The Vietnam Consumer Survey
Staying resilient amidst
headwinds
February 2021
Foreword
03
Staying resilient amidst headwinds
04
The Vietnam Consumer Survey
10
1. Heart: Understanding changes in consumer sentiment
12
2. Wallet: Observing changes in consumer expenditure
16
3. Mind: Deciphering new purchase drivers
23
Looking ahead
37
Contact us
39
Foreword
Although Vietnam is not immune to the COVID-19 pandemic and its accompanying economic headwinds, it has
arguably proven itself as one of the more resilient economies in Southeast Asia. What set it apart from the rest
were its early, relatively successful efforts at containment, and a compliant population that mostly adhered to safe
distancing requirements.
This has, in turn, materialised in a resilient Vietnamese consumer, with a positive outlook on the economy. In this
second edition of the Vietnam Consumer Survey, we will explore some of the key changes in consumer behaviour
and purchasing patterns that have emerged from the recent survey conducted during between June and July 2020
across 1,000 households through face-to-face interviews in four major cities: Can Tho, Da Nang, Hanoi, and Ho Chi
Minh City.
To facilitate discussions on the consumer journey and highlight segment-specific insights where possible, we have
also developed four personas to represent the various key consumer segments in Vietnam: Van, Hai, Chien, and Hoa.
Through their lenses, we will explore the consumer journey while analysing the impact of the pandemic and other
macro trends on the Vietnamese consumer’s heart, wallet, and mind.
We will begin by examining the overall consumer sentiment, including their economic and employment outlook, as
well as income expectations. Overall, we observed that the consumer sentiment remains generally optimistic despite
the uncertain environment, with a level of resilience displayed even amongst the lower income groups, for whom the
impact of COVID-19 has undoubtedly been harder.
Next, we explore some of the shifts in consumer spending, which reflect not only a greater prudence amidst
the ongoing pandemic, but also a shift in priorities as consumers adapt to new ways of remote working and the
accompanying lifestyle changes.
Finally, we take a look at the purchasing drivers and other behaviours exhibited throughout the purchasing journey
from pre-purchase, to purchase, and post-purchase. While we observed that traditional trade channels continue to
hold their own against modern trade channels even amidst the pandemic, there has been a more noticeable shift
from traditional trade to e-commerce and online channels. Nevertheless, a variety of different impediments remain
in the way of the greater adoption of these platforms, which consumer companies will need to address.
We hope that this report will provide you with some insights into the resilient Vietnamese consumer, and the
considerations that you will need to make as you prepare for a full-speed recovery ahead.
Pua Wee Meng
Consumer Industry Leader
Deloitte Southeast Asia
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Staying resilient amidst headwinds | The Vietnam Consumer Survey
Staying resilient amidst
headwinds
Despite the onset of the pandemic, Vietnam’s economy has remained fairly resilient. This is not only a result of
the relatively successful efforts by its government to curb COVID-19 transmission – including the implementation
of partial lockdowns and social distancing rules that were well-observed by the general population – but also the
inherent characteristics and composition of its economy.
Specifically, Vietnam’s economy is driven primarily by both export-oriented manufacturing sectors and domestic
demand. As demand from Vietnam’s global trade partners began to soften during the course of the pandemic,
its strong domestic demand was able to provide a significant level of cushion that enabled its Gross Domestic
Product (GDP) to continue to grow, albeit at a slower rate, of 1.8% in 20201.
In addition, the ongoing trade war between China and the US has also presented Vietnam with a unique set
of opportunities and challenges. While it has benefited from the wave of American and Japanese companies
seeking to relocate their manufacturing operations from China, the government has also found it challenging to
scale up infrastructure, upskill the labour force, and refine the legal framework for foreign direct investments in
the face of the sheer volume of incoming foreign investors.
Indeed, one recent study found that of the 33 companies who reported to be relocating their manufacturing
operations from China, 23 chose Vietnam as their destination2. Looking ahead, this development is likely to
continue to fuel Vietnam’s momentum of strong FDI growth over the last decade, which peaked at a ten-year
high of USD 38 billion in 20193.
From a consumer point-of-view, the pandemic has also undoubtedly accelerated many digital behaviours and
encouraged the greater adoption of e-commerce. In response, many consumer companies have swiftly diverted
their investments into digital channels, and made significant efforts to adapt their route-to-market strategies to
capitalise on the new shift.
In this section, we will explore four characteristics of the Vietnamese consumer in this new normal, and present
four consumer personas whose journeys we will follow over the course of the report as we discuss the impact of
the pandemic and other macro consumer trends on the three dimensions of the Vietnamese consumer’s heart,
wallet, and mind.
1 “Vietnam: Overview”. The World Bank. 6 October 2020.
2 “Jokowi tells ministers to take advantage of US-China trade war, as investors bypass Indonesia”. South China Morning Post. 5 September 2019.
3 “Viet Nam’s FDI capital hits 10-year record in 2019”. Viet Nam News. 27 December 2019.
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Staying resilient amidst headwinds |
The Vietnam Consumer Survey
Four characteristics of the Vietnamese consumer
Overall, our latest research findings based on the Vietnam Consumer Survey conducted in the midst of the
COVID-19 pandemic between June and July 2020 (see ‘Methodology’ section for more details) revealed four key
characteristics of the Vietnamese consumer in this new normal:
• Positive consumer sentiment
With Vietnam’s relatively successful efforts at curbing the pandemic, consumer sentiment has remained fairly
positive. This resilience of the Vietnamese consumer provides generally favourable conditions for consumer
companies to thrive in the mid- to long-term future.
• Shift in priorities towards necessities
Changes in the Vietnamese consumer’s expenditures have reflected a shift in priorities towards necessities,
and away from discretionary spending. However, their purchasing decisions remain driven by considerations of
quality and brand attributes, rather than price. These patterns are consistent with the overall trend of trading
up in recent years, as consumer seek higher quality alternatives with their increasing income levels.
• Acceleration of digital behaviour
The pandemic has boosted the Vietnamese consumer’s receptiveness towards e-commerce and online
purchasing channels, especially for certain product categories. Consumer companies should therefore strive to
diversify their route-to-market strategies by establishing strong multi-channel – and eventually, omnichannel
– capabilities, while working to overcome some of the existing logistical and customer acquisition issues posed
by e-commerce channels.
• Desire for better purchasing experiences
The Vietnamese consumer has expressed a desire for better purchasing experiences, even prioritising this
need above their desire for steep discounts or promotions. To design truly frictionless customer experiences
for enhanced customer loyalty, consumer companies will need to re-assess their customer journeys to gain a
better understanding of customer pain points.
