Vietnam is witnessing special growth in modern shopping channels and other industries. The report will show consumption trends in Vietnam in 2023 and factors that will affect customer satisfaction. This report has been conducted by Cimigo Vietnam.
Vietnam is witnessing special growth in modern shopping channels and other industries. The report will show consumption trends in Vietnam in 2023 and factors that will affect customer satisfaction. This report has been conducted by Cimigo Vietnam.
The working population is 62% of the total in 2022. Half of the working population is aged 20 to 39 years. A high female participation in the workforce. 88% amongst females 20 to 64. The highest percentage of working population in region. It significantly lowers dependency ratios to just 0.7 per employed person. This gives GDP a huge boost. Urban working adults have on average 1.67 sources of income.
The silver generation’s disposable income and desire to enjoy life provide ample opportunities for travel, fashion and beauty services. Health is the top concern and health related expenditure accounts for 13% of their income. Reaching retirement, seniors have more spare time to take care of their health.
The economic performance of 2022 compared to 2021 was better in almost all figures, especially from April to August. In the last three months of 2022, however, the growth started showing signs of being threatened by many factors such as consumer price inflation, rising costs of borrowing, energy cost inflation, etc.
Vietnam leads the charts on global trade interconnectivity. Vietnam’s global interconnectivity in 2022 was 180%. Manufacturing slowed in quarter 4 of 2022, but growth returned in February 2023.
Consumer demand for retail goods and services is strong (retail goods and services account for 55% of GDP). Modern trade accounted for 26% of retail goods sales in 2022. However, with the significant growth, online shopping will surpass the modern trade share of sales in 2028.
The COVID-19 epidemic has seriously affected international tourism. Although the epidemic situation has stabilized, international tourism is still growing very slowly compared to the period before 2021.
Ubiquitous digital access equates to more transformation, innovation and digital experiences. Also, Vietnam’s digital society and media are bringing the worldview across urban and rural society even closer.
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. In addition, migration and lower birth rates mean that households are smaller and wealthier.
In the year 2022, 70% of Vietnamese adults were banked. Digital transformation will continue to change the shape of retail banking. For all uses (including online shopping), e-wallet establish high penetration, consistently across urban and rural areas. Additionally, cash on delivery is still the most common payment method for online shopping, followed by bank transfer. Momo lead the market with 51% share, followed by ShopeePay.
Vietnam’s shifting and dynamic environment is reflected in a young population, changing consumer attitudes, greater mobility, growing wealth, and urbanization. All of the factors contribute to changes in consumer wants and needs.
Source: Cimigo Vietnam
Our country's socio-economic development in the first six months of 2022 prospered in most industries and fields. Some industries had higher growth rates before the Covid-19 pandemic appeared, such as manufacturing industry, export of goods, etc.
The movement of digital transformation is underway in every corner of Vietnamese life, strongly influencing the way people do things. Digital economy is the future of the Vietnam economy.
The Vietnam Digital Report in 2023 published by WeAreSocial records significant changes, revealing the trends of internet users, and active social media users in Vietnam. This report also shows how digital trends and behaviors are evolving.
The currency, foreign exchange and exchange rate markets are more stable; ensure the liquidity of the banking system, meet the payment and cash withdrawal needs of people and businesses before and during Tet.