vietnam consumer 2021

With such pressure, companies big and small have vastly changed to become more digitally integrated while those who resist change found themselves vulnerable to the . Our new consumer research surveys 5,700 global consumers. Vietnam's consumer finance (CF) market has dipped to low double-digit growth (10.7%YoY) after a year of hardship. This year brought Vietnam's rapid, strong economic growth to a screeching halt due to COVID-19 - disrupting trade, supply chains, consumer demand, and travel among others. Therefore, it is confident that Vietnam will remain an appealing hub of investment in ASEAN. Vietnam consumer spending for 2017 was $152.25B, a 8.2% increase from 2016. The impact of a legal trade in farmed tigers on consumer preferences for tiger bone glue — Evidence from a choice experiment in Vietnam. Vietnam has a competitive dynamic economy, high growth rate and a domestic market expanding in the next 10 years. Vietnam is among the top 10 in Asia with beverage consumption per capita was 42 liters in 2020. Noteworthy in 2021 Live TV, radio, and print media have ceded attention to digital video and audio, and online press. Consumer protection regulations. [Sample Report] - Consumer Finance in Vietnam First-Half 2021 Review 1. Date of issue: 29/12/2021Reference period: 12/2021Next release: 29/01/2022. Source: VIRAC, GSO, Euromonitor. FinCos' operations under the impact of the pandemic 12 2.2. Although Vietnam's retail store is dominant by the general trade stores and local market, the landscape is changing with more variety of modern trade chain. Others, especially in the hospitality and education sectors, are struggling to grow in the era of the new normal. The statistics about Vietnam consumer trend are based on Google shopping search volume in the last three months ( 23 May - 23 August, 2021). Vietnam's consumer finance (CF) market has dipped to low double-digit growth (10.7%YoY) after a year of hardship. In 2020, income of consumers was adversely affected by the COVID-19 pandemic, causing a decreasing demand for consumer loans. Consumer prices rose 0.16% over the previous month in May, swinging from April's 0.04% drop. 18/2019/TT-NHNN jointly exerted pressure on CF growth. Market size and growth 7 1.2 Market segmentation 9 2. A report by the Vietnam e-Commerce and Digital Economy Agency (iDEA) under the Ministry of Industry and Trade showed that with 53 per cent of the population participating in online shopping, the e-commerce market in Vietnam grew 18 per cent, reaching $11.8 billion last year, accounting for 5.5 per cent of total retail sales of consumer goods . Therefore, it is confident that Vietnam will remain an appealing hub of investment in ASEAN. June 21, 2021. 2 Section Contents Page Executive Summary 5 1. The market for food and non-alcoholic beverage is forecast to grow by 11.6% in 2018-2021 period and reach a value of USD 40 billion in 2021 (Business Monitor International Ltd). This report was made in order to share the trend of modern trade by comparing the number of major stores in Vietnam by categories. Consumer price index (2010 = 100) Wholesale price index (2010 = 100) Bank nonperforming loans to total gross loans (%) Account ownership at a financial institution or with a mobile-money-service provider, richest 60% (% of population . On November 15, 2020, Vietnam signed the Regional Comprehensive Economic Partnership (RCEP). The market expanded by 7% YTD in 1H2021, mainly driven by banks, as FinCos's were hit harder due to massive closure of POS network following lock-down and social distancing orders in many cities and provinces. This survey also noted many consumers indicating their willingness to spend extra income on products that can guarantee health benefits. Higher growth in consumer and capital spending, combined with a robust external sector, should boost activity in 2022. Meanwhile, there are more than 29 million Gen Z-ers in Vietnam, who make up 30% of the population. This page in: . Consumer spending in Vietnam will post solid growth over 2022, after two years of Covid-related slowdowns. Restaurants and bars have to be closed due to social distancing. Vietnam Consumer Confidence Index, Q1/2018 - Q4/2020 Foreign direct investment capital in the manufacturing and processing industry, 2019 - Q2/2021 Vietnam's textile industry production index, Q1/2019 - Q2/2021 Several high frequency indicators, such as retail sales and Google Mobility data, suggests that consumer spending is on a positive, upwards trajectory, despite performing poorly over Q321 and Q421. GDP is projected to grow at the fastest rate in the region this year, following 2021's relatively weak expansion. . Sourced by: Statista Consumer price index, gold and USD price indexes, December 2021. Competitive landscape of Finance Companies (FinCos) 11 2.1. Online shopping has been growing stronger than ever. May 29, 2021. As a result, sales within almost all categories of consumer appliances were affected. Updates of Vietnam consumer finance market 6 1.1. Income shortfalls derail premiumisation of . Journal for Nature Conservation , 65 , 126088. doi: 10 . During May to October 2021, COVID-19 surged in the south of Vietnam and other provinces. Vietnam Economic Growth. Find out more about the insurance market in Vietnam from 2015 - 2020 in the report. Vietnam Customer Experience Excellence Report 2021 Overview Like many countries around the world, for the past two years, Vietnam went on a rollercoaster ride to deal with the COVID-19 pandemic and soon the nation realized that their lives may never be the same as before and that they need to adjust to a new reality. In 2021, the revenue generated in the food market in Vietnam was approximately 84.69 billion U.S. Changing dynamics, intense competition, customers with affected income amid COVID-19, and tightening regulations on cash loans disbursement under Circular No. 2021 Vietnam CFO Survey Report; Overview Having to be effectively adapted to the socio-economic impacts of Covid-19, businesses also need to look towards growing in the new era. DUBLIN, Nov. 24, 2021 /PRNewswire/ -- The "Vietnam Prepaid Cards Business and Investment Opportunities - Market Size and Forecast (2016-2025), Consumer Attitude & Behaviour, Retail Spend, Market . As PwC's June 2021 Global Consumer Insights Pulse Survey indicates, buyers are thinking beyond just price and convenience in making purchasing decisions; they're considering worldwide impact . Deal volume in 2020 reached a record high (since . Inflation, consumer prices (annual %) - Vietnam from The World Bank: Data. Several high frequency indicators, such as retail sales and Google Mobility data, suggests that consumer spending is on a positive, upwards trajectory, despite performing poorly over Q321 and Q421. New hotspots have emerged as more infectious variants have prompted fresh lockdowns and social distancing in cities and industrial zones in north . Due to strict lockdowns in Ho Chi Minh City and nearby regions consumer It identifies the curvature of change in consumer behavior, and the vectors underpinning the shifts we see in retail, to dial in on what is simply a function of change and what is a constant. Lastly, the central bank has been accumulating foreign reserves over the past few years, with an estimated import cover of 4 months as of end-2021, up from 2-3 months during 2012 to 2019 (see chart above).This is a reflection of Vietnam's status as an attractive destination for foreign direct investment and steady current account surpluses which have resulted in strong dollar flows into the . Vietnam's 30-minute Webcast Series WHAT NOW WHAT NEXT. In 2021, international players such as Abbott Vietnam Co Ltd, Herbalife Vietnam Ltd, New Image Vietnam Co Ltd, GSK Consumer Healthcare and Sanofi-Aventis Vietnam Co Ltd continued to dominate the consumer health market due to their high brand reputation, wide distribution networks and strong financial capability. [Sample Report] - Consumer Finance in Vietnam First-Half 2021 Review 1. Vinamilk and Unilever reinforce their leading position in urban 4 cities and rural areas respectively. The COVID-19 pandemic became a more serious threat in Vietnam during 2021, with lockdowns and social distancing being strictly applied across all provinces in the country. Brand Footprint is set apart from other brand rankings by providing information on real consumer behaviour rather than attitude. Consumer finance in Vietnam, 1H2021 review. Credit scoring technologies have expanded considerably in Vietnam, owing to the production of credit data, technological improvements . 18/2019/TT-NHNN jointly exerted pressure on CF growth. Vietnam signed the UK-Vietnam Free Trade Agreement on December 31, 2020, which will come into effect May 1, 2021. Consumer packaged goods (CPG) will largely be stable in 2021. 1 2 3 … 41 ». 18/2019/TT-NHNN. Most non-essential businesses have been closed (coffee shops, movies, bars…) except food, medicine, banking… Hanoi (VNA) - Vietnam 's Consumer Price Index (CPI) edged up 1.84 percent year-on-year in 2021, the lowest ever recorded since 2016, according to the General Statistics Office (GSO). Vietnam Briefing examines some of the significant events that occurred this year and how they are likely to shape Vietnam's business environment in 2021. Consumer Spending in Vietnam increased to 4270222 VND Billion in 2020 from 4115186.37 VND Billion in 2019. However, the threat of further outbreaks of new Covid-19 variants clouds the outlook . The consumer finance market of Vietnam has not yet recovered from the COVID-19 shock. Competitive landscape of Finance Companies (FinCos) 11 2.1. The store counting is as of April, 2021. Vietnam's Consumer Price Index edged up 1.84 percent year-on-year in 2021, the lowest ever recorded since 2016, according to the General Statistics Office. For the time being, the Law on Protection of Consumer Rights together with the Law on Advertising and the Law on Product and Goods Quality are the regulations on consumer protections in Vietnam. Vietnam's consumer spending set to grow by 4% in 2021 The shopping season during the year-end festivals could lead to higher consumer spending, which in turn serves as a driving force for growth in the remainder of the year. As noted by Shopee, the total number of orders paid through Airpay e-wallet across Southeast Asia grew by four times. The gift card industry in Vietnam is expected to grow steadily in H1 2021 and record a strong growth in H2 2021. Feb 14, 2022. Covid-19 impact and the changes on Vietnamese behaviors 2021 retail trend changes, driven by the Vietnamese congromats and innovations 2021 expected Vietnamese consumer trends Vietnam market opportunities summaries DOWNLOAD FULL REPORT Compiled based on several market information source Created on February 2021 Q&Me Vietnam Market Research 2021 Vietnam CFO Survey Report; Overview Having to be effectively adapted to the socio-economic impacts of Covid-19, businesses also need to look towards growing in the new era. We highlight several risks to outlook over 2022, especially in H122, including elevated . 80% have shopped online with the most bought items being fashion, IT and cosmetics. Vietnam's most chosen brands and brand owners 2021. The Asian Banker's Finance Vietnam 2021 is the leading annual event for fostering sustainable innovation not only among financial institutions but also disruptors and related players. Data. Over the next decade, 36 million more consumers may join Vietnam's consuming class, defined as consumers who spend at least $11 a day in purchasing power parity (PPP) terms. Insurance in Vietnam Report: 2020- 2021 31 Dec, 2021. The "Vietnam Insight Ebook 2021" (Kantar World Panel) reported that 79 percent of Calofic becomes a rising star with a highest growth rate among the Top 10 the most chosen brand owners. Consumer Spending in Vietnam averaged 1278162.02 VND Billion from 1990 until 2020, reaching an all time high of 4270222 VND Billion in 2020 and a record low of 37572 VND Billion in 1990. How consumer behaviour in Vietnam is changing during the fourth COVID-19 wave? This was the lowest. June 21 2021. A review on COVID-19 impacts in 2021 to get ready for 2022. Key View: We forecast real household spending in Vietnam to grow by 7.0% y-o-y in 2021, after the Covid-19 pandemic led to a y-o-y slowing in growth of 0.8% in 2020. December 2021 Consumer Insights Pulse Survey. Download Historical Data. The discussions during the event will help update leaders and decision-makers with the latest ideas from key influencers on the transformational issues shaping . Vietnam Insight Collection 2022. Exports could fall by 5-10% this year and remain weak during 2021. HÀ NỘI — The consumer finance market will have the chance to grow again in 2021 thanks to the country's economic recovery, experts forecast. Vinamilk and Unilever reinforce their leading position in urban 4 cities and rural areas respectively. Together with Vietnam Brand Footprint 2021 released last month, we also celebrate all the brands and brand owners that achieved outstanding growth in 2020. According to a report by Vietnam e-Commerce and Digital Economy Agency (governed by Ministry of Industry and Trade), with 53% of the population shopping online, the e-commerce market in Vietnam grew by 18% in 2020, reaching 11.8 billion USD, which accounted for 5.5% of total retail sales of consumer goods and services. Vietnam consumer finance plunged to low double-digit growth (10.7% YoY) following a challenging period of turbulent market conditions, rising levels of borrower distress, and tightening regulations on cash loans disbursement under Circular No. Vietnam consumer spending for 2019 was $178.53B, a 7.75% increase from 2018. Changing dynamics, intense competition, customers with affected income amid COVID-19, and tightening regulations on cash loans disbursement under Circular No. Twenty percent of Vietnam's household's monthly spending budget is for food and drink. A subdued TET will prevent growth in 2022 for many. Various factors, such as customers with affected income due to the pandemic, intense competition, changing dynamics, and tightening regulations, exert pressure on the market's growth. Vietnam is well positioned to be a significant driver of the next chapter of Asia's consumption story. By 2025, Vietnam's digital economy could expand to US$52 billion. The sales of necessities such as agricultural products and poultry have increased during 2020 and continued to 2021 with no signs of slowing down. Higher growth in consumer and capital spending, combined with a robust external sector, should boost activity in 2022. Vietnam consumer shifts in expenditure. Vietnam's most chosen brands and brand owners 2021. Vietnam's M&A activity is set for another robust year following 2020's potent performance. What to know for 2021 and beyond. However, the threat of further outbreaks of new Covid-19 variants clouds the outlook . 