The consumer journey
Throughout this report, we will explore the consumer journey through the lenses of the four defined personas,
while analysing the impacts of the pandemic and other macro consumer trends on the Vietnamese consumer’s
heart, wallet, and mind.
Specifically, the heart dimension will focus on the changes to consumer sentiment as a result of the pandemic,
overall economic conditions, as well as outlook on income and employment; the wallet dimension will focus
on the near-term adjustments in consumer spending patterns and other financial priorities; and the mind
dimension will focus on adopting a forward-looking approach by delving into the changes in consumer priorities
and purchasing journeys for the foreseeable mid- to long-term.
Heart
• Consumer sentiment
• Short-term economic
outlook
• Employment outlook
• Income expectations
Wallet
• Intention to change
expenditure
• Expenditure allocation
• Planned expenditure
allocation
Mind
• Purchasing drivers
• Channel preferences
• Digital and e-commerce
readiness
• Re-purchasing drivers
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Staying resilient amidst headwinds | The Vietnam Consumer Survey
Four Vietnamese consumer personas
To facilitate discussions on the consumer journey and highlight segment-specific insights where possible, we
have developed four personas to represent the various key consumer segments in Vietnam: Van, Hai, Chien, and
Hoa.
Persona 1: Van
As an early career professional in the 25-29 age group, Van has a lower mid-level monthly income of VND 9-14
million. She is a Generation Z consumer, and is health-conscious, tech-savvy, and an adept user of mobile
devices and social media.
Van
Segment – Early Career Professionals
Goals
• Professional opportunities
• Relationships and family
Behaviours
• Frequent visitor of restaurants,
bars, cinemas, cafés, and karaoke
establishments
• Frequent purchaser of smartphones,
cosmetics, and beauty care products
Gender: Female
Age: 25
Income: VND 9-14 million
Location: Da Nang
Knowledge of e-commerce
Mindset
• Follows sports, fitness, and clothing
and footwear trends
• Consumes some alcohol and tobacco
• Traditional trade and modern trade
channels for groceries and other
daily necessities
Key purchasing
channels
• e-Commerce and online channels for
clothing and footwear, and leisure
and holiday activities
Preference for physical
purchasing channels
Key concerns
Level of health-consciousness
Preferred
sources of
information
Preferred
devices
• Job security
• Upskilling
• Social media
• Influencers and celebrities
• Friends
• Smartphone
• Laptop
• Tablet
• Facebook
Preferred
social media
platforms
• Instagram
• TikTok
• YouTube
• ZALO
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Staying resilient amidst headwinds |
The Vietnam Consumer Survey
Persona 2: Hai
Hai is a mid-career professional in the 30-34 age group. He earns an upper mid-level monthly income of VND 14-19
million, and is focused on his priorities of career progression and family development. As a Millennial consumer, he is
highly tech-savvy, but is also comfortable with the use of offline purchasing channels.
Hai
Segment – Mid-Career Professionals
Goals
• Mortgage and loans
• Marriage and family
• Investment planning
• Frequent visitor of restaurants and
bars
Behaviours
• Frequent purchaser of consumer
electronics
• Frequent purchaser of leisure and
holiday activities
Gender: Male
Age: 30
Income level: VND 14-19
million
Location: Ho Chi Minh City
Mindset
• Utilises productivity applications for
telecommuting
• Consumes some alcohol and tobacco
• Modern trade channels for most
product categories
Knowledge of e-commerce
Preference for physical
purchasing channels
• Prioritises sports, fitness, and
wellness
Key
purchasing
channels
• e-Commerce and online channels
for education, leisure and holiday
activities, and transportation
services
• Traditional trade channels for mobile
top-up cards and tobacco
Level of health-consciousness
• Job security
Key concerns
Preferred
sources of
information
Preferred
devices
Preferred
social media
platforms
• Health insurance
• Wealth accumulation and
investments
• Social media
• Online newspapers
• Friends and colleagues
• Family and relatives
• Smartphone
• Laptop
• Tablet
• ZALO
• Facebook
• WhatsApp
• LinkedIn
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Staying resilient amidst headwinds | The Vietnam Consumer Survey
Persona 3: Chien
Chien is a middle-aged working professional in the 45-49 age group. As compared to younger working
professionals, Chien commands a higher monthly income of VND 20-40 million, but is now an active pre-retiree
who prioritises retirement planning and stable investing over career progression. As a Generation X consumer,
he has an average level of tech-savviness, prioritises practicality when making purchasing decisions, and leans
towards the use of physical purchasing channels.
Chien
Segment – Active Pre-Retirees
Goals
• Mortgage and loans
• Marriage and family
• Investment planning
Behaviours
Mindset
Gender: Male
Age: 48
Income level: VND 20-40
million
Location: Hanoi
Knowledge of e-commerce
Key
purchasing
channels
• Occasional visitor of restaurants and
bars
• Infrequent purchaser of consumer
electronics and household
appliances
• Practical and risk-averse
• Consumes alcohol and tobacco
somewhat heavily
• Modern trade channels for most
product categories, especially
consumer electronics and lifestyle
products
• e-Commerce and online channels for
transportation
• Traditional trade channels for
tobacco
Preference for physical
purchasing channels
• Physical well-being
Level of health-consciousness
Key concerns
• Anxiety about COVID-19 and the
need for social distancing
• Financial support for college-aged
children
Preferred
sources of
information
Preferred
devices
Preferred
social media
platforms
08
• Social media
• Online news aggregators
• Family and relatives
• Friends and colleagues
• Desktop computer
• Mobile phone
• Facebook
• ZALO
Staying resilient amidst headwinds |
The Vietnam Consumer Survey
Persona 4: Hoa
Hoa is a senior citizen drawing a low- to mid-level monthly income of VND 4-9 million that comes primarily from
sources such as investments, pension funds, and allowances. She is relatively less tech-savvy as compared
to the other consumer segments, and has a strong preference for traditional modes of communication and
physical purchasing channels. In line with her traditional mindset, she is slightly more price-sensitive and healthconscious, as her concerns over age-related ailments grow.
