, Vietnam

Consumer spending in Vietnam to see ‘solid’ growth in 2022

This follows a 1.8% YoY growth seen in 2021.

Consumer spending in Vietnam is projected to post a “solid” growth with real household spending seen rising by 5.7% year-on-year (YoY), Fitch Solutions reported. 

This will come after a 1.8% YoY growth in 2021, which is still weighed by the impact of the pandemic. 

“The uptick in consumer spending growth over 2022 will come as the wider Vietnamese economy recovers, facilitated by the country’s ongoing vaccination drive and improved disease-resistance among the population, making disruptive lockdowns less likely in 2022,” the report read in part. 

Real household spending will likely stand at US$121.3b, up 8.3% from its pre-pandemic level when it hit US$112.1b in 2019.

This is in line with Fitch Solutions’ forecast that Vietnam’s domestic economy will grow by 6.8% YoY from 2.6% in 2021. The country’s economic growth will be driven by the rebound in consumer spending and net exports. 

 

Follow the links for more news on

Join Retail Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Lazada builds an e-commerce giant from a ‘blank slate’
It switched from a buy-and-sell business to a marketplace-based model, before finding the right mix in the e-commerce retail model it now uses.
Fragrances now wear the ‘lipstick effect’
Replacing lip products, scents topped ZALORA’s beauty category both in 2020 and 2021.