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Income and Expenditure: Vietnam

October 2020

Vietnam’s consumer income is expected to more than double by 2040, facilitated by robust economic growth. Purchasing power will be largely concentrated in the hands of younger generations. Generations Y and Z are expected to shape luxury-spending trends. Expenditure on transport will be the fastest rising, yet food and non-alcoholic beverages will remain the most substantial item. Overall, the wealth situation is set to improve, yet remain dependent on global economic factors.

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Overview:

The Country Briefings series examine market potential, economic and consumer trends impacting each country and how they are set to change.

Each Country Briefing covers one of these topics:

Economy, Finance and Trade: Understanding the structure, health and potential risks of an economy are important for decision-making within an existing operating environment as well as for expansion strategies. Real GDP growth, inflation and exchange rate fluctuations will directly impact consumer market potential. Import and export trade profiles help gauge how open an economy is to trade and investment, while analysis of government finances can be used to explore macroeconomic stability and susceptibility to economic shocks.

Income and Expenditure: Insights into income, wealth and expenditure of consumers are vital in helping businesses make strategic decisions with regards to which country (or even which region within a country) to enter, which consumer segment to target, which products or services to market, and at which price point. Other factors such as the size and expansion of the middle class and income inequality are also important in helping companies gauge the potential of a country market.

Households: Global shifts in gender, ageing, migration and housing are transforming the size, location,  general make-up as well as income and expenditure of households around the globe, with diverse implications for governments and companies. Households insights can help identify the decision-making processes and consumption tastes of different household groups and types within a country, and assess household appliance and digital readiness that is key for formulating market technology and internet strategies.

Business Dynamics: A stable and competitive business environment is vital to operate efficiently and attract inward investment. Businesses can assess these factors alongside challenges such as corruption, political instability and terrorism, also gain insight into business operating environment and make strategic investment decisions. Transport infrastructure, ICT readiness and labour force dynamics will also identify potential issues with a supply chain and the level of workforce skills.

Sustainability: Insights on key sectors directly related to the environmental sustainability of a country such as energy, water, pollution, environmental resilience, forest and biodiversity and food and agriculture help businesses to make strategic decisions in relation to environmental and sustainability trends, improve brand reputation and ensure long-term operations while ultimately growing the bottom line.

The briefings cover 103 countries and identify topics of crucial interest to planners, marketers and researchers.

Income and Expenditure: Vietnam

HEADLINES

PROSPECTS

Gen Y and Gen Z to shape discretionary spending in the future
Lowest-income class remains dominant, yet the middle class is to witness expansion
The South East region leads in expenditure growth, food is the largest expense
The number of wealthy individuals is to increase, yet average wealth lags behind
Chart 1 Annual Gross Income Distribution by Age in Vietnam: 2019 Chart 2 Distribution of Income in Vietnam: Key Metrics 2019-2040 Chart 3 Gross Income Growth Index in Vietnam 2019-2040 Chart 4 Average Gross Income by Age in Vietnam : 2019-2040 Chart 5 Total Population and Population Aged 50+ by Income Brackets in 2040 Chart 6 Gini Index 2019/2040 Chart 7 Households by Disposable Income (PPP) over 2019-2040 Chart 8 Overview of Vietnam’s Social Classes Chart 9 Social Class E by Age: 2019/2040 Chart 10 Consumer Market and Spending in Vietnam: Key Metrics 2040 Chart 11 Consumer Expenditure by Region: Size in 2040 and Growth over 2014-2040 Chart 12 Urban/Rural Consumer Expenditure in 2040 Chart 13 Households Expenditure in 2019 Chart 14 Consumer Spending by Category in Vietnam 2019-2040: USD per Household Chart 15 Index of Consumer Prices in Vietnam over 2010-2019 Chart 16 Households Expenditure by Category in Vietnam: 2040 Chart 17 Vietnam’s Wealth Landscape: 2019-2030
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