Hoa
Segment – Senior Citizens
• Retirement income
Goals
• Healthcare expenditures
• Management of household
expenditures
• Enjoys domestic tourism and travel
activities
Behaviours
• Participates in community-driven
activities and exercises
• Infrequent purchaser of household
appliances
Gender: Female
Age: 65
Income level: VND 4-9 million
Location: Can Tho
• Price-sensitive
Mindset
• Open to alternative medicine
• Traditional trade channels for
groceries and other daily necessities
Knowledge of e-commerce
Preference for physical
purchasing channels
• Does not consume alcohol and
tobacco
Key
purchasing
channels
Level of health-consciousness
• Specialty stores for health
supplements and medicines
• A mix of traditional trade and
modern trade channels for
recreational consumer goods and
lifestyle products
• Physical well-being
Key concerns
• Anxiety about COVID-19 and the
need for social distancing
• Caring for grandchildren
Preferred
sources of
information
Preferred
devices
Preferred
social media
platforms
• TV
• Healthcare professionals
• Family and relatives
• Friends
• TV
• Mobile phone
• ZALO
• YouTube
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Staying resilient amidst headwinds | The Vietnam Consumer Survey
The Vietnam Consumer Survey
Methodology
In this second edition of the Vietnam Consumer Survey, we explore some of the latest changes in the consumer
journey amidst the tumultuous COVID-19 pandemic uncovered by the recent consumer survey conducted by
Deloitte between June and July 2020 across four major cities: Can Tho, Da Nang, Hanoi, and Ho Chi Minh City.
Face-to-face interviews were conducted with over 1,000 households, and the respondent sample had been
carefully constructed to be representative of Vietnam’s population, in terms of age, gender, marital status,
household income, and geographical distribution.
Respondents were surveyed on their consumer sentiment, spending patterns, purchasing considerations,
communication channels, and purchasing channels across the following product categories:
Basic Necessities
• Food (Packaged & Fresh)
• Food (Canned)
• Transportation
• Housing & Utilities
• Healthcare
• Education
Lifestyle Products
• Internet Services
• Clothing & Footwear
• Cosmetics & Beauty Care Products
• Personal Hygiene Products
• Household Cleaning Products
• Fitness & Wellness
• Leisure & Holiday
• Dining Out
• Karaoke & Nightclubs
Welfare and Savings
• Insurance
• Welfare & Savings
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Recreational Consumer Goods
• Beverages (Alcoholic)
• Beverages (Non-Alcoholic)
• Confectionery
• Tobacco
Consumer Electronics
• Audio & Video Electronics Products
• Mobile Phones & Digital Gadgets
• Household Appliances (Major)
• Household Appliances (Small)
Staying resilient amidst headwinds |
The Vietnam Consumer Survey
Demographics of survey respondents
Geographical distribution
Ho Chi Minh
City
Marital status distribution
Single
Can Tho
15%
Married
14%
20%
17%
3%
Married with
children
40%
12%
Others
79%
1%
Da Nang
20%
7%
Monthly household income distribution
Monthly household income level, VND million
4-9
52%
30%
1%
37%
10%
9-14
Hanoi
34%
14-20
15%
8%
20-40
Gender distribution
40-60
4%
More than 60
3%
Age distribution
Age group, years
20-24
50%
50%
10%
11%
25-29
30-34
15%
35-39
15%
40-44
15%
45-49
15%
50-54
10%
55-59
10%
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Staying resilient amidst headwinds | The Vietnam Consumer Survey
Heart: Understanding
changes in consumer sentiment
Consumer sentiment is generally positive, as consumers feel
encouraged by the government’s relatively successful efforts at
containing the COVID-19 pandemic. There are, however, several
regional differences in sentiment between consumers in northern
and southern Vietnamese cities.
Consumer sentiment remains moderate despite uncertainties
Despite the ongoing economic volatility, the Vietnamese consumer appears to be generally optimistic. On
average, survey respondents rated their confidence levels in Vietnam’s overall economy 6.7 out of 10 for the next
year, and 7.2 out of 10 for the next 3-5 years (where 0 represents the lowest confidence level, and 10 represents
the highest confidence level).
Although this represents a slight dip from the levels we observed in the 2019 edition of the survey (see Figure
1), it is worthwhile mentioning that these figures are not only positive, but also upward trending – suggesting
optimism for economic recovery in the near future.
Figure 1: Confidence levels in improvements to overall economy and household income level
8.1
7.8
7.2
6.7
Next year
Next 3-5 years
2019
2020
Source: Deloitte’s Vietnam Consumer Survey (2020)
Chien is only slightly concerned about the economy as he feels reassured
by the government’s efforts to control the pandemic. He believes that the
economy will recover in 2021, as Vietnam continues to benefit from the
relocation of manufacturing operations from China. He is also pleasantly
surprised by the uptick that he witnessed in both the real estate market
and stock market in the second half of 2020, and believes that he will be in
a comfortable financial position in the year ahead given his current salary
level and investment portfolio.
12
Chien
Active
Pre-Retirees
Staying resilient amidst headwinds |
The Vietnam Consumer Survey
This optimism could be attributed to Vietnam’s relatively successful efforts at combating the COVID-19 outbreak
– including the swift implementation of containment measures by the government and a generally compliant
population – in comparison to its neighbouring Southeast Asian economies (see Figure 2). Vietnam is also one of
three Southeast Asian economies, in addition to Brunei and Myanmar, expected to sustain a positive GDP growth
rate in 2020, with expectations for GDP growth coming in at about 6.8% for 20214.
Figure 2: Cumulative number of COVID-19 positive cases for selected economies in Southeast Asia
Indonesia: 287,008
Singapore: 57,765
Malaysia: 11,224
Vietnam: 1,094
Jan
2020
Feb
2020
Mar
2020
Apr
2020
May
2020
Jun
2020
Jul
2020
Aug
2020
Sep
2020
Source: World Health Organisation
Hoa
Senior
Citizens
Hoa has remained generally calm about the economy, and is in
fact slightly positive in her mid-term expectations as her children’s
jobs have stabilised after some turbulence in the first half of 2020.
Her own income consists primarily of a government pension, and
a small amount of passive investment income – and is therefore
largely fixed. She has been through many economic turbulences
in her lifetime, including the hyperinflation of the 1980s, and is
therefore confident that the economy will soon recover once the
short-term shock abates.
Decoding the north-south divide
Consumer sentiment appears to vary by city, with survey respondents in the two southern cities of Can Tho and Ho
Chi Minh City relatively more optimistic than those in the northern city of Hanoi and the central city of Da Nang (see
Figure 3). This is perhaps not entirely a surprise, given that northern Vietnamese consumers are known to be more
slightly more traditional, and therefore more conservative and cautious about their expenditure in general.
What is more notable, however, is the observation that survey respondents in the central city of Da Nang appeared
to be the least optimistic. One possible explanation for this phenomenon is the fact that Da Nang’s economy is
highly reliant on tourism receipts – in 2019 alone, it welcomed nearly 8.7 million tourists – and therefore was harder
hit by the implementation of COVID-19 related travel bans. Despite efforts to rejuvenate its tourism sector with a
brief opening of the city to tourists, a second wave of COVID-19 cases ultimately resulted in a 30-day lockdown in
August 2020 with significant knock-on impacts on businesses and livelihoods across tourism-related sectors, such
as food and beverage, leisure and entertainment, and accommodation.
