Vietnam

In 2023 retail e-commerce in Vietnam continued to see robust rises, recording faster current value sales growth than it did in 2022. Vietnamese consumers are increasingly family with e-commerce marketplaces, drawn to the very frequent offer of a…

Vietnam saw rapid ageing of its population over the review period with the number of people aged 65+ increasing from 7.4 million in 2018 to 9.4 million in 2023. This demographic shift had strong bearing on the performance of retail adult…

Sales in refrigeration appliances have crept back into small positive volume growth, after the category’s previous years of slumps. This is in part attributed to the hot summer season in Vietnam, driving demand for refrigeration appliances which…

While consumption of shelf stable ready meals continued to increase in both 2020 and 2021, growth in this category was curbed due to the surging interest in cooking meals at home from scratch using fresh ingredients that has been seen among the…

Although peas and other pulses have a presence in Vietnam, availability is low and sales are still very small. The use of peas and other pulses is limited to a few dishes, and these products do not have wide consumer awareness. By contrast, beans are…

In 2023, the prices of commodities, including animal feed, remained elevated due to global supply chain issues resulting from Russia’s invasion of Ukraine. While there was some improvement during the second half of the year, stubbornly high input…

Shelf stable seafood packaging continued to see strong growth in 2022 in Vietnam’s processed meat and seafood category as products such as canned fish and seafood offer consumers a convenient and long-lasting source of protein and nutrition. These…

Processed fruit and vegetables packaging managed to record modest growth in Vietnam in 2022 due to growing demand for convenience in food consumption, with processed fruit and vegetable products offering consumers easy-to-prepare and ready-to-use…

Despite strong competition from fresh fruits and vegetables, processed fruits/vegetables saw buoyant growth in volume terms in 2023, with foodservice driving this expansion. The influence of western-influenced dietary trends, such as the popularity…

Premium beauty and personal care in Vietnam saw current value growth driven by several factors in 2023. Rising income levels and an ageing population has meant that more Vietnamese consumers are now earmarking a greater proportion of their budgets…

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…

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…

During 2023, polishes saw an improved performance in both retail volume and current value terms. The category is dominated by shoe polishes, which benefitted from the revival of normal, pre-pandemic lifestyles, including the return of consumers to…

Although plant-based dairy packaging unit volumes were only stagnating in 2022, this was an improvement in terms of performance following two years of decline during the pandemic. Although plant-based dairy was seeing strong growth prior to the…

The consumption of plant-based dairy remains a prominent and enduring trend within the broader dairy industry in 2023. The rise in popularity of the health and wellness and sustainability movements has significantly contributed to the increase in…

Pet products is being supported by sales in pet healthcare in Vietnam in 2024, with other pet products (toys, bedding, etc.) also performing well. Ultimately, the performance of pet products is tied to the pet humanisation trends, although the…

Pet care in Vietnam is maintaining decent value and volume growth in 2024, supported by baseline demand. That said, economic challenges persist, with high rates of unemployment and low levels of income, which are suppressing potentially stronger…

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…

Sales in personal care appliances are supported by rising incomes and standards of living in Vietnam, leading to consumers paying more attention to their appearances. Social media trends are also influencing sales, both in urban areas and reaching…

Demand for paediatric consumer health remains strong and rising in 2023, driven by increasing attention to children’s overall health and wellbeing, and consistent consumer education in Vietnam. An increasing mindset of prevention is prompting some…

In 2022, the Vietnamese consumer goods market showed a distinct shift in packaging preferences, driven by a delicate balance between economic challenges, environmental consciousness and the desire for convenience. For example, in 2022, the Vietnamese…

Other pet food is managing to achieve positive sales in Vietnam in 2024, in both value and volume terms, albeit at lower rates than seen in dog food and cat food. While dogs and cats are increasingly popular pets, with education about animal welfare…

Sales of other hot drinks have continued to decline in retail volume terms in 2023 which is in part due to consumers spending less time at home now that the pandemic is over and consumers have returned to work and school. Retail sales of other hot…

