Megatrends_in_Vietnam.pdf

© Euromonitor International 2021. All rights reserved.
Megatrends in Vietnam
October 2022
© Euromonitor International 2022. All rights reserved.

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at time of publication:October 2022

© Euromonitor International
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This Megatrends report highlights long-term
trends resulting from shifts in consumer
values and behaviour. It provides a summary
of each of Euromonitor International’s eight
focus megatrends and insights as to how each
trend has manifested in Vietnam.
Disclaimer
Much of the information in this briefing is of a
statistical nature and, while every attempt has
been made to ensure accuracy and reliability,
Euromonitor International cannot be held
responsible for omissions or errors.
Figures in tables and analyses are calculated
from unrounded data and may not sum. Analyses
found in the briefings may not totally reflect the
companies’ opinions, reader discretion is advised.
This report is part of a series of four highly visual reports covering the 39 markets surveyed in
the annual Voice of the Consumer: Lifestyles survey.
Note: In the Lifestyles survey, respondents provide their age within 5-year increments (15-19, 20-24, 25-
29, etc). Given these parameters, generations cited in this report series are defined as follows:
Generation Z: aged 15-24; millennials: aged 25-39; Generation X: aged 40-54; baby boomers: aged 55+.
Scope
MEGATRENDS IN VIETNAM
Draws together insights from across the Lifestyles survey and
provides analysis on key trends.
Connects survey insights with Euromonitor’s eight
megatrends, including case studies highlighting how
companies are responding to changing attitudes and
expectations.
Explores consumers beyond their demographic profile and
provides a different perspective on shopping habits and
path to purchase.
Reviews shifting consumer traits and values that influence
purchasing and consumption behaviours. (Visual only
report)
Lifestyles
Country
Report
Series
Consumer Lifestyles
Consumer Values and
Behaviour
Consumer Types
Megatrends

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There are five socioeconomic drivers generating and shaping consumer megatrends. These long-
term shifts explain the ongoing changes we see in consumer behaviour.
▪Shifting Economic Power: Emerging market economies have seen strong growth at a time when
growth in advanced economies has faced headwinds.
▪Population Change: Trends such as urbanisation, migration and ageing are combining to reshape
consumer lifestyles and purchasing decisions.
▪Environmental Shifts and Pressures: Competition for resources and increasing awareness of
environmental challenges are having a transformative effect on consumer behaviour, sometimes
at a rapid pace.
▪Technology: Technology plays a pivotal role in consumer decision-making and the ability of
business to meet the needs of today's consumer. It has created upheavals in consumer
expectations, lowered the barriers of entry and inspired new business models.
▪Changing Values: Hyperconnectivity is giving individuals access to more information than ever
before, educating them on evolving social, cultural and political landscapes.
The drivers shaping consumer behaviour

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Megatrends framework
Megatrends reports provide
insight into the eight
megatrends identified as being
the most important cross-
industry trends that businesses
should be focused on during the
next 10-15 years. Megatrend
analysis helps companies
understand these important
market trends, enabling them to
assess future impact and
proactively build relevant
forward-thinking strategies. This
report provides an overview of
how these most influential
megatrends are impacting
Vietnam.

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Innovative and disruptive companies that understand the drivers shaping the world and the resulting megatrends use this to execute
change, from renovation where a company improves on previous ideas to increase market share, through to innovation where a company
grows an entire category, and ultimately disruption, creating new markets where there were none before. Case studies in this report
highlight examples of companies’ responses to megatrends.
Businesses harness megatrends to renovate, innovate and disrupt

Digital living
Consumers use a variety of internet-connected devices in order to experience and interact with digital content and access services. This
is set to grow, with penetration of both the devices themselves and connected infrastructure spreading across countries and generations
of consumers. This expansion in the breadth and depth of connectivity will continue to change the way consumers live, work, shop and
play, supplying consumers with the benefits of convenience, simplicity and knowledge across their digital lives.

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8
3
2
1
will shift everyday activities to online in the
next five years
23%
trust friends/family recommendations as
the number one buying information source
81%
use tech to improve everyday life
77%
Digital living
The use of social media is now near universal, with 94% (compared with a global average of 78%) saying they access social
networks on their smartphones at least weekly. Indeed, 62% of Vietnamese, versus 41% globally, say they prefer to
communicate online rather than in person. 57% (including 65% of Gen X) think it is important to cultivate their personal brand
online and manage others’ perceptions of them.
Mobile devices are used for an increasing range of daily activities. For instance, on at least a weekly basis, as many as 60% of
consumers (almost double the global average of 32%) order food and drink online for takeaway or home delivery, whilst 71%
(compared with 59% globally) use a banking app. A whopping 68% (versus 43% globally) now make an in-store mobile payment
at least weekly, up from 55% in the previous year’s survey.
Although broadband access is still patchy, Vietnam’s urban consumer base is tech-savvy and mobile-centric. Our survey shows
that Vietnamese respondents are far more likely than their global counterparts to own both smartwatches (37% versus 20%,
respectively) and smart appliances (34% versus 25%). More than three quarters (77%) say they use technology to improve their
day-to-day life, and 41% (compared with a global average of 28%) plan to increase their spend on new technology in the next
year.
Source: Euromonitor Voice of the Consumer: Lifestyles Survey 2022

