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Succeed in Vietnam's Thriving Consumer Market - Introduction and Opportunities for Foreign Brands
MultimediaPresenter(s):
Vietnam has become a top choice for investors in sourcing, manufacturing and more recently, high-tech sectors, thanks to various enabling factors such as investment-friendly government policies and an abundant young workforce.
Vietnam is moving up the value chain from beign just a sourcing destination to a competitve market for consumer products. It is estimated that 58 million citizens, representing 59% of the Vietnamese population, have entered the consuming classes. By 2030, this proportion is expected to rise to roughly 75 percent - making it a strong consumer market of the future that is often overlooked.
Despite a GDP that appears low compared to peers in the region, the purchasing power of Vietnam’s middle class has grown at an unrivaled rate. New consumption power emerges from both those that enter 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% between 2016-2021. While the consumer market has been mainly served by players from South Korea, Thailand, Australia, and the US, European consumer brands are slowly realizing the potential, further supported by effective free trade agreements.
In our webinar, Huyen Do and Dan Nguyen from our Business Intelligence team give you a comprehensive overview on:
- The Vietnamese consumer market - characteristics and prospects
- Opportunities in potential industries such as F&B and healthcare
- Case studies of successful market entries of consumer brands
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