By VnExpress October 27, 2016 | 01:00 am GMT+7Richer consumers will likely pull huge investment inflows into the country.. Vietnam’s middle class population is believed to be growing the
Trang 1By VnExpress October 27, 2016 | 01:00 am GMT+7
Richer consumers will likely pull huge investment inflows into the country.
Vietnam’s middle class population is believed to be growing the fastest in Southeast
Asia, making the country a very attractive market for foreign brands
The so-called "middle and affluent class" earning $714 a month or more in Vietnam will
double to 33 million people, about a third of the population, between 2014 and 2020,
the Nikkei Asian Review reported, citing Boston Consulting Group
Meanwhile market research firm Nielsen has estimated that the number of middle class
Vietnamese will reach 44 million by 2020 and 95 million by 2030
Global brands ranging from retailers and electronics makers to fast-food restaurants
and property developers are flocking to Vietnam to seize the market potentials
Samsung commanded 35.6 percent of the market for mobile phones in Vietnam last
year, with Apple in second place with 24 percent, according to research company IDC
With rising incomes, Vietnamese consumers are switching from feature phones to
smartphones, particularly of top brands
Vietnam is currently named in the top five in Asia and ranked 11th globally in terms of
growth in the retail market
Its retail industry has expanded 8-10 percent annually in recent years, said Sebastian
Eckardt, a senior economist of the World Bank
Vietnam's middle class projected to
double by 2020
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Young population, higher disposable incomes, rapid urbanization and better living
standards are said to be the main drivers of the sector's growth Nielsen has found that
almost 60 percent of 93 million Vietnamese are under 35 years old who are becoming
better educated with more money to spend
Foreign retail giants, including Thailand’s Central Group, Japan's Aeon and
Takashimaya, and South Korea's Lotte, have already arrived
“It would be no surprise to see Vietnam to continue to attract huge foreign investment
inflow into its retail market in the future,” said Eckardt
Aparna Bharadwaj from Boston Consulting Group told the Nikkei Asian Review that
foreign companies should focus on selling cosmetics, telecommunications gears,
high-end dairy goods, hygiene items and "experiences" such as travel
Related News:
> Vietnam's M&As to hit a record high of $6bln in 2016
> Vietnam ranks in top 30 fastest growing retail markets
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