9
Consequence
Context
Characteristic
▪ As apps grow bigger and combine forces, they will gain a vast amount
of customer data and have greater control over their supply chains,
allowing them to adapt quickly to changing demands. The partnership
between MoMo and Gojek will help to drive the use of cashless
payments, providing consumers with convenience and safety.
▪ Gojek’s services encompass ride-hailing apps GoRide and GoCar, food
delivery app GoFood and logistics app GoSend. The partnership will
enable Gojek to tap into MoMo’s user base of over 31 millions users,
whilst giving MoMo access to a growing pool of customers as Gojek
expands its services. It will also help Gojek’s driver and merchant
partners to increase their income.
▪ In March 2022, Vietnamese super app MoMo announced a strategic
partnership with Indonesia’s Gojek that will enable people to use MoMo
to pay for rides, as well as for food and parcel delivery. MoMo is the first
e-wallet to be integrated into the Gojek app in Vietnam, which previously
necessitated payments by cash and bank cards.
33% of consumers book a ride-sharing service via their phones at
least weekly
Super-apps MoMo and Gojek combine forces to help drive cashless payments

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0% 20% 40% 60% 80% 100%
Generation Z Millennials Generation X Baby Boomers
Use of tech by generation
n = 1,007; % of respondents (at least weekly)
0% 10% 20% 30% 40% 50% 60% 70% 80%
*Own an in-home virtual assistant device
*Own a fitness wearable/health tracking
device
Take an online/virtual fitness class
Remotely monitor or control home
appliances
**Use augmented or VR to enhance my
shopping experience
Order food/drink online for
takeaway/delivery from a mobile phone
Play video games
Vietnam Global
Note: * Selected ** At least monthly
Use of tech vs global
n = 1,007; % of respondents (at least weekly)
Consumers rely increasingly on apps for everyday activities

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11
15%
15%
17%
17%
19%
29%
38%
29%
40%
28%
35%
47%
9%
17%
9%
20%
12%
4%
5%
7%
5%
9%
6%
33%
30%
30%
26%
28%
17%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Targeted ads based on my online activity are an invasion of privacy
I feel comfortable sharing my personal data with private companies
I share my data in order to receive personalised offers
I freely share personal information online
I feel comfortable sharing my personal data with government institutions
I actively manage data sharing and privacy settings
Strongly agree Agree Disagree Strongly disagree Neither agree or disagree
Data privacy concerns
n = 1,007; % of respondents
Most Vietnamese actively manage their data settings

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Millennials are the most willing to share data in exchange for offers
I feel comfortable sharing my
personal data with private
companies
I freely share personal information
online
I feel comfortable sharing my
personal data with government
institutions
Targeted ads based on my online
activity are an invasion of privacy
I share my data in order to receive
personalised offers
I actively manage data sharing and
privacy settings
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Data privacy concerns by generation
n = 1,007; % of respondents (agree or strongly agree)

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Friends and family remain the most trusted sources of information
0% 10% 20% 30% 40% 50% 60%
Product label and other information shown on packaging or brand website
My social media network
Brand/company website
Independent consumer reviews
Friends and family recommendations
Vietnam Global
Top five trusted information sources

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0% 10% 20% 30% 40% 50% 60%
More of my everyday activities will shift to online platforms
More of my everyday activities will shift to in-person
Vietnam Global
Everyday online and in-person activities over the next five years vs global
Return to face-to-face activities expected post-pandemic

Experience more
Prioritising experiences over things, where consumers engage directly with a product/service, and in return receive an enhanced and
unique interaction with the brand. Consumers are seeking out authentic, personalised experiences to suit their individual tastes,
preferences and lifestyles. Appealing to the senses and using technology as an enabler, brands strive to provide a value-added
experience.