2 Section Contents Page Executive Summary 5 1. Vietnam Economic Growth. The Vietnamese government was relatively successful at curtailing the spread of the virus in 2020 and has lifted many of the related restrictions (as of February 2021). Vietnamese consumers are also going digital - In 2021, the value of consumer . Vietnam's consumer finance (CF) market has dipped to low double-digit growth (10.7%YoY) after a year of hardship. 3.1. Vietnam: Inflation comes in at highest level since September 2020 in May. Calofic becomes a rising star with a highest growth rate among the Top 10 the most chosen brand owners. Unveil sector performance and behavioral changes under the pandemic and beyond. Noticeably, sales of cooling appliances, in particular air conditioners, registered only . Changing dynamics, intense competition, customers with affected income amid COVID-19, and tightening regulations on cash loans disbursement under Circular No. According to the General Statistics Office of Vietnam (GSO), the consumer price index (CPI) in June 2021 increased by 0.19% against that of May 2021, up by 1.62% as compared to that of December 2020, and up by 2.41% in comparison with the same time of 2020; the average CPI for the first six months of 2021 was up by 1.47% as compared to that of the same period last year. Vietnam consumer trends 2019. Updates of Vietnam consumer finance market 6 1.1. In December of 2021, Consumer price index (CPI) decrease by 0.18% compared to the previous month, an increase in 1.81% compared to December 2020. Consumer psychology is afraid to gather to eat and drink. FiinResearch 60 pages. In particular, the strongest growth rate was . With three months of dealmaking left in the pipeline, 2021 is on track to overtake 2020's annual total of US$3.9 billion. Nestlé is honored as the 3rd brand owner achieving healthy growth in Urban ranking. In 2021, Shopee predicts three main development trends in the e-commerce industry, including the development of digital payments, logistic services, and changing of selling methods. A key prerequisite for boosting consumer finance and financial inclusion is the application of credit scoring technologies in the lending process. This is also the highest Covid period in Vietnam with thousands of new cases each day. The population of Vietnam is considered young as more than 45% of the population is between the age of 25-54 years old. With such pressure, companies big and small have vastly changed to become more digitally integrated while those who resist change found themselves vulnerable to the . Market size and growth 7 1.2 Market segmentation 9 2. (Russia's per capita GDP is about US$11,500). 18/2019/TT-NHNN jointly exerted pressure on CF growth. Vietnam's consumer spending set to grow by 4% in 2021 The shopping season during the year-end festivals could lead to higher consumer spending, which in turn serves as a driving force for growth in the remainder of the year. Vietnam consumer spending for 2018 was $165.70B, a 8.83% increase from 2017. Thursday 01, 04 2021. Therefore, while the Vietnamese consumer remains a driver of FDI, it is possible that the routes foreign firms need to take to reach the consumer . Consumer Reach Points (CRPs) form the basis of the ranking. Vietnam Customer Experience Excellence Report 2021 Overview Like many countries around the world, for the past two years, Vietnam went on a rollercoaster ride to deal with the COVID-19 pandemic and soon the nation realized that their lives may never be the same as before and that they need to adjust to a new reality. Food brands dominated the ranking of fastest-growing brands. Vietnam boasts one of the strongest economic growth in the world. The EU-Vietnam Free Trade Agreement (EVFTA) came into force August 1, 2020. Modern trade is on strong increase, especially in secondary cities. In this second edition of the Vietnam Consumer Survey, we will explore some of the key changes in consumer behaviour and purchasing patterns that have emerged from the recent survey conducted during between June and July 2020 across 1,000 households through face-to-face interviews in four major cities: Can Tho, Da Nang, Hanoi, and Ho Chi Minh City. by Vietnam Insider June 21, 2021. Fast-forward to September 2021, when we conducted our most recent research for our