4 “Asian Development Outlook Update, September 2020”. Asian Development Bank. September 2020.
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Staying resilient amidst headwinds | The Vietnam Consumer Survey
Figure 3: Consumer sentiment by city
Can Tho
Da Nang
Hanoi
43%
18%
2%
37%
1%
37%
1%
43%
47%
Ho Chi Minh City 7%
Very positive
37%
56%
7%
17% 1%
37%
Fairly positive
9% 1%
Fairly negative
Neutral
Very negative
Source: Deloitte Consumer Insights survey (2020)
For the same reason, survey respondents from Da Nang also expressed a relatively more pessimistic employment
outlook, as well as lower expectations for changes in their income levels. At the same time, survey respondents
from Hanoi also continue to express a more cautious stance, which could be inferred from the observation that
they hold lower expectations for income increases despite their overall positive employment outlook (see Figure 4
and 5).
Figure 4: Employment outlook by city
Can Tho 6%
Ho Chi Minh City 8%
37%
54%
Da Nang 1% 16%
Hanoi 1%
Figure 5: Expected changes in income level by city
33%
49%
40%
42%
45%
Very positive
Fairly positive
Fairly negative
Very negative
3%
Can Tho
1%
Da Nang 7%
Hanoi 8%
16%
41%
Neutral
7%
40%
45%
13%
45%
35%
Increase by more than 10%
Increase by less than 10%
No change
Reduce by less than 10%
Reduce by more than 10%
Source: Deloitte’s Vietnam Consumer Survey (2020)
Impact of COVID-19 harder on lower income groups
Overall, it could be observed that the impact of COVID-19 has been harder on consumers with lower monthly
household income levels. In particular, survey respondents in the lowest income group (monthly household
income levels of VND 4-9 million), who tend to occupy jobs that are more low-skilled or temporary in nature, also
have the lowest levels of optimism for both their employment outlook and economic outlook (see Figure 6).
Nevertheless, even within this income group, we observed a certain level of resilience: nearly 80% of survey
respondents expressed an optimistic or neutral outlook for both their employment and the overall economy.
This positivity increases significantly with income, possibly a result of Vietnam’s established track record of
achieving consistent growth in a stable business environment. As many of the survey respondents in the higher
income groups are also likely to be holding more senior positions in larger companies, they tend to be more
assured of their job security, given that these organisations are more well-equipped to weather the current
economic volatility, and have mostly been able to resume operations after the partial lockdown was lifted in May
2020.
14
27%
14%
55%
18%
Ho Chi Minh City 10%
11%
39%
15%
2% 1%
5%
7% 3%
Staying resilient amidst headwinds |
The Vietnam Consumer Survey
Figure 6: Employment outlook and economic outlook by monthly household income level
Employment outlook
Monthly household income level, VND million
9-14
4%
14-20
6%
20-40
9%
40-60
6%
More than 60
35%
10%
43%
26%
31%
4-9
Short-term economic outlook
Monthly household income level, VND million
16%
45%
45%
10%
39%
53%
14-20 4%
33% 4%1%
20-40
3%
40-60
47%
44%
9-14 4%
31%
59%
More than 60
5%
16% 1%
42%
36%
12%
37%
47%
53%
33%
50%
42%
14%
22% 1%
44%
4-9 3% 30%
55%
9%
8%
28% 3%
Mid-term economic outlook
Monthly household income level, VND million
4-9 7%
9-14 6%
14-20 8%
20-40 9%
40-60 3%
More than 60
21%
Very positive
43%
14%
36%
36%
50%
7%
31%
56%
5%
19% 6%
66%
33%
64%
21% 3%
55%
Fairly positive
Neutral
Fairly negative
Very negative
Source: Deloitte’s Vietnam Consumer Survey (2020)
Hai
Mid-career
Professionals
Hai is generally positive about the economy and his employment
outlook. Although his company had faced some challenges in the first
half of 2020, his position now appears to be secure as the business has
regained its momentum. There is still a level of uncertainty about the
salary raise that he is likely to receive next year, but he believes that
the business transformation activities that his company is currently
undertaking will put it in good stead for growth in the year ahead.
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Staying resilient amidst headwinds | The Vietnam Consumer Survey
Wallet: Observing changes
in consumer expenditure
Changes in consumer expenditure suggest greater prudence amidst
the ongoing pandemic, as well as a change in priorities as consumers
shift from out-of-home consumption to at-home consumption.
Narrowing differences between first- and second-tier cities
Home to nearly one-fifth of Vietnam’s total population, the metropolitan cities of Hanoi and Ho Chi Minh City are
often considered to be Vietnam’s first-tier cities where the majority of international and domestic corporations
are headquartered. Accordingly, they are also perceived to have the highest average levels of income and cost of
living than second-tier cities, such as Da Nang.
Our survey results, however, show that average monthly expenditure levels are similar across all three cities,
which suggests a higher than expected cost of living in a tourist city such as Da Nang. This is also supported by
the observation for Can Tho, which despite having a higher Gross Regional Domestic Product (GRDP) than Da
Nang, indicated a significantly lower average monthly expenditure level (see Figure 7 and 8).
Figure 7: Average monthly expenditure levels
across cities by monthly household income level
Average monthly expenditure level, VND million
24 Hanoi
23 Da Nang
21 Ho Chi Minh City
13
12
9
11
7
9
13
Can Tho
Figure 8: GDRP per capita across cities (2019)
GDRP per capita, USD
6,372
4,918
3,630
3,447
Can Tho
Da Nang
7
5
4-9
C9-14
14-20
More than 20
Hanoi
Monthly household income level, VND million
Source: Deloitte’s Vietnam Consumer Survey (2020)
Ho Chi
Minh City
Source: Deloitte’s Vietnam Consumer Survey (2020)
Necessities are prioritised in expenditure allocation
With the ongoing COVID-19 pandemic, a greater proportion of survey respondents have expressed an intention
to reduce their expenditure levels: about 36% of them expressed this opinion, as compared to 6% in the 2019
edition of the survey (see Figure 9).
Figure 9: Intention to change monthly household expenditure levels (2019-2020)
6%
36%
46%
39%
48%
Decrease
25%
2019
2020
Maintain
Increase
Source: Deloitte’s Vietnam Consumer Survey (2019 and 2020)
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Staying resilient amidst headwinds |
The Vietnam Consumer Survey
Furthermore, consumers now prioritise Basic Necessities in their monthly household expenditure allocations,
with significant increases in allocations from 2019 levels to the combined category of Food (Packaged, Fresh &
Canned) and Housing & Utilities, which increased from 34% to 42% and 7% to 12% respectively (see Figure 10).