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1
seek curated experiences tailored to their
tastes
76%
value online virtual experiences
60%
value real world experiences
78%
Experience more
Although the majority (68%) of Vietnamese consumers still say they prefer living in the real world to virtual online experiences,
there was a strong trend towards digital entertainment during the pandemic. Indeed, 60% (versus a much lower 49% globally)
say they value online virtual experiences, and 71% (compared with 52% globally) play video games at home at least weekly. In
line with growing smartphone use, virtually all (91%) of respondents watch TV/video on their phones and 63% (versus 49%
globally) stream music online at least weekly.
Vietnam is a family-orientated nation and consumers like to share experiences with their loved ones. Almost half (49%) of
respondents (versus just 33% globally) say they prioritise time with parents and 44% (compared with 39% globally) prioritise
time with children. Activities such as leisure shopping, day trips and cinema are especially popular, carried out by 58%, 60% and
44% of consumers, respectively, on a monthly basis (well above the global averages of 47%, 30% and 28%, respectively).
Vietnam’s growing base of affluent, urban consumers are keen to devote more time to leisure and try new activities. As many as
68% of our survey respondents (10 percentage points above the global average of 58%) believe it is important to spend money
on experiences, while a whopping 76% (compared to 58% globally) say they seek curated experiences tailored to their tastes.
Notably, 45% of Gen Z say they plan to increase their spending on novelty experiences in the next year.

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Consequence
Context
Characteristic
▪ The video games market in Vietnam is forecast to soar by 80% in value
terms between 2021 and 2026. Entertainment and social media
companies will continue to look to gaming to increase their usage and
diversify their revenue streams (for example via in-game ads or
sponsored games). Notably, Netflix has also moved into the mobile
gaming space in the last year.
▪ TikTok already offers game streaming options. The launch of in-app
games will enable the company to boost user engagement and maximise
its appeal among younger audiences in the same way as Messenger,
Snapchat and other apps have done. If TikTok’s in-app games prove
successful in Vietnam, it is likely that they will see a global roll-out.
▪ Video-sharing platform TikTok began testing a new in-app mini-game
feature in Vietnam in 2022 as part of its plan for a major push into
gaming. The games are simple, HTML5-based apps developed via third
party game developers and studios like Zynga. Vietnam is a major market
for TikTok, with 70% of people under the age of 35 reported to be using
the platform.
75% of consumers play games on their mobile phones at least weekly
TikTok trials new in-app mini-game feature in Vietnam

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Interest in virtual reality is growing, but real-world experiences are preferred
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Value online virtual experiences
Shop in stores that create engaging
experiences
Spend on experiences
Experience other cultures
Seek curated experiences tailored to me
Value real world experiences
Vietnam Global
Experiential lifestyle priorities by importance
0% 20% 40% 60% 80% 100%
Value of online and real world experiences by generation

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6%
9%
10%
11%
11%
15%
17%
19%
20%
30%
40%
24%
25%
24%
34%
26%
32%
30%
41%
38%
40%
39%
29%
29%
25%
32%
36%
24%
29%
28%
26%
22%
14%
31%
29%
30%
18%
22%
21%
15%
10%
12%
7%
6%
10%
8%
12%
5%
5%
9%
9%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Go to a museum/art gallery
Go to a sporting event
Go to a concert or the theatre
Go to the cinema
Volunteer
Take a class/attend a lecture
Take a virtual class/attend a lecture online
Take a day trip
Go shopping for leisure
Socialise with friends in person
Socialise with friends online
At least weekly 1-3 times a month Once every few months Rarely Never
Leisure habits frequency
Online socialising is the norm post-pandemic

20
20
Travellers prioritise relaxation and safety
0% 5% 10% 15% 20% 25% 30% 35% 40%
Arts and heritage
Family-oriented/child-friendly
Convenient travel options
Eco-tourism/sustainable travel options
Quality of food/dining at destination
All-inclusive hotels and resorts
Nature and outdoor activities
Immersion in local culture
Safe destination
Relaxation
Vietnam Global
Top 10 most important travel destination features

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Millennials are the most eager to resume face-to-face activities
0%
10%
20%
30%
40%
50%
60%
70%
More of my everyday activities will shift to be in-person More of my everyday activities will shift to online platforms
Future everyday activity shift by generation

Middle class reset
As the middle classes in developed markets struggle to maintain the economic position they enjoyed for the last half a century, they
have adopted many cautious habits to maximise value for money and stretch their limited resources. These include prioritising access
over ownership, bargain hunting, and trading down in order to trade up. Elsewhere in emerging and developing economies, even as the
middle class continues to expand and enjoy rising incomes, their priorities and habits are not dissimilar to those of their counterparts in
developed markets as consumers increasingly shift away from wasteful, conspicuous consumption towards more selective and conscious
spending.

23
23
3
2
1
cutting back on spend in 2022
24%
share/swap items or services
at least once a year
68%
lead a minimalist lifestyle and do not buy
new items often
42%
Middle class reset
Many consumers are looking for ways to maintain their middle-class lifestyles in a more economical way, for example by buying
items less frequently or by sharing/reusing things. 36% of respondents say they are willing to buy second-hand items and 29%
are willing to rent items for special occasions (slightly higher than the respective global averages of 34% and 21%). 37% would
rather buy fewer, but higher-quality things, and 41% would rather repair broken items than replace them.
Although Vietnam’s urban middle class are conscious not to overspend, they are keen to show off their social status. As many as
62% of respondents, compared with 45% globally, say it is important that others think they are doing well, while 57% (versus
42% globally) think it is important to cultivate their personal brand online to manage others’ perceptions of them. Almost a
third (32%) say they regularly seek strong or well-known brands.
Vietnam has witnessed rapid economic growth and middle class expansion in recent years, driving up purchasing power.
Consumers are optimistic in the wake of the pandemic – especially as the country has not witnessed the recent high inflation
rates seen in other parts of the world. Notably, GDP growth was forecast by the World Bank to soar to 7.5% in 2022. Reflecting
these factors, our survey found that as many as 65% of Vietnamese respondents (compared with 51% globally) think they will
be better off financially in future.

