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How have Vietnamese consumers changed as the economy soared?
Since the turn of the 21st century, Vietnam’s GDP per capita has risen more than twelvefold, pushing the country toward upper-middle income status by end of this year. Yet the bigger question is: how has this explosive growth reshaped the way people live, shop, and spend?
From Necessities to Discretionary
Household spending on food fell from 47% in the early 2000s to 37% in 2022, as families allocated more to housing, dining out, and travel. The consuming class jumped from ~6 million people in 2002 to nearly seven times during the same period.
From Wet Markets to Modern & Online
Millennials and Gen Z—half of Vietnam’s population—have fueled the shift to modern retail and e-commerce, now 38% of sales. This transition is also unlocking growth in logistics, packaging, payments, and consumer finance.
From Cash to Cashless
Cash once dominated 90% of transactions. By 2023, ~40% of POS value was digital. With 87% of adults banked, 138M cards in use, and smartphones everywhere, QR codes, e-wallets, and contactless payments are now everyday habits.
Vietnam’s consumption boom is no longer just about rising incomes—it’s reshaping entire industries.