These increases are likely a result of the adjustments that consumers had to make in their lifestyles in response
to social distancing measures, which includes spending more time at home and preparing their own meals.
In terms of their expenditure patterns for necessities, there are some slight differences across cities: while
survey respondents in Hanoi and Ho Chi Minh City seem to have similar habits, those in Da Nang spend more on
Food (Packaged & Fresh), and those in Can Tho spend more on Housing & Utilities.
Overall, this increased focus on necessities has also resulted in lower discretionary spending on product
categories such as Consumer Electronics, and Leisure & Holiday, which decreased from 10% to 0.2% and 4% to
0.4% respectively from their 2019 levels. While the reduction in Leisure & Holiday spending could be attributed
to the travel restrictions currently in place, the reduction in Consumer Electronics spending is likely to be a
reflection of the greater prudence demonstrate by consumers during this period of economic uncertainty.
Nevertheless, survey respondents in Ho Chi Minh City appear to be more willing to allocate their monthly
household expenditure to discretionary spending, while those in Can Tho are least willing to do so, allocating
nearly 80% of their monthly household expenditure to necessities.
Figure 10: Expenditure allocation by city
45%
43%
43%
3%
4%
5%
12%
12%
9%
8%
15%
13%
4%
2%
5%
7%
5%
1%
Can Tho
6%
3%
7%
7%
9%
1%
7%
4%
6%
6%
8%
1%
Da Nang
Hanoi
40%
4%
11%
9%
5%
4%
10%
6%
9%
2%
Ho Chi Minh City
Food (Packaged, Fresh & Canned)
Transportation
Personal Hygiene Products & Household Cleaning Products
Healthcare
Education
Other Lifestyle Products
Internet Services
Housing & Utilities
Source: Deloitte’s Vietnam Consumer Survey (2020)
Recreational Consumer Goods
Welfare & Savings
Expenditure patterns across monthly household income levels
Overall, it could be observed that survey respondents shift their monthly household expenditure allocations from
basic necessities to discretionary spending as their monthly household income levels increase. In particular, the shift
appears to be made from Housing & Utilities to Clothing & Footwear and other Lifestyle Products.
Survey respondents also allocated a higher proportion of their monthly household expenditure to Education as their
income levels increase, and to financial products such as Insurance and Welfare & Savings, especially for those with
monthly household income levels of above VND 20 million (see Figure 11).
Interestingly, survey respondents across all monthly household income levels allocate similar proportions of their
monthly household expenditure to Recreational Consumer Goods, such as Beverages (Alcoholic) and Tobacco. Here,
it seems that this behaviour is driven by a combination of relatively affordable prices and an extensive network of
retail channels that offer consumers 24/7 access to these products. As an illustration of the affordability of cigarettes
in Vietnam, recent statistics show that the average price of a pack of cigarettes in Vietnam is about USD 1.70, whereas
it would cost about USD 3.30, USD 9.70, and USD 2.60 in Malaysia, Singapore, and Thailand respectively5.
5 “International Cigarette Prices”. Cigarette Prices.
17
Staying resilient amidst headwinds | The Vietnam Consumer Survey
Figure 11: Expenditure allocation by monthly household income level
44%
43%
4%
4%
13%
12%
10%
4%
4%
11%
12%
8%
9%
9%
7%
6%
4%
4%
2%
6%
5%
3%
7%
7%
6%
6%
8%
1%
8%
1%
8%
1%
4-9
38%
41%
5%
8%
8%
9-14
14-20
38%
41%
6%
4%
9%
11%
10%
9%
7%
6%
5%
5%
7%
7%
7%
5%
6%
8%
8%
7%
3%
3%
4%
20-40
40-60
More than 60
Monthly household income level, VND million
Food (Packaged, Fresh & Canned)
Healthcare
Housing & Utilities
Transportation
Education
Other Lifestyle Products
Source: Deloitte’s Vietnam Consumer Survey (2020)
Personal Hygiene Products & Household Cleaning Products
Internet Services
Recreational Consumer Goods
Welfare & Savings
Changes in planned expenditure reflect new ways of working
The COVID-19 pandemic and related social distancing measures have resulted in consumers spending more time at
home, and therefore increasing their focus on at-home consumption. In this section, we will explore some of the changes
in their planned expenditure in each of the following product categories that have occurred as a result of COVID-19:
Basic Necessities
Vietnamese consumers appeared to have demonstrated evident stocking-up behaviours during the course of the
pandemic: in response to lockdowns in Ho Chi Minh City, for example, sales of packaged bread and carton milk jumped by
122% and 12% respectively as compared to the same period one year ago6.
Although Vietnamese consumers have since reduced their basket sizes in terms of the number of items purchased per
grocery shopping trip to 2019 levels, their basket values are significantly higher. This suggests that although consumption
levels have returned to normalcy, consumers are now willing to spend more per item7, which is also consistent with the
higher planned monthly household expenditure on Food (Packaged & Fresh) and Food (Canned) that we have observed
(see Figure 12).
One significant change in behaviour that also appears to have been catalysed by the COVID-19 pandemic is the planned
increase in monthly household expenditure on Healthcare. It is perhaps worth noting here that the increased healthconsciousness is a trend that had already been in motion even before the onset of the pandemic, although COVID-19 had
undoubtedly accelerated its development. In particular, prices of essential healthcare products, such as hand sanitisers
and face masks, now cost considerably more than they did in 2019. This is a result not only of skyrocketing demand,
but also limited global supply capacities that could only be partially mitigated by government intervention, including the
imposition of price ceilings and crackdowns on unethical profiteers.
In contrast, planned monthly household expenditure on Transportation has decreased as a result of social distancing
measures that have reduced the amount of travelling that consumers now require. Education, too, faced cutbacks.
Although the public school system is heavily subsidised in Vietnam, enrolment in private cram schools and other
enrichment classes are common in urban areas where there is steep competition for places in prestigious schools. With
social distancing measures and, in some cases, temporary closure of private education facilities, survey respondents
appear to have responded with a reduction in monthly household expenditure allocation for this category.
6 “Living in C-19 times – FMCG: Asian consumer/shopper reaction during lockdown”. Kantar Worldpanel. April 2020.
7 “FMCG Monitor: September 2020 – Vietnam”. Kantar Worldpanel. September 2020.