24
Consequence
Context
Characteristic
▪ The proptech sector will continue to be driven by the need for an
alternative to traditional mortgages – especially among the unbanked
and first-time buyers, as they struggle with high property prices and
limited financing options. This means that people who do not have family
support will no longer need to delay buying their first homes.
▪ The concept of owning a home is culturally important in Vietnam.
However, the complex process of buying property, along with rising
house prices, are making it difficult for first-time buyers to secure
mortgages. Homebase, a start-up founded in 2019 that currently
operates in Ho Chi Minh City, Saigon, Hanoi and Danang, aims to make
home ownership more accessible to Millennials.
▪ Vietnamese proptech start-up Homebase raised USD30 million in
November 2021 to enable it to expand into new cities. Homebase acts as
a co-investor, with clients required to pay only a 20% deposit towards a
property. Contracts ranging from one to 10 years allow clients full usage
rights to the home. Clients also have the options to buy out Homebase’s
entire share or leave the scheme and cash in their savings.
33% of consumers expected to increase their spending on
housing/accommodation
Homebase provides aspiring homeowners with novel alternative to traditional mortgages

25
25
0% 10% 20% 30% 40% 50%
Lifestyle and shopping preferences by generation
0% 10% 20% 30% 40% 50%
I regularly seek private label and low-cost
products
I seek niche brands that are hard-to-find
or unique
I am willing to buy second-hand or
previously-owned items
I would rather buy fewer, but higher
quality things
I lead a minimalist lifestyle and do not
buy new items often
Vietnam Global
Top five lifestyle and shopping preferences
More than two fifths of consumers lead minimalist lifestyles

26
26
4%
5%
8%
9%
10%
21%
21%
26%
24%
20%
24%
32%
23%
25%
29%
15%
16%
14%
10%
26%
25%
20%
20%
21%
13%
11%
6%
8%
12%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Rent items, rather than buy
Buy used or second-hand items
Sell used or second-hand items
Share/swap items or services
Donate used items to a charity or non-profit
At least weekly 1-3 times a month Once every few months 1-2 times a year Rarely Never
Frequency of repurposing, sharing, donating and renting items
The concept of repurposing is gaining ground

27
27
Younger generations plan to increase visits to discounters
0% 5% 10% 15% 20% 25% 30% 35% 40% 45%
Decrease overall purchases of products
and services
Increase purchase of second-hand or
previously owned products
Increase visits to discount stores
Vietnam Global
Frugal purchasing intentions vs global
n = 973; % of respondents
Frugal purchasing intentions by generation
47% 45% 37% 21%
37% 25% 38% 45%
12% 16% 26% 43%

Premiumisation
Slowing volume growth has led brands to seek new ways to drive value expansion. Concentration of wealth and income has created new
demand for high-end offerings. Consumers everywhere demand more choices and more tiers—from discount and mass to “masstige”,
luxury and beyond—allowing them to spend more on what matters most. Global mass brands are giving way to niche brands and
personal “brand portfolios” as consumers at all income levels seek products, services and experiences which reflect their personal
identity.

29
29
3
2
1
are willing to spend money to save time
61%
buy fewer, but higher-quality things
37%
like to be distinct from others
67%
Premiumisation
Quality plays a major part in purchasing decisions. 35% of Vietnamese consumers, versus 24% globally, are influenced by food
and drink that is 100% organic, while 26% (compared with 16% globally) look for specialities or new varieties of food and drink.
Among Millennials, 31% would pay more for strong or well-known brands of food and drink. When buying household essentials,
42% of respondents (versus 33% globally) prioritise quality.
Consumers are also interested in products that offer convenience, technical superiority or healthy and ethical credentials. As
many as 61% of respondents (compared with 44% globally) say they are willing to spend money to save time. When buying
clothing and accessories, 33% of Gen X, compared with just 16% of their global peers, are influenced by sustainably-produced
items.
Vietnam’s newly affluent consumers are driving a growing market for premium goods and services – especially those that
promote individuality. As many as 67% of our survey respondents, compared with 50% globally, say they like to be distinct from
others, and 73% (versus 57% globally) say they extensively research the products they consume. A third (33%), compared with
21% globally, seek niche brands that are hard to find or unique. Notably, only 29% of Vietnamese consumers say they like to find
bargains, which is far lower than the global average of 44%.

