Vietnam topped the world in terms of having the most avid savers with 72 percent, followed by Hong Kong (68 percent) and Singapore (65 percent), according to the Conference Board Global Consumer Confidence Survey released this week.
With people wanting to stay at home amid the COVID-19 outbreak, apps like Be and Grab are piloting new services in Ho Chi Minh City to help them buy more and more things without leaving home.
E-commerce in Vietnam is growing, however many individuals and businesses are taking advantage of online platforms to sell poor quality and fake goods, harming customers and causing lost tax revenues.
It is clear that Generation Z, born between 1998 and 2010, has a significant impact on the consumer market, a recent report released by global measurement and data analytics company Nielsen said.
Businesses should bring their new products to rural areas as the consumption in the rural market is equal to that of the urban market, Nielsen Vietnam said in its fast moving consumer goods report.
Several foreign firms have recently acquired stakes in Vietnamese food processing enterprises, showing the local food industry’s increasing attractiveness.
About four out of five Vietnamese consumers are willing to spend more on food produced from materials labelled safe and environmentally friendly, according to a survey conducted by Nielsen Vietnam.
Vietnamese consumers spend, on average, 24 hours and seven minutes online per week, an equivalent of three working days - an increase of almost nine hours from 2014.
The retail market in Vietnam has recently witnessed a boom in development of mini marts and convenience stores with participation of not only domestic firms but also foreign giants.
Reversing the earlier trend, the Vietnam Consumer Confidence Index declined to 104, a decrease of 8 percentage points from the first quarter and the biggest quarterly decrease in Asia Pacific.
Business
