HANOI: Vietnamese consumers are earning and spending more than ever before and are among the most optimistic globally according to a report from Nielsen, which describes Vietnam as a land of opportunity.
The researcher's study, Vietnam Consumer Landscape 2015, highlighted a 44% increase in monthly per capita income between 2010 and 2012 while consumption had risen by 32%.
It further noted the number of middle-class consumers was set to almost treble, from 12m in 2014 to 33m in 2020.
These changes are driving an altered outlook, VietNam News reported, with most people expecting a better life than before. Almost three quarters (73%) of consumers polled said they were willing to pay more for higher quality as well as health; four in ten (39%) indicated that health was their top concern.
That was not quite reflected in savings priorities, however, as health (12%) featured some way behind children's futures (34%).
When it comes to spending, traditional outlets continue to dominate the retail sector, Nielsen said; 1.3m such outlets account for more than 80% of consumer goods sales.
But modern retail outlets are starting to make their presence felt: the number of convenience stores more than doubled to 348 between 2012 and 2014, while the number of mini-marts increased to 600.
Separately, the Financial Times has noted regional players entering the market or expanding their presence through takeovers or store openings.
Young people and professionals are the main users of modern retail outlets, according to Nielsen, with 23% of students and 36% of white-collar workers/professionals often shopping at supermarkets and convenience stores.
And online shopping is growing in popularity: 28% of consumers prefer to shop online for home delivery, the report said.
Data sourced from VietNam News; additional content by Warc staff