Vietnam’s Thriving Consumer Market [Partner Event with Australian Industry Group]
Webinar | Tuesday, November 21, 2023 | 10:00 AM Vietnam / 2:00 PM Australia
Do you have what the Vietnamese consumers are looking for? Learn how you can stay ahead.
Vietnam has become a top choice for businesses in sourcing, manufacturing and more recently, high-tech sectors, thanks to various enabling factors like investment-friendly government policies and an abundant young workforce.
With a population of one hundred million people, Vietnam is not just a sourcing destination and about fifty-eight million people (representing 59% of the Vietnamese population) have entered the consuming class.
The rising middle class has been spreading out geographically and growing increasingly diverse. With growing consumer numbers, they are becoming more demanding and discerning. Over half of the Vietnamese population will enter the global middle class by 2035, creating more disposable income and fuelling consumption.
Despite a GDP that appears low to other peers in the region, the purchasing power of Vietnam’s middle class has jumped at an unrivalled speed. New consumption power emerges from those entering the consuming class for the first time, and from the rapid ascent of this class on the income pyramid. On average, monthly income of the consuming class in Vietnam has increased by 22% during 2016-2021.
This robust growth provides enormous opportunities for Australian brands in Vietnam. Both countries have complementary needs and resources. For Vietnam’s fast-growing consumer class, Australia offers resources, agriculture, skills, and high-quality education. Australia is a dependable supplier of the services and raw materials that Vietnam's consumers enjoy. Australian brands are highly respected in the market and are set for success when starting their Vietnam market entry right.
This Webinar will address the opportunities and challenges of selling to the consumer markets and the key topics will include:
- The Vietnamese consumer market - characteristics and prospects
- Opportunities in potential industries such as F&B and healthcare
- Market entry options
- Case studies of successful market entry of a consumer brand
Register now to secure your spot and be part of this online event to get first-hand knowledge on how to stay ahead of the competition.