Vietnam

During the review period, low-cost carriers experienced a more significant increase in both sales value and the number of passengers compared to full-service carriers. This growth can be primarily attributed to the more rapid recovery of domestic…

Despite seeing an uptick in economic activity in Vietnam after the pandemic peaking, sales of home video products have been declining during 2022-2023. This is partially due to category maturity and a high penetration rate, which has limited demand,…

Sugar confectionery experienced a marked slowdown in growth in retail volume terms in 2023. Rising Inflation, triggered by the energy crisis, was a key contributor to this trend, as cash-strapped households were forced to reduce their expenditure on…

RTD coffee has continued to see steady growth in off-trade volume terms in 2023. Although RTD coffee is a relatively niche category, especially when compared to similar products such as RTD tea, it nonetheless appears to still have plenty of…

Sales of coffee in Vietnam have seen a small decline in retail volume terms in 2023 with the economic downturn and elevated inflation forcing consumers to show greater caution in their spending. Vietnam's economy started to struggle in 2023 with…

Carbonates has seen slower growth in both on-trade and off-trade volume terms compared to 2022. This can be attributed to several factors such as elevated inflation, lower income levels, and increased health concerns and a growing focus on sport and…

Although growth slowed in 2022, it was still positive in sugar confectionery, which dominates overall confectionery packaging in Vietnam, with products such as candies and sweets remaining highly popular among Vietnamese consumers of all ages. These…

The pandemic fostered a heightened sense of health consciousness among local consumers, prompting them to engage in various forms of exercise once restrictions were eased as they were able to spend greater time outside of the home. Popular outdoor…

In 2023, further consumer interest in sports nutrition is being driven by the growing health and wellness trend, particularly in terms of looks and fitness. Traditionally, the category’s main customers are young people who like to work out and care…

Current value sales of consumer health in Vietnam continue to record strong growth in line with the rising trend of health and wellness in the country. Post-pandemic, the majority of Vietnamese consumers are taking greater care of their health, and…

Overall, sales of consumer electronics have seen a return to growth in retail volume terms in Vietnam in 2023 after a steep decline in the previous year. However, the results within the different categories are mixed. With COVID-19 restrictions now…

Retail sales of gum continued to see positive growth in volume terms in 2023, albeit at a lower rate than the previous year. Demand was impacted by rising Inflation, which led consumers to become more frugal with their spending and prioritise…

Chocolate confectionery saw a slowdown in demand in retail volume terms in 2023, thanks to inflationary pressures, which had a negative impact on purchasing power. As a result, consumers had less disposable income to spend on non-essential items,…

Baby and child-specific products turned in a positive performance in Vietnam in 2023, despite potentially challenging demographic trends. The country’s birth rate has been falling in recent years, with the Department of Population reporting an…

In 2023, nuts recorded a significant rate of volume growth, particularly in the foodservice sector, driven by the increasing number of tourists visiting Vietnam. The impact of inflation and a sluggish economy led to changes in people's spending…

Energy drinks has continued to record positive growth in both off-trade and on-trade volume terms in 2023. Energy drinks are particularly popular amongst younger consumers, who value them for their sweet flavour, as well for their ability to offer a…

Although Vietnamese government managed to control inflation in 2023, price hikes and economic challenges nonetheless continued to constrain consumer expenditure. These economic pressures have had a mixed impact on sales of concentrates in 2023. On…

Sales of bottled water have continued to experience dynamic growth in both on-trade and off-trade volume terms in 2023, continuing the pattern seen in 2022. This strong demand is in part due to the rising health and wellness movement and a decline in…

Healthy eating trends are influencing sweet sauces, such as seen with the rising popularity of nut and seed based spreads, as evidenced by the subcategory showing the most robust value growth and with volume also on an upwards trajectory. A further…

Volume sales of baked goods saw positive growth for the second year in 2023, supported to a large extent by the continued recovery of foodservice. With the easing of pandemic restrictions, including a return to office-based working patterns,…

Due to elevated inflation and a dismal economic outlook, people have been looking to save money and have been more cautious when it comes to spending on womenswear in 2023. Although the Vietnamese government temporarily reduced the VAT rate from 10%…

Sportswear continues to see double-digit growth in current value terms in 2023, although this is largely based on elevated inflation rather than a significant recovery in demand. The gloomy economy has negatively affected the recovery of sportwear in…

Retail value sales of dietary supplements continue to grow strongly in 2023, albeit at a marginally slower pace compared to the previous two years. The rising demand for dietary supplements has been significantly influenced by the pandemic when local…

Although economic freedom is improving, the rule of law in Vietnam remains weak. Strong economic recovery has outpaced regional peers and inflation is not a major issue, but the external sector is susceptible to supply and demand shocks. Higher…

Portable players continues to see healthy growth in retail volume terms in 2023, although this is being entirely driven by the strong demand for wireless speakers. Consumers appreciate the convenience of being able to create a fast connection between…

Retail sales of snacks in Vietnam saw a more muted performance in 2023 than in 2022, in both volume and constant value terms. Rising Inflation, triggered by the energy crisis, had a considerable impact on purchasing behaviour, with cash-strapped…