18
Staying resilient amidst headwinds |
The Vietnam Consumer Survey
Figure 12: Changes in planned monthly household expenditure on Basic Necessities as a result of COVID-19
Food (Packaged & Fresh)
84%
Food (Canned)
70%
Transportation
8%
Housing & Utilities
Education
Increase
58%
43%
8%
No change
22%
5%
8%
79%
14%
59%
Healthcare
11%
30%
35%
11%
7%
50%
Decrease
Source: Deloitte’s Vietnam Consumer Survey (2020)
Hoa
Senior
Citizens
Having stayed home most of the time since the onset of the COVID-19
pandemic, Hoa has dramatically reduced her expenditure on Transportation
and Clothing & Footwear by about 62% each. She has also nearly completely
ceased spending on out-of-home entertainment activities, including on
Fitness & Wellness product categories. Instead, she has increased her
expenditure on Food (Packaged & Fresh) and Healthcare, just as many of
her peers have done (77% and 70% respectively). For Hoa, the increased
expenditure on food is mostly due to the fact that her daughter’s family
of three – who lives in the same home as her – are now also working and
studying at home as a result of social distancing measures.
Lifestyle Products
Within Lifestyle Products, we witnessed an overall reduction in planned monthly household expenditure
across the board, with the exception of Internet Services and Household Cleaning Products (see Figure 13). This
observation again reflects the fact that consumers are spending more time at home, and shifting from out-of-home
consumption to at-home consumption, with 100% and 84% of survey respondents indicating that they have made
purchases for Internet Services and Household Cleaning Products in the last 12 months (see Figure 14).
On the other hand, product categories such as Leisure & Holiday, Dining Out, and Karaoke & Nightclubs
experienced the greatest cutbacks, not least because of the closure or restrictions imposed on these activities.
Looking ahead, however, there are two key implications for businesses in these sectors. Firstly, these product
categories are deemed by consumers to be more discretionary, and therefore are more vulnerable during a
pandemic or downturn; secondly, while these product categories have enjoyed impressive growth over the past
decade, this experience serves as a blunt reminder of the high demand elasticity of the business model and the
high degree of impact that a single market shock could cause.
19
Staying resilient amidst headwinds | The Vietnam Consumer Survey
Figure 13: Changes in planned monthly household expenditure on Lifestyle Products as a result of
COVID-19
Internet Services
24%
63%
13%
Clothing & Footwear 4%
27%
69%
Cosmetics & Beauty Care Products 2%
30%
67%
Personal Hygiene Products
15%
Household Cleaning Products
Fitness & Wellness
Leisure & Holiday
Dining Out
62%
20%
71%
1%
69%
2% 9%
89%
11%
Karaoke & Nightclubs 1%
15%
No change
9%
30%
2%
Increase
23%
87%
84%
Decrease
Source: Deloitte’s Vietnam Consumer Survey (2020)
Figure 14: Purchase of Lifestyle Products within the last 12 months
100%
84%
78%
77%
59%
57%
39%
36%
27%
Internet
Services
Household
Cleaning
Products
Personal
Hygiene
Products
Clothing &
Footwear
Source: Deloitte’s Vietnam Consumer Survey (2020)
Cosmetics
& Beauty
Care
Products
Leisure &
Holiday
Dining
Out
Apart from cutting back on her discretionary spending, including on
Leisure & Holiday and Clothing & Footwear, the COVID-19 pandemic has
spurred Van to make some swaps even within product categories. For
example, now that she is spending more time at home, she is reallocating
her expenditure within the Cosmetics & Beauty Care Products category
from cosmetics to beauty care products. While she is also interested
in acquiring some new Mobile Phones & Digital Gadgets products, she
nevertheless considers it to be a discretionary expenditure that she would
try to avoid if possible.
20
Karaoke &
Nightclubs
Van
Early Career
Professionals
Fitness &
Wellness
Staying resilient amidst headwinds |
The Vietnam Consumer Survey
Consumer Electronics
In contrast to trends observed in other more affluent economies, survey respondents did not appear to increase
their planned monthly household expenditure on Consumer Electronic products (see Figure 15). This suggests that
they perceive these products to be more of discretionary products, rather than basic necessities, with a significant
proportion in fact choosing to reduce their planned monthly household expenditure on these products.
Figure 15: Changes in planned monthly household expenditure on Consumer Electronics as a result of
COVID-19
Audio & Video Electronics Products 1%
58%
Mobile Phones & Digital Gadgets 3%
61%
Household Appliances (Major) 2%
61%
37%
Household Appliances (Small) 2%
61%
37%
Increase
No change
41%
35%
Decrease
Source: Deloitte’s Vietnam Consumer Survey (2020)
13%
Recreational Consumer Goods
In terms of Recreational Consumer Goods, we observe that survey respondents have increased their planned
monthly household expenditure for Beverages (Non-Alcoholic), while decreasing that for Beverages (Alcoholic) (see
Figure 16). This suggests that products largely intended for larger group gatherings or special occasions – or are more
focused on out-of-home consumption – may have been negatively impacted by the COVID-19 pandemic, while those
that are more suitable for individual or at-home consumption may have fared better.
Furthermore, planned monthly household expenditure on Tobacco has also decreased. This is likely a reflection not
only of Tobacco as a discretionary product, but also a growing consciousness amongst Vietnamese consumers of its
negative health effects in recent years.
Figure 16: Changes in planned monthly household expenditure on Recreational Consumer Goods as a
result of COVID-19
Beverages (Alcoholic)
17%
Beverages (Non-Alcoholic)
31%
Confectionery
Tobacco
Increase
No change
58%
26%
27%
50%
23%
10%
23%
45%
46%
44%
Decrease
Source: Deloitte’s Vietnam Consumer Survey (2020)
21
Staying resilient amidst headwinds | The Vietnam Consumer Survey
Chien has reduced his expenditure on Transportation, Clothing &
Footwear, Beverages (Alcoholic), and Tobacco, as he found himself
consuming less of these categories while he has been spending more
time at home. However, like many of his peers (84%), the pandemic
has sharpened his focus on Healthcare products, and as result he will
allocating more of his budget to this product category to protect himself
and his loved ones.
Chien
Active
Pre-Retirees
Increased digital uptake
Many technology-driven services, including e-commerce platforms and ride-hailing services, have witnessed
increasing uptake in Vietnam over the past decade. With partial lockdowns driving consumers to food delivery
applications instead of dining out, more than half of survey respondents (60%) now plan to increase their monthly
household expenditure on Online Food Delivery (see Figure 17).
Nevertheless, the overall user base for technology-driven services remains relatively low in Vietnam. Specifically, our
results show that users of Online Food Delivery applications account for only about one-third (33%) of total survey
respondents, suggesting that the key battleground for such technology-driven platforms lie in new user acquisition
and service penetration, rather than loyalty-building.
