Welcome to VietnamBrand Footprint 2024
After a strong post-Covid performance in 2022, Vietnam posted lower GDP growth of 5.05% in 2023. A slower than-expected recovery in demand for products from Vietnam’s key trade partners such as the US, EU and China put in a dent in the country’s manufacturing and export sectors. This resulted in waves of job losses, leading to increasing fears among households about their financial situation. With growing concerns over rising costs of living, income and job security, we saw a fundamental change in consumers’ spending priorities.
While inflation showed signs of abating towards the end of the year, it’s not the same as prices going down. This new reality led Vietnamese consumers to adopt a permanently price-conscious mindset, resulting in a decline for in-home FMCG purchase volume by the end of 2023.
Consumers pivoted towards a value-driven shopping strategy. They actively sought deals and promotions, constantly on the lookout for the best value in different forms, even when indulging in occasional splurges.
While there are fluctuations in consumer reactions across categories, no category or brand was immune to the changing dynamics. The brands that thrived in 2023 were those that succeeded in recruiting shoppers by being meaningfully different to more people, maximising their presence across consumer touchpoints, and finding new space to grow.
This year’s Vietnam Brand Footprint report digs into the growth recipes of these winning brands.
The brands that thrived in 2023 were those that succeeded in recruiting shoppers by being meaningfully different to more people, maximising their presence across consumer touchpoints, and finding new space to grow.