Sales of tea have continued to recover in retail volume terms and foodservice volume terms in 2023. Despite the economic pressures facing many households tea has continued to see stable demand in 2023 with sales backed by the end of the pandemic and…

Sales of footwear plummeted in 2020 and 2021 in response to the pandemic as people spent significantly more time at home and as such had less incentive to invest in new footwear. Sales saw a healthy recovery in 2022 as COVID-19 restrictions were…

Baby food in Vietnam is projected to experience a further, if marginal, drop in retail volume (tonnes) sales over 2023, partly as a result of economic difficulties. The majority of Vietnamese consumers, especially in low-income households, still do…

Having already recovered to pre-pandemic levels the previous year, demand for sleep aids in Vietnam continues to grow in 2023. Although both retail volume and value growth rates are slower compared to 2022, demand remains healthy. The waning impact…

Despite another positive performance by dermatologicals in 2023, the category is recording significantly slower growth rates compared to 2022. The dynamic growth in 2022 was due to the fact that after the lifting of restrictions in Vietnam, local…

Following the event of the COVID-19 pandemic, there has been a noticeable increase in the number of Vietnamese people who are prioritising their health, actively seeking ways to reduce stress, and taking care of their mental wellbeing. Recognising…

Smartphones recorded a significant drop in demand in 2022 after peaking in 2020/2021 due to the switch to online working and studying. This steep decline was despite brands and retailers offering deep discount programmes. Mid-priced models saw…

Health and beauty specialists recorded a slowdown in terms of expansion of outlet numbers in Vietnam in 2023, with independent retailers in particular struggling in the face of raised rents and increased utility costs. The channel has been undergoing…

Apparel and footwear specialists in Vietnam remained significantly impacted by a range of negative factors throughout 2023, even though global inflationary pressures led the Vietnamese government to lower the tax rate to 8% from July until the year’s…

Mass beauty and personal care saw strong current value growth in Vietnam in 2023. This growth was primarily driven by the segment’s capacity to accommodate a wide demographic through accessible pricing and a diverse product range. During the year,…

In 2023, an increased awareness of the importance of health and wellness contributed to the rise in demand for starchy roots in Vietnam. The nutritional advantages of eating these foods, such as high-quality carbs, dietary fibre, and crucial…

In 2023, inflation had a considerable impact on consumer behaviour and purchasing patterns, which affected the performance of the fresh food industry in Vietnam. Some categories, such as fruits and vegetables, felt the impact of inflation less than…

In 2023, there were a number of large sporting events that were organised across several Vietnamese cities, including Hanoi, Ho Chi Minh City, Can Tho, Da Nang, and Lao Cai. This forms part of the government's strategic strategy to encourage sports…

RTD tea continues to post steady growth in off-trade volume terms in 2023, while in on-trade volume terms sales continue to post a strong recovery. The strong performance from RTD tea is thanks to the burgeoning health and wellness trend in Vietnam,…

Sales of juice have been negatively impacted by the impact of inflation on the cost of living and by the gloomy economy with growth through both the on-trade and off-trade channels slowing in volume terms in 2023 as people have been forced to save…

Cashless payment trends are being boosted by both government and issuer initiatives in Vietnam, along with support from retailers in various industries and channels across the country. This, in turn, is helping to boost the performance of financial…

Elevated inflation and other economic challenges have resulted in a large number of job losses in Vietnam which has had a negative effect on the recovery of menswear in 2023 in both value and volume terms. Although the government has introduced a…

Despite a noticeable slowdown in growth following a dynamic performance in 2020 and 2021 at the height of the pandemic, demand for vitamins in Vietnam continues to rise in 2023, driven by greater awareness among local consumers of their health and…

Travel in Vietnam is being supported by the revival of tourism following the era of the pandemic when such activities and industries were curtailed. In 2023, Deputy Minister Hoang Dao Cuong signed Decision No. 405/QD-BVHTTDL, which issued the…

Tourism flows are rebounding strongly in 2023, however some challenges remain to limit the growth of inbound tourism. Namely, short visa duration periods are one of the significant factors limiting flows into Vietnam. Although the country reopened…

Sales of imaging devices continue to decline in retail volume terms in 2023, continuing the pattern seen over the review period. Despite increasing numbers of young Vietnamese people participating on social media platforms such as YouTube and TikTok…

Asian speciality drinks has witnessed slower growth in off-trade volume terms in 2023 compared to other years in the review period. This is in part due to the economic pressures facing many households with elevated inflation and a sharp rise in the…

The performance of pre-paid cards is supported by the growth of e-commerce – notably since the era of the pandemic. In fact, prior to 2020, transaction numbers in pre-paid cards were showing a negative performance, in sharp contrast to what is seen…

Vietnam's GDP is predicted to grow by approximately 4.5% by the end of 2023 according to the country’s General Statistical Office, which is less than the 6.5% predicted at the start of the year. Due to the impact of price inflation, consumers are…