Figure 17: Changes in planned monthly household expenditure on technology-driven services
60%
Online Food Delivery
42%
Online Retail
Online Ordering (for in-store
pick-up)
Increase
No change
28%
16%
12%
40%
18%
55%
29%
Decrease
Source: Deloitte’s Vietnam Consumer Survey (2020)
Hai has reduced his expenditure on Leisure & Holiday, Clothing &
Footwear, and Tobacco. In addition, he has nearly completely cut out
expenditures on Fitness & Wellness and Karaoke & Nightclubs as a result
of the temporary closures of such establishments and the desire to be
more prudent. With the money saved from these activities, he will instead
be increasing his expenditure on Food (Packaged & Fresh), Healthcare, and
Housing & Utilities.
22
Hai
Mid-Career
Professionals
Staying resilient amidst headwinds |
The Vietnam Consumer Survey
Mind: Deciphering
new purchase drivers
While there are no clear indications that the COVID-19 pandemic
has resulted in a shift in preferences from Traditional Trade to
Modern Trade channels, there has been clearer signs of a shift
from Traditional Trade to e-Commerce/Online channels in several
specific product categories.
Pre-purchase
Quality considerations dominate
Across product categories, we observe that Quality considerations continue to dominate the Vietnamese consumer’s
purchasing decisions. For this edition of the survey, survey respondents were encouraged to provide open-ended answers
– rather than simply choosing between fixed product attributes – for us to gain a deeper understanding of their decisionmaking process. In this section, we will explore their purchasing considerations in each of the following product categories:
Basic Necessities
For the Food (Packaged & Fresh) and Food (Canned) categories, we observe a small increase in the importance of Price
considerations from 14% to 16% since the 2019 edition of the survey, that could perhaps be attributed to a slight increase in
prudence in view of the current economic situation.
It is worthwhile noting, however, that attributes related to food safety considerations, including Expiry Date and Freshness,
have become top-of-mind for many survey respondents (see Figure 18). This is likely to be a result of the increasing focus on
food safety breaches in recent media coverage, which has been made more salient with the mushrooming of e-commerce
retailers offering a variety of different food products with little to no food safety certifications or enforcement8.
This increased consciousness of their food origin could be observed across all income brackets, with survey respondents in
the southern cities of Can Tho and Ho Chi Minh City expressing significantly higher levels of consciousness (see Figure 19).
Figure 18: Purchasing drivers for Basic Necessities
Food (Packaged & Fresh)
19%
Food (Canned)
19%
Transportation
26%
Housing & Utilities
25%
Healthcare
25%
Safety
27%
23%
23%
Expiry Date
Freshness
16%
8%
9%
10%
15%
6%
0%
32%
13%
3% 0%
35%
10%
14%
0%
Price
16%
19%
19%
17%
52%
Education
Quality
10%
18%
Brand
17%
0%
25%
17%
20%
2%
3%
5%
3%
Others
Source: Deloitte’s Vietnam Consumer Survey (2020)
8 “Hồi hộp với thực phẩm "nhà làm" bán trên mạng”. VietNamNet. 4 September 2020.
23
Staying resilient amidst headwinds | The Vietnam Consumer Survey
Figure 19: Consciousness of food origin by city and monthly household income level
Monthly household income level, VND million
Can Tho
Da Nang
Hanoi
Ho Chi Minh City
44%
28%
27%
39%
23%
6% 1%
41%
41%
12%
7% 2%
40%
33%
18%
4-9
17%
36%
9-14
16%
38%
1%
36%
2% 1%
21%
38%
20-40
20%
35%
Somewhat more conscious
No change
41%
33%
41%
Somewhat less conscious
24%
Not conscious at all
Source: Deloitte’s Vietnam Consumer Survey (2020)
Consumer Electronics and Recreational Consumer Goods
With the purchase of Consumer Electronics and Recreational Consumer Goods, survey respondents prioritised
Quality and Brand attributes in their purchasing decisions (see Figure 20 and 21). This does not mean that Price
considerations do not play a role, but that consumers are seeking the best value possible – a behaviour that can
perhaps be best illustrated by the Vietnamese idiom Đắt sắt ra miếng (roughly translated as “to get one’s money’s
worth”).
Figure 20: Purchasing drivers for Consumer Electronics
15%
Mobile Phones & Digital Gadgets
13%
13%
11%
7%
Household Appliances (Major)
14%
13%
10%
9%
Household Appliances (Small)
15%
9%
Durability 100%
Quality
Technology
8%
14%
Safety
Price
8%
12%
11%
8%
12%
14%
Audio & Video Electronics Products
12%
11%
12%
11%
8%
13%
11%
9%
12%
Brand
Design
7%
13%
7%
13%
8%
15%
13%
9%
Country of Origin
Others
Source: Deloitte’s Vietnam Consumer Survey (2020)
Figure 21: Purchasing drivers for Recreational Consumer Goods
Beverages (Alcoholic)
14%
Beverages (Non-Alcoholic)
18%
14%
Confectionery
19%
13%
Tobacco
Health
Taste
10%
Fragrance
Source: Deloitte’s Vietnam Consumer Survey (2020)
24
16%
Expiry Date
10%
10%
13%
11%
11%
10%
14%
Price
16%
13%
12%
12%
11%
7%
Brand
14%
13%
12%
17%
Country of origin
5% 7%
12%
10%
5%
8%
11%
6%
7%
11%
Packaging
3% 1%
36%
33%
More than 60
Much more conscious
42%
14-20
40-60
5% 1%
41%
7% 4%
Others
41%
4% 1%
4%
31%
3%
31%
3%
Staying resilient amidst headwinds |
The Vietnam Consumer Survey
Lifestyle Products
As Lifestyle Products cater to different consumer experiential needs, their purchasing drivers also reflect the
Vietnamese consumer’s diverse tastes and preferences (see Figure 22). For the Clothing & Footwear and Cosmetics &
Beauty Care Products categories, for instance, Brand attributes are amongst the key purchasing consideration.
Country of Origin is also a particular consideration for the Cosmetics & Beauty Care Products category, with France
perceived to be closely associated with perfumes and cosmetics, South Korea with skincare products, and Japan with
overall quality and consistency. These associations could perhaps explain at least in part why Chinese cosmetics have
not taken off in the market despite their affordable prices and wide availability on e-commerce platforms.
On the other hand, purchasing decisions for categories such as Karaoke & Nightclubs are highly driven by Price
considerations. Given the established cultural practice in Vietnam where the host is often expected to pick up the tab
for the entire group after a trip to the karaoke or nightclub, consumers are understandably highly sensitive to prices
for these activities.
Price is also a significant consideration for the purchase of Internet Services. Such services have since become
somewhat of a commodity in recent years, with the various telecommunications service providers competing fiercely
for new subscribers by offering attractive data packages. With a low level differentiation amongst the different service
providers, Price has become the dominant consideration – although it must be noted that Brand attributes continues
to play a role, especially as several smaller service providers have been observed to offer steep promotions to new
subscribers, but later fail to deliver consistent service at the expected bandwidth or speed.
