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.