Strong momentum! Vietnam's fast-moving consumer goods market will grow by 6.4%

Strong momentum! Vietnam's fast-moving consumer goods market will grow by 6.4%

The fast-moving consumer goods (FMCG) industry in Vietnam’s four major cities will grow by 6.4 percent this year , and by 8.7 percent in rural areas, according to Kantar Worldpanel, a leading global market research organization for consumer purchase and usage insights .


In four cities – Hanoi, Ho Chi Minh City , Danang and Can Tho – packaged food growth is expected to slow from last year, though growth will still be around 10%, while personal care products will see double-digit growth.


In rural areas, personal care products are expected to continue to grow, while beverages are expected to recover .


Last year, sales of fast-moving consumer goods in urban and rural areas grew by 10.3% and 10.2% respectively , mainly due to relatively stable prices and increased transaction volumes .


Nelson Woo, regional commercial director of Kantar Worldpanel Asia, said : " With a population of over 90 million , Vietnam remains a key market for both local and other regional FMCG manufacturers . "


He added: With a relatively young consumer base, growing per capita income, and increasing sophistication in mobile and technology applications , Vietnam is becoming increasingly attractive to brands and sellers . Bordering many Asian countries, such as China and the emerging markets of Indochina, Vietnam has a huge geographical advantage and is a hub to other markets and countries.


He said that currently, the country is the sixth most populous country in Asia, after China, India, Indonesia, Japan and the Philippines, and has huge potential . Coupled with the improvement and development of living standards as well as organized trade and e-commerce, this is a market that no brand or manufacturer would want to miss out on.


Last year, despite the impact of the pandemic , Vietnam's economy still grew by 2.9%, which proves that Vietnam absolutely has the strength to cope with challenges and gives it a great competitive advantage among ASEAN countries.


Quality has become an increasingly important concern for Vietnamese consumers, especially in food , where consumers pay more and more attention to the quality , packaging and origin information of food . Brands should pay attention to this to meet the needs of consumers .

 


Vietnam

Fast Moving Consumer Goods

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