Figure 22: Purchasing drivers for Lifestyle Products
Internet Services
Clothing & Footwear
Cosmetics & Beauty Care Products
38%
19%
15%
20%
Personal Hygiene Products
20%
Household Cleaning Products
22%
Fitness & Wellness
24%
Leisure & Holiday
29%
Brand
Design
9%
21%
22%
8%
6%
17%
9%
18%
8%
7%
5% 5%
17%
12%
5%
9%
5% 10%
Image
Country of Origin
Comfort
7%
9%
14%
8%
12%
10% 3%1%
14%
17%
8%
7% 5%
8%
12%
7% 2%
11%
15%
9%
4%
24%
6% 3%
21%
10%
4%
71%
Karaoke & Nightclubs
Price
26%
Variety
10%
12%
4%
9%
7% 3%
21%
8%
Eco-friendly
Others
Source: Deloitte’s Vietnam Consumer Survey (2020)
25
Staying resilient amidst headwinds | The Vietnam Consumer Survey
Purchase
Modern Trade dominates
Overall, we observe that Modern Trade channels continue to dominate overall channel preferences (see Figure 23).
However, it is interesting to note that the COVID-19 pandemic did not result in a major shift in channel preferences
from Traditional Trade to Modern Trade channels, as had been observed in many other regional markets.
One reason for this could be the fact that consumers in Vietnam did not experience a “full-scale” lockdown during
the initial outbreak of the pandemic, unlike markets such as China, Malaysia, and Singapore where out-of-home
movement was permitted only for essential purposes. While Hanoi and Ho Chi Minh City residents were required to
work from home under Vietnam’s social distancing measures, grocery trips were not limited by the government. As
a result, Wet Markets continue to be the usual grocery shopping destination for many basic necessities.
Although Modern Trade channels may provide Vietnamese consumers with greater assurance in terms of hygiene
and food safety standards, consumers have not been forced to migrate away from Traditional Trade channels,
unlike certain Chinese cities where Wet Markets had been ordered to close in view of hygiene considerations.
In terms of their e-Commerce/Online channel preferences, survey respondents typically preferred the use of these
channels for the purchase of items in product categories such as Clothing & Footwear, Leisure & Holiday, and
Transportation. Here, e-Commerce/Online channels include both e-commerce platforms, as well as online services,
such as ride-hailing and food delivery services.
Figure 23: Overall channel preferences
Others
e-Commerce/Online
Modern Trade
Traditional Trade
2%
11%
34%
Others
7%
8%
Housing & Utilities
8%
Leisure & Holiday
10%
Clothing & Footwear
37%
33%
Transportation
Overall
e-Commerce/Online
51%
Education
Source: Deloitte’s Vietnam Consumer Survey (2020)
Like most of his peers in his age group, Hai hardly ever goes without his
smartphone. He relies on e-Commerce/Online channels – especially ride
hailing and food delivery services – on a daily basis, as his work schedule
is demanding and he does not have the time to buy his lunch during office
hours, or when his sudden craving for snacks hit in the late afternoon.
Recently, he has also booked two domestic flights online in preparation for
the upcoming Lunar New Year vacation. Hai is not alone in his preference
for e-Commerce/Online channels: 71% of survey respondents in his age
group expressed this preference for Transportation services, and 82%
of them expressed this preference for the purchase of Leisure & Holiday
services.
26
Hai
Mid-Career
Professionals
Staying resilient amidst headwinds |
The Vietnam Consumer Survey
Preference for Modern Trade channels highly correlated with access
Across the various cities, access and preference for Modern Trade channels are highly correlated. Specifically,
in Hanoi and Ho Chi Minh City, where there are a larger number of Supermarkets and Convenience Stores, the
preference for Modern Trade channels is higher than that in Can Tho and Da Nang.
Da Nang, however, showed a palpable shift in channel preferences from Traditional Trade to Modern Trade in this
latest edition of the survey (see Figure 24). One reason for this could be that Da Nang was more affected by citywide
travel restrictions, which limited consumers’ access to Traditional Trade channels, such as Wet Markets. In other
cities such as Ho Chinh City, the preference for Traditional Trade appears to be somewhat stabilising, suggesting the
existence of a strong core of consumers who continue to prefer these channels.
Figure 24: Channel preferences by city (2018-2020)
Can Tho
34%
40%
28%
38%
45%
Ho Chi Minh City
1%
14%
7%
2%
30%
Hanoi
Da Nang
46%
1%
13%
54%
61%
72%
52%
70%
2018
66%
2019
Traditional Trade
58%
2020
72%
2018
62%
2019
Modern Trade
48%
2020
54%
2018
e-Commerce/Online
39%
33%
2019
2020
46%
2018
53%
28%
33%
2019
2020
Others
Source: Deloitte’s Vietnam Consumer Survey (2020)
Proximity the main draw for Traditional Trade channels
Traditional Trade channels tend to be preferred by survey respondents for the purchase of daily essentials, such
as Food (Packaged & Fresh), Food (Canned), and Household Cleaning Products (see Figure 25). With an estimated
666,736 Traditional Trade outlets across Vietnam in 20199, consumers in urban areas are nearly guaranteed that they
will be able to find an outlet within close proximity to satisfy these needs.
Although Modern Trade channels, such as Convenience Stores and Minimarts, have expanded their coverage
in recent years, many of the smaller alleys and lanes in Vietnam continue to be occupied by Traditional Trade
outlets. That is not to say, however, that consumers are not drawn to Modern Trade channels: these channels offer
consumers a more comfortable environment for shopping, in addition to integrated services, and premium product
offerings. As a result, consumers tend to prefer Modern Trade channels when they happen to have more time to
spend comparing product choices, and to enjoy the overall shopping experience.
It is also perhaps not surprising that Modern Trade channels are preferred for Karaoke & Nightclubs and Fitness
& Wellness, given that these are experiential activities and Modern Trade channels, including karaoke chains and
premium gym or sports facilities, have an edge in their ability to offer modern, air-conditioned facilities for a better
customer experience.
On the other hand, survey respondents prefer the use of e-Commerce/Online channels for Transportation services. Here,
the category includes ride-hailing platforms and other related services, but does not include the online purchase of vehicles
or other mobility equipment.
9 “Retailing in Vietnam”. Euromonitor International. March 2020.
27
Staying resilient amidst headwinds | The Vietnam Consumer Survey
Figure 25: Channel preferences by product category
Basic Necessities
Recreational Consumer Goods
Food (Packaged & Fresh)
56%
Food (Canned)
38%
Transportation
24%
72%
76%
Household Cleaning Products
45%
25%
Traditional Trade
1%1%
17% 2%
Confectionery
44%
54%