In 2023, condensed and evaporated milk, driven by the plain format, with the flavoured format and evaporated milk negligible, is set to remain the dominant category in retail volume and value sales terms. The dominance of plain condensed milk is…

Oral care in Vietnam posted steady growth in 2023, continuing a trend that persisted throughout the review period. Growth has been spurred by rising hygiene-consciousness and improved oral care knowledge among local consumers, prompting those in…

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…

Nappies/diapers/pants continued to report strong growth in current value and retail volume terms in 2023 backed by rising income levels, urbanisation and a rapidly expanding distribution reach. This growth was also attributed to the increased…

Vietnam is largely dominated by two-wheelers, with motorcycles and mopeds accounting for 94% of all vehicles used as of 2022. Light vehicle sales are forecast to grow by 10.9% over 2022-2027. Large cars, including SUVs and crossovers, and…

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…

Retail volume sales in microwaves are sliding into negative declines, which are expected to continue over the forecast period. Previously, we had seen decent volume growth in microwaves, thanks to players offering more affordable and value-for-money…

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…

Vietnam’s population reached continued to grow in 2023 with 31% of the population being females aged 12-54 years, with this being important to the continued growth of the category. Menstrual care continued to boast stronger growth rates compared to…

As Vietnamese men's incomes rise and living standards improve, they are showing a growing preference for products designed specifically for them. The population imbalance has also led to a rise in demand for men's products, given that Vietnam is home…

In 2023, the meat category in Vietnam was negatively affected by inflation and an economic slowdown. Sales value and volume displayed slower growth than in the previous year. In this year, Vietnamese consumers were more focused on saving money and…

Flexible plastic is the dominant pack type in meals and soups packaging in Vietnam due to its versatility, cost-effectiveness and convenience. Flexible plastic is the only packaging format used in dried ready meals, which is, by some way, the biggest…

Ready meals is seeing healthy retail sales in both volume and value terms. Overall, sales are being driven by consumers’ demand for convenience, as people have returned to their busy lifestyles – especially so in the large cities – whereby they have…

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,…

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…

Limited-service restaurants in Vietnam experienced positive growth in current value terms in 2023, albeit at a slower rate than the previous year. This was attributable to the elevated rate of inflation, which impacted household spending. With prices…

Laundry care saw further growth in both retail volume and current value terms in 2023. Two-in-one formulas, which combined the functions of both laundry detergents and fabric softeners, became increasingly popular, in keeping with a rising consumer…

Large cooking appliances remains in a negative volume slump in 2023, with relatively weak value growth. Large cooking appliances tend to have long lifecycles, with fewer upgrades than seen in many other consumer appliances categories. As such, sales…

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…

Jeans, like other apparel and footwear categories, has been negatively affected by elevated inflation and slower economic growth in 2023. This is despite the temporary reduction in VAT from 10% to 8% that was implemented by the government in June…

Car ownership in Vietnam has been increasing in 2022-2023 since the pandemic subsided. As consumers have returned to more active lives they have had more incentive to buy new and second-hand cars and other vehicles. Furthermore, the government looked…

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…

Ice cream saw a second year of positive volume growth in 2023, albeit at a slower rate than the previous year. As in 2022, Foodservice sales saw a more buoyant demand, thanks to the return of international tourism to Vietnam, following several years…

Hypermarkets in Vietnam continued to focus on network expansion into tier 1 and tier 2 cities in 2023, in response to higher living standards and modern lifestyles. E-Mart opened three new outlets over 2022-2023. The player has also been actively…

Flexible aluminium/plastic and folding cartons are the main packaging types used for hot drinks in Vietnam due to a number of factors. These packaging types offer convenience and are widely available through retail channels. Their lightweight design…

Vietnam is predicted to see GDP growth of 4.5% by the end of 2023, compared to the initial forecast of 6.5% at the beginning of the year, as per the General Statistical Office study. Soft labour markets and concerns about an impending global…

Inflation has impacted consumer spending in 2023 in various categories across apparel and footwear. However, the impact has been less pronounced in hosiery with the category seeing healthy growth in retail volume terms in 2023. This has been backed…