interesting and have turned out very well – those ladies were great at talking spontaneously. Cimigo did a great job. Thank you for your patience and perseverance with getting this off the ground.

Aimee Shear - Senior Research Executive

We partnered up with the Cimigo team on what was a particularly challenging project – we were faced with numerous timeline delays and logistical concerns – yet Cimigo were incredibly accommodating through their patience, flexibility and commitment. Not only were Cimigo supportive during the set up of our project, but we were really impressed by the outputs delivered – Cimigo were insightful, rich and very comprehensive. Cimigo were brilliant partners to work with and we look forward to working with them again.
We partnered up with the Cimigo team on what was a particularly challenging project – we were faced with numerous timeline delays and logistical concerns – yet Cimigo were incredibly accommodating through their patience, flexibility and commitment. Not only were Cimigo supportive during the set up of our project, but we were really impressed by the outputs delivered – Cimigo were insightful, rich and very comprehensive. Cimigo were brilliant partners to work with and we look forward to working with them again.

Dennis Kurnia - Head of Consumer Insights

Over the last 5 years I have worked with Cimigo on a wide array of projects, ranging from market segmentation to product testing. At all times, I found Cimigo to be swift in response and providing high quality insights and business recommendations applicable to our business. Furthermore, I am satisfied with Cimigo fieldwork quality despite the crunched timeline that we had in some projects. Overall, I highly recommend Cimigo for their professionalism.
Over the last 5 years I have worked with Cimigo on a wide array of projects, ranging from market segmentation to product testing. At all times, I found Cimigo to be swift in response and providing high quality insights and business recommendations applicable to our business. Furthermore, I am satisfied with Cimigo fieldwork quality despite the crunched timeline that we had in some projects. Overall, I highly recommend Cimigo for their professionalism.

Tania Desela - Senior Product Manager

It was a pleasure working with Cimigo. Their expertise in consumer and market research was a significant benefit as they assisted our organization in understanding our market position in more detail and validating our hypothesis in go-to-market strategy. We were more than happy with the findings and would definitely recommend Cimigo.
It was a pleasure working with Cimigo. Their expertise in consumer and market research was a significant benefit as they assisted our organization in understanding our market position in more detail and validating our hypothesis in go-to-market strategy. We were more than happy with the findings and would definitely recommend Cimigo.

Thu Phung - CTI Manager

Cimigo is not the type of agency that "fill in the template", but it's customized as per the needs and expectations of Client. Cimigo makes research interesting by applying new approaches to address the business issue, for example, it's known by default that product test is CLT, but at Cimigo, we did group debate for deeper understandings and insights and that resulted as a winning product which is selling well in the market. Last but not least, Cimigo makes me understand that research is a journey, not just a project."
Cimigo is not the type of agency that "fill in the template", but it's customized as per the needs and expectations of Client. Cimigo makes research interesting by applying new approaches to address the business issue, for example, it's known by default that product test is CLT, but at Cimigo, we did group debate for deeper understandings and insights and that resulted as a winning product which is selling well in the market. Last but not least, Cimigo makes me understand that research is a journey, not just a project."

Linda Yeoh - CMI Manager

We have worked with Cimigo over 2 projects in Vietnam. Cimigo has proven to be reliable being on top of the projects, managing different stakeholders and business objectives. They are flexible in terms of ways of working and are able to cope with last minute changes. The research findings (Quant + Qual) have helped us understand Vietnamese in a deeper level, allowing us to make clear decisions to be successful in the market. Thank you Cimigo team for supporting us.
We have worked with Cimigo over 2 projects in Vietnam. Cimigo has proven to be reliable being on top of the projects, managing different stakeholders and business objectives. They are flexible in terms of ways of working and are able to cope with last minute changes. The research findings (Quant + Qual) have helped us understand Vietnamese in a deeper level, allowing us to make clear decisions to be successful in the market. Thank you Cimigo team for supporting us.