30
Consequence
Context
Characteristic
▪ “Smart mobility” will continue to gain traction in light of high fuel
prices and city pollution. Although VinFast faces formidable competition
from Chinese and Japanese electric vehicle (EV) makers, its system of
battery rental will place its cars within the reach of Vietnam’s growing
number of middle-class consumers who are eager for premium,
sustainable products at an affordable cost.
▪ After rolling out its first petrol-powered cars in 2019, VinFast (part of
the Vietnamese conglomerate VinGroup) quickly became the fourth best-
selling brand in Vietnam, appealing largely to middle-class buyers looking
for high-quality, stylish vehicles at relatively low prices. In April 2022, the
company announced plans to go all-electric by the end of the year.
▪ Vietnamese car maker start-up VinFast launched its first electric SUV in
its domestic market in December 2021. Whilst the vehicle itself can be
purchased, the battery is leased to customers to keep costs down and is
replaced by VinFast for free if it degrades below 70%. The company is
also setting up charging stations across Vietnam and has announced an
investment of USD400 million to produce its own batteries.
51% of consumers say you can tell a lot about a person from the car
they drive
VinFast launches Vietnam’s first domestic EV along with unique battery rental system

31
31
0% 20% 40% 60% 80% 100%
Statements that best reflect consumer motivations by generation
0% 20% 40% 60% 80%
I would rather buy fewer, but higher
quality things
Buying eco- or ethically-conscious
products makes me feel good
I am willing to spend money to save time
I like to be distinct from others
I find I am looking for ways to simplify my
life
I seek curated experiences that are
tailored to my tastes
Vietnam Global
Statements that best reflect consumer motivations
Note: Combination of question response types: Agree and Strongly Agree and Selected
Most Vietnamese yearn for a simpler life

32
32
65% 86% 78% 63%
66% 80% 77% 67%
56% 73% 69% 57%
38% 54% 59% 57%
0% 10% 20% 30% 40% 50% 60% 70% 80%
Want products and services that are
uniquely tailored to them
Want to engage with brands to influence
product innovation
Extensively research the products and
services they consume
Believe their investments will have long-
term value
Vietnam Global
Personal traits and values vs global
n = 1,007; % of respondents (agree and strongly agree)
Consumers are generally confident in the value of their investments
Personal traits and values by generation
n = 1,007; % of respondents (agree and strongly agree)

33
33
Ranking of features that consumers are willing to pay more for
Food Home Care/Cleaning Products Apparel and Footwear
Health and nutritional
properties (eg omega-3)
39% High quality 42% High quality 37%
All natural 36% All natural 28% Durable 27%
Environmentally conscious or
eco-friendly
29%
Environmentally/ethically
conscious
24% Design or style suited to me 23%
100% organic 28% Hypoallergenic 23% All natural 19%
Strong or well-known brand 24% 100% organic 22% Comfortable 19%
Sustainably produced or
raised
23% Strong or well-known brand 22%
Environmentally conscious or
eco-friendly
19%
Superior taste 22% Sustainably produced 20% Strong or well-known brand 16%
Locally sourced or
manufactured locally
17% Scented 20% Sustainably produced 16%
Speciality or new variety 16% Ingredient formulation 19% On-trend 16%
Hormone free 14% Multi-functional 18%
High performance (eg in
sportswear)
15%
Quality trumps value for money in home care and clothing

Shifting market frontiers
As some areas of the globe become over-farmed, over-populated, or otherwise reach their maximum potential, others are gaining
prominence for their unexploited potential. Emerging and developing countries will account for two thirds of global GDP by 2030. As a
result, companies are expanding their horizons and looking for opportunities in Africa, China’s second-tier cities and even the Arctic and
space.

35
35
3
2
1
work abroad in another country
20%
try to buy local products
29%
consider it important to experience other
cultures
70%
Shifting market frontiers
As in other countries, there was a movement towards supporting local businesses during the pandemic, many of which suffered
from the sharp decline in tourism. However, the percentage of respondents who say they try to purchase locally-sourced
products and services fell from 34% in the previous year’s survey to 29% in 2022. This includes a higher 32% of Gen X
consumers. In line with their global counterparts, 27% of respondents say they try to shop in locally-owned stores.
Cross-border commerce has also been booming in line with an increase in online shopping and smartphone usage. As many as
59% of Vietnamese respondents (including 67% of Baby Boomers) now say they buy products online from international retailers
that are not available in Vietnam – up from 44% in the previous year’s survey and compared with just 33% globally. A third
(33%) of consumers say they pick their travel destinations based on the quality of shopping there.
In recent years, international brands have flocked to Vietnam, eager to take advantage of its large and youthful population,
growing economy and rising incomes. Indeed, free trade agreements (FTAs) have recently been signed between Vietnam and
the EU, Australia, South Korea, Japan and India. Consequently, a vast majority (81%) of the respondents in our survey say
international products are more readily available than they were five years ago – up from 78% who said so in the previous year’s
survey.

