FOREWORD
Our data collection period for the Vietnam Brand Footprint 2023 report began at a time when Vietnam was emerging from the toughest lockdown. We found ourselves adjusting a new chapter filled with hope, relief, yet still uncertainty.
As we entered the first year post-pandemic, we observed solid recovery of several FMCG sectors, such as beverages and non-food sectors in both urban and rural Vietnam, which had been impacted during the two years of restrictions.
However, rising prices presented a new challenge for consumers, who are now looking for ways to save costs. As early as Q1 2022, we already saw the average price of FMCG rising and consumers looking to save costs in various ways. They may react to the price pressure by buying more or less of certain products, switching shopping channels, finding cheaper alternatives, or simply absorbing the price increases.
In times like this, winning consumer loyalty is no easy feat. The winning brands of 2023 shared common traits, including understanding the needs and desires of consumers and quickly adapting their strategies to the changing environment, while maintaining a connection with their audience.
This year's Brand Footprint explores some of the success stories and insights that can help brands grow and thrive in the face of adversity. We celebrate the brands that have found their winning ways to reach more consumers and look forward to sharing their stories with you.
