Vietnamese consumers increase spending activities

Inbound tourist spending on luxury retail in Vietnam has grown by 168% since 2019.

Vietnamese consumers are driving trends in international travel, luxury purchases, and digital payments, according to insights from the Digital Future Forum.

Dung Dang, Visa's country manager for Vietnam and Laos, noted that Vietnamese consumers are spending more per active card, making more overseas purchases, and using contactless payments more frequently.

Inbound tourism spending on luxury retail in Vietnam has surged by 168% since 2019, whilst outbound travelers are placing a higher priority on enriching experiences, according to data from VisaNet.

“Vietnam's economy will yet again be one of Asia's fastest-growing in 2025,” Simon Baptist, principal economist at Visa for Asia Pacific, added.

The country’s stable inflation and projected gross domestic product growth of 6.5% annually from 2025 to 2030, underscores the need to strengthen digital payment in the country.

As such, Visa experts said Vietnamese consumers and businesses will demand faster and more efficient payments.

Moreover, Gen Z and millennials will seek personalised experiences and enhanced digital payment security.