36
Consequence
Context
Characteristic
▪ Boosting the profile of local products is seen by the government as an
essential way to promote Vietnam’s sustainable economic development.
However, competing directly with global brands will be challenging, given
that Vietnamese products are often perceived as lacking the quality and
prestige of Western brands. Improving product design and creating value
for money will be crucial in this respect.
▪ Vietnamese brands across diverse categories have seen strong growth
in recent years. In particular, events such as market days, which bring
national products to rural areas, have helped contribute to changing local
consumers’ consumption habits, guiding them towards Vietnamese
goods. Retailer Central Retail Vietnam recently said that the percentage
of domestic products across its grocery chains is now above 90%.
▪ In 2021, the government signed a directive to further strengthen the
implementation of the “Vietnamese people give priority to using
Vietnamese goods” campaign in the post-COVID-19 era. The campaign,
first introduced in 2011, was launched in the province of Da Nang in 2022
in a bid to change local consumers’ shopping habits and encourage them
to opt for locally-produced goods and services.
“Vietnamese people give priority to using Vietnamese goods” campaign is expanded
35% of Millennials are influenced by food and drink that is locally
sourced or manufactured

37
37
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
World view drivers by generation
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Expect to work abroad in a different
country
Travel preferences include immersion in
local culture
*It is important to experience cultures
other than my own
*International products are more readily
available to me now than they were five
years ago
Vietnam Global
World view drivers vs global
Note: * Respondents who agree or strongly agree
Vietnamese consumers are fans of international brands

38
38
0%
5%
10%
15%
20%
25%
30%
35%
I try to shop in locally-owned stores I try to purchase locally-sourced products and services
Shopping locally by generation
Millennials show the most support for local products

Shopping reinvented
How we buy goods and services is constantly in flux as economic and technological realities shift. Consumers are now making purchases
across multiple platforms and want to engage with merchants at any time and anywhere. The ideal customer journey weaves a brand
into the entire experience, providing value before, during and after the purchase, converting a transaction into a relationship.

40
40
3
2
1
use AR or VR weekly to enhance their
shopping experience
35%
‘’follow’’/‘’like’’ a company’s social media
feed or post (top digital engagement)
51%
bought something via a social media
platform in the last six months
41%
Shopping reinvented
Social commerce, in particular, has soared in popularity in line with growing social media usage. As many as 41% of consumers
(compared to a global average of just 25%) say they shop on social media platforms, whilst 65% (versus only 39% globally) put
their trust in bloggers and influencers. Over half (51%) of Vietnamese respondents say they “follow” or “like” a company’s social
media feed or post, whilst 33% (versus 20% globally) share purchases with their social networks.
Nevertheless, the pandemic prompted a profound shift towards online shopping. As a mobile-first nation, much of this is carried
out on portable devices. The percentage of respondents saying they buy an item or service using their phones at least weekly
jumped from 54% in last year’s survey (already well over the global average) to 62%. Moreover, a whopping 76% – including
81% of Millennials – now buy groceries online at least monthly, compared with just 46% globally.
Vietnamese people are fond of shopping. Reflecting their increasing purchasing power, a higher-than-average 45% of our survey
respondents say they enjoy spending money rather than save it. As many as 58% (compared with 47% globally) say they go
shopping for leisure at least monthly, and 39% (notably 10 percentage points more than the global average) regularly buy
themselves small treats. Furthermore, 67% (versus 54% globally) like to shop in stores that create engaging experiences.

41
Consequence
Context
Characteristic
▪ In the wake of the pandemic, retailers are reopening, expanding and
repositioning their brands to appeal to consumers’ new needs, including
greater convenience, less contact, high quality, good value and support
of local producers. Masan plans to have 30,000 mini malls nationwide by
2025, and to integrate digital content and entertainment into its
ecosystem.
▪ Masan Group entered the retail sector in December 2019, when it
acquired VinMart from VinGroup with the aim of creating a modern
shopping experience for Vietnamese consumers. The company has also
introduced a new franchising model, and has strengthened connections
with suppliers and producers to provide consumers with high-quality
fresh goods.
▪ Masan Group restructured its new VinMart business in early 2022,
rebranding the chain as WinMart and introducing a new “multi-utility”
format aimed at providing a one-stop shop for customers. The mini-malls
– the first of which opened in Vinh City – encompass a supermarket
(WinMart+), bank (Techcombank), café (Phúc Long), pharmacy (Phano)
and mobile phone store (Reddi).
Newly rebranded WinMart promotes convenience with “mini-mall” format
75% of consumers are looking for ways to simplify their lives