December 2021 Global Consumer . This page provides - Vietnam Consumer Spending - actual values, historical data, forecast, chart . Vietnamese consumer trends have shifted to necessity goods, as consumers face uncertainties induced by the COVID-19 pandemic. GDP is projected to grow at the fastest rate in the region this year, following 2021's relatively weak expansion. Vietnam Consumer Finance Report 2021. Consumer Research 2021. In the first three quarters, deals with disclosed value totaled US$3 billion. Internet and tech-based consumer brands in Vietnam that can quickly adapt are surviving and some are flourishing. In December 2021 Global Consumer Insights Survey, we surveyed 9,370 people in 26 territories or countries. FinCos' operations under the impact of the pandemic 12 2.2. EXECUTIVE SUMMARY Consumer finance has grown rapidly in Vietnam despite millions of its citizens being unbanked. Vietnam consumer spending for 2020 was $185.37B, a 3.83% increase from 2019. 76% of respondents reporting being at least partially vaccinated, consumers are planning to spend more, and they are seeing improvements in their lifestyle as employers allow new ways of working. Retail is at an inflection point. Sub-sectors of the digital economy such as e-commerce, digital banking, and online gaming represent nascent and high-growth areas of consumer demand that investors could target. The bounce back in price pressures was primarily driven rising house prices, as well as by a more moderate decrease in food prices. Given the attractiveness of investor-friendly regulations, stable socio-political environment, cost-competitive labour force, and consumer demand prospects, FDI opportunities in Vietnam in 2021 and in the forthcoming years look promising. Food & beverage industry: Vietnamese consumer behaviors. . December 17, 2021 After a year of hardship due to the COVID-19 pandemic, the Vietnam consumer finance market dropped to 10.7% growth. When we last polled consumers, reflected in our June 2021 Global Consumer Insights Pulse Survey, we found that the pandemic had spurred many respondents to become more digital, more local and more conscious of health and safety. The growth momentum is expected to continue to grow over the forecast period . Almost 79% of internet users ages 16 to 64 in Vietnam had watched live TV in the month prior to polling in H1 2021, a drop of more than 6 percentage points compared with 2020. Gen X and Millennials are the majority of the workforce and consumer market. Vietnam's most chosen brands and brand owners 2021. Vietnam's insurance market is considered potential, with the GDP value of the financial, banking, and insurance sector constantly increasing from 2015 to 2020. Consumer Confidence in Vietnam increased to 113 points in the fourth quarter of 2021 from 105 points in the third quarter of 2021. source: Nielsen 3Y 10Y 25Y MAX Chart Compare Export API Embed Vietnam Consumer Confidence In Vietnam, the Consumer Confidence Index is part of The Nielsen Global Survey of Consumer Confidence and Spending Intentions. The CPI picked up compared to 2020 . 3 This is a major change. However, I believe that Vietnam economy will grow by 3-5% in 2020 and by more in 2021, which are wonderful rates considering the situation. There are no regulations on consumer protection specifically for the fashion industry. 2000 - 2021. Nestlé is honored as the 3rd brand owner achieving healthy growth in Urban ranking. Since late April, Vietnam has been battling a fourth wave of COVID-19. , Nov 30, 2021 As surveyed in 2021, the leading concern among Vietnamese consumers was the negative impact of the COVID-19 pandemic on their business, as reported by 59 percent of the respondents.. By the end of Q1/2021, three Covid-19 outbreaks have had a great impact on the beer industry. In this second edition of the Vietnam Consumer Survey, we will explore some of the key changes in consumer behavior and purchasing patterns that have emerged from the recent survey conducted during between June and July 2020 across 1,000 households through face-to-face interviews in four major cities: Can Tho, Da Nang, Hanoi, and Ho Chi Minh City. Shopee, Lazada and Tiki are the biggest . and job security, according to a 2020 Nielsen Global Consumer Confidence Survey. Vietnam is a good choice for a developing trade partner for Russia, it has a large and increasingly prosperous consumer base of 96 million, spending US$1.86 billion in 2021, and a GDP per capita of about US$7,800. , Oct 19, 2021 As surveyed in July 2021 in Vietnam, the consumer confidence index reached 24 points, indicating a significant decrease from the index observed in January 2021. Consumer spending in Vietnam will post solid growth over 2022, after two years of Covid-related slowdowns. 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