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Investment in Vietnam's consumer market
Vietnam's consumer market is constantly evolving, driven by changes in consumer lifestyles, incomes, and behaviors. In Vietnam, disposable income has increased steadily in recent years, with total consumer spending skyrocketing from US $ 80 billion to US $ 171 billion between 2010 and 2018.
This value shows that Vietnamese consumers are spending more than ever. In fact, by September 2018, Vietnam had increased spending by 11.3%. Increasing consumer spending is providing more and more consumers with new services and products.
Development of Vietnam's consumer market
Investment from overseas to Vietnam is expected to continue to increase steadily in the future, promoting economic growth. This growth has contributed significantly to rural development, along with increased spending by urban and rural consumers.
Vietnam's consumer population is relatively young, between the ages of 25 and 54, accounting for 45.56% of the population in 2017. Vietnam's consumer population is very similar to Singapore. In contrast to developed countries such as Japan, where the population aged 25 to 54 accounts for 37.5% in 2017, the consumer market is expected to continue expanding at a relatively young age.
Market growth due to increased consumer spending in Vietnam
Vietnam's consumer spending is transforming markets in many industries. For example, there is a growing demand for quality education. The needs of Vietnamese people are changing, and there is a need for higher standards of service not only in education but also in health and leisure.
Growing markets and industries in Vietnam
Vietnam's medical spending in 2017 was approximately US $ 16.1 billion and is projected to increase by US $ 22.7 billion by 2021. The Ministry of Industry and Trade of Vietnam has also announced that the food and beverage industry is expected to grow at the highest rate in Asia by 2020. This seems to be a tendency for Vietnamese citizens to spend more time in their leisure time, increasing their consumption for daily relaxation and leisure.
Vietnam as an investment destination
Businesses and investors need to consider a variety of factors when deciding where to invest.
Consumer spending trends vary according to disposable income, local culture and tastes.
For example, Ho Chi Minh is composed of seven metropolitan areas, each showing a different culture and characteristics.
In the Phu My Hung area of District 7, many wealthy foreigners from South Korea, Taiwan, and Japan live. Recently, the number of overseas residents is gradually increasing in the 2nd and 3rd wards near the 1st ward. Many Chinese immigrants from China in the 20th century live around the 5th and 6th wards.
Business in Vietnam's consumer market
Vietnam's urbanization is contributing to the expansion of Vietnam's consumption spending. Vietnam's major cities, Hanoi, Ho Chi Minh and Da Nang, attract foreign businesses and investors and motivate them to expand into Vietnam.
However, there are many problems that arise when doing business in Vietnam. In order to proceed with the business, it is necessary to deepen the understanding of Vietnam's life, culture, legal system, personnel system, auditing and accounting. Furthermore, in order to deal with problems such as power shortages and insufficient infrastructure, it is necessary to carefully consider building a solid supply chain and emergency response measures.
Ho Chi Minh Suzuki Real Estate provides not only local real estate development information but also useful economic and business information in Vietnam.
Investment in Vietnam is Ho Chi Minh Suzuki Real Estate
We support rental and purchase of condominiums, offices and investment real estate, mainly in Ho Chi Minh, Vietnam.
Our strength is to provide buyers with accurate and accurate information in a timely manner.
This website introduces the latest news articles on real estate, economy, travel, and events related to Vietnam.
Based on my experience as a consultant in Hong Kong, the article also introduces real estate, management, accounting, tax, and labor affairs.
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Suzuki Real Estate is a real estate company in Ho Chi Minh City, Vietnam that handles rental and sales. Our licensed real estate agents and Vietnamese real estate transaction specialists will guide you through investment apartments, condominiums, serviced apartments, offices, and factories for rent in Japanese, Chinese, and English.