42
42
Travel
Tickets
Second-hand products
Beauty and personal care
Pet food/products
Food for takeaway or delivery
Apparel and personal accessories
Large consumer electronics
Small consumer electronics
0% 10% 20% 30% 40% 50% 60% 70%
In store/in person On computer or tablet On smartphone
Methods used to purchase products over previous year
n = 1,007; % of respondents by channel
Smartphones are the shopping channel of choice in most categories

43
43
Shoppers enjoy engaging with companies via social media
0% 10% 20% 30% 40% 50% 60%
Share or retweet a company’s social media feed or post
Talk to a company’s customer service through social media
Share a purchase you made with your social network
Share or retweet a product
Provide feedback to a company via a social media post
Receive a discount/offer for referring someone via social media
Buy something via a social media platform
“Follow” or “like” a company’s social media feed or post
Vietnam Global
Online engagement with companies over the previous six months

44
44
Share or retweet a product
Receive a discount/offer for
referring someone via social media
Provide feedback to a company via
a social media post
Buy something via a social media
platform
“Follow” or “like” a company’s
social media feed or post
0% 10% 20% 30% 40% 50% 60% 70% 80%
Top five forms of online engagement with companies over the previous six months
n = 1,007; % of respondents by generation
Gen Z are most likely to follow companies’ social media feeds

Sustainable living
Among consumers and business, increasing attention is paid to ethics and moral values. This translates into decisions framed by
concerns about the environment, sustainability, animal welfare, production and labour practices, as well as desires to positively impact
communities and people.

46
46
3
2
1
of eco-conscious consumers recycle items
42%
are worried about climate change
77%
feel they can make a difference through
their choices and actions
62%
Sustainable living
Ethical consumerism is on the increase, however: 38% of respondents (well below the global average of 26%) – including 45% of
Millennials – say buying eco- or ethically-conscious products makes them feel good. A third (33%), compared with just 22%
globally, say they buy products and services from purpose-driven brands/companies, and the same percentage (versus 23%
globally) say they donate to non-profits and charities supporting the environment.
Notwithstanding these good intentions, waste management is not as widely practised in Vietnam as elsewhere. Only 42% of
respondents (compared with 53% globally) say they recycle items and 43% (versus a global average of 55%) are concerned with
reducing food waste. A mere 29% say they try to use less water. Although it is the top environmental concern, reducing plastics
use is important to only around half (49%) of consumers.
With Vietnam particularly vulnerable to issues such as rising sea levels, deforestation and pollution, consumers are ready to play
a part in supporting sustainable lifestyles. As many as 77% of our survey respondents (well above the global figure of 66%) say
they are worried about climate change, and the same percentage say they try to have a positive impact on the environment
through their everyday actions.

47
47
Consequence
Context
Characteristic
▪ Vertically integrated apps with complete control over their logistics
infrastructures are able to meet growing demands for fresh, local
produce delivered quickly. Social commerce is a fast-growing space in
Vietnam, and companies like Mio that support local farmers and help to
empower women will resonate with conscious consumers.
▪ Founded in 2020, Mio App has grown very rapidly, now delivering
more than 10,000 items of fresh produce per day in Ho Chi Minh, Thu
Duc, Binh Duong, Dong Nai and Long An. It claims to be able to deliver
produce directly from farms to customers in less than 16 hours. The new
funding will enable Mio App to expand its logistics and fulfilment system,
enter new locations and add new product categories to its offer.
▪ Mio App is a group buying platform that focuses on selling fresh
produce and groceries in Vietnam’s lower-tier cities. Its mission is to
drive financial independence for women in rural areas by enabling them
to act as sales partners (or “micro-entrepreneurs”) in community trade.
Mio App benefited from additional funding worth USD8 million in
January 2022 to help it to scale up its operations.
Social commerce start-up Mio App supports farmers and empowers rural women
52% of Millennials make purchases via social media platforms

48
48
Consumers want to play a part in combating climate change
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Being active in the community is important to me
I give back to those in need
I only buy from companies and brands that I trust completely
I am worried about climate change
I try to have a positive impact on the environment through my everyday actions
Vietnam Global
Top five ethical issues and actions

49
49
Reducing plastics use is the top environmental concern
0% 10% 20% 30% 40% 50% 60%
Use sustainable packaging
Use more energy-efficient
products
Recycle items
Reduce food waste
Reduce plastics use
Vietnam Global
Note: Only showing results from respondents who try to have a positive impact on the environment
Top five actions to positively impact the environment or lead a more sustainable life

50
50
Consumers are increasing support for responsible brands
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Buy from brands that support social and political issues that are aligned with my values
Vote in elections
Make my purchasing decisions based on brands/companies' social and political beliefs
Share my opinion on social/political issues on media
Donate to non-profits and charities supporting causes aligned with my values
Vietnam Global
Note: Only showing results from respondents who are politically or socially active
Top five typical political and social activities

