Although Vietnam’s economy has suffered significantly due to COVID-19, it is one of the few countries to still enjoy GDP growth in 2020, even if it did dip to a 30-year low. Vietnam is considered as one of the fastest recovering countries, so there are clear opportunities for FMCG brands and retailers to focus on.
The health crisis has led to behavioural changes for consumers. Some are just in reaction to the times, yet some we believe will become long-lasting habits even as restrictions are eased. This includes a changing retail landscape with an acceleration of online shopping and evolution of modern trade.
Key consumer trends include:
- Focus on health, with hygiene more of a priority than natural, at least for now
- 10% value growth in FMCG for in-home consumption, driven by an increase in volume
- Significant down-trading, with lower prices in nearly 60% of categories
Download the 2021 Special Edition Vietnam Insight ebook to understand more of the key highlights (and lowlights) from 2020, and how we expect this to evolve in the future.