51
51
Recyclable packaging is considered the most sustainable
0% 10% 20% 30% 40% 50% 60%
Refillable/reusable
Paper
Biodegradable
Compostable
Recyclable
Vietnam Global
Top five packaging types considered to be sustainable or better for the environment

Wellness
Healthy lifestyle habits, inside and outside the home, are becoming a more normal way of life as concerns over obesity, food sensitivity
and the number of people affected by different types of disease continue to rise. Furthermore, a more holistic approach to wellness is
being adopted which encompasses spiritual and mental wellbeing, alongside physical health. Continued focus on health and wellbeing
entails a wider lifestyle shift and evolving attitudes towards health care, nutrition, beauty, physical activity, and overall self-improvement.
The pursuit of optimal wellness also transpires in continued product development, as well as technological and digital advancements to
fit new consumers’ priorities.

53
53
3
2
1
use massage for stress-reduction
69%
shop online to avoid interaction in-store
20%
want to work for companies that prioritise
health and safety
26%
Wellness
With stress levels high during the pandemic, consumers began taking more care of their mental wellbeing. 43% of respondents
(versus 30% globally) say they participate in stress-reduction activities at least weekly, with 69% having massages and 63%
(compared with 44% globally) practising yoga. Notably, as many as 42% of Baby Boomers say they have therapy or counselling,
compared with a much lower 27% of their global peers.
Vietnamese people also take fitness seriously. An enormous 84% of respondents say they exercise at least weekly, compared
with a global average of 64%. Running and cycling are very popular activities, practised weekly by 65% and 51% of consumers,
respectively, versus 43% and 37%, respectively, of their global counterparts. In addition, as many as 81% take an online virtual
fitness class at least weekly, and 56% say they use an app to track their health and fitness.
The Vietnamese began taking a more proactive approach to health prevention amid the pandemic. Although Vietnam currently
has one of the lowest rates of obesity in the world, at just 2.2%, 56% of our survey respondents (well above the global average
of 42%) say they actively monitor what they eat in order to manage their weight. As many as 67% (versus 56% globally) look for
healthy ingredients in food and drink, and 61% (compared with 43% globally) say they closely read nutrition labels.

54
Consequence
Context
Characteristic
▪ Despite ongoing efforts by the government to encourage breast
feeding, demand for infant formula will continue to be driven by rising
incomes and the high number of women in the workforce. Products that
emulate breast milk’s nutritional value and provide immune support
through the use of HMOs will continue to be a key area of focus for milk
formula players post-pandemic.
▪ HMO and colostrum have taken over from DHA as the most sought-
after ingredients in milk formula. HMOs are complex carbohydrates that
make up the third largest component of human milk after lactose and fat.
They have been found to promote the development of beneficial
bacteria and inhibit the growth of harmful bacteria, thereby reduce the
risk of disease, respiratory infections and diarrhoea.
▪ In November 2021, Nestlé launched a new line of infant formula –
NAN SUPREMEpro 3 – that contains five human milk oligosaccharides
(HMOs) to help support babies’ immune systems. The products also
contain whey protein to help reduce the risk of allergies, protein to help
children easily digest and absorb nutrients, and the fatty acids DHA and
ARA.
Spending on milk formula in Vietnam is forecast to increase by 45%
over 2022-2027
Nestlé launches NAN SUPREMEpro 3 infant formula with five HMOs

55
55
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Visit health-related or medical sites*
Partipate in stress-reduction activities*
Closely read nutrition labels of food and
beverages
Look for healthy ingredients in food and
beverages
Take health supplements/vitamins*
Participate in physical exercise*
Vietnam Global
Wellness solutions
Note: * at least weekly
Vietnamese are among the world’s most physically active consumers
0% 20% 40% 60% 80% 100%
Wellness solutions by generation

56
56
Massage and yoga are the top wellbeing activities
0% 10% 20% 30% 40% 50% 60% 70% 80%
Spa visit
Herbal remedies
Meditation
Yoga
Massage
Vietnam Global
Note: Questions shown to respondents who participate in stress-reduction activities at least once every few months
Top five mental wellbeing activities in the last six months

57
57
Buy health-related products online
Use an app to track health and fitness on a mobile
phone
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
% of respondents by generation (at least monthly)
0% 10% 20% 30% 40% 50% 60% 70% 80%
Buy health-related products online
Use an app to track health and fitness on a mobile phone
Vietnam Global
Frequency of tech-related health activities
n = 1,006; % of respondents (at least monthly)
Consumers embrace health tech

58
58
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Shop online to avoid interaction in store
Work for a company that prioritises employee health and safety
Increase spending on health and wellness
Take health and safety precautions when I leave my home
Vietnam Global
Actions to preserve and protect health
Health and safety are paramount in the post-pandemic era

59
For Further Insight please contact
gina_westbrook@euromonitor.com
Gina Westbrook
Director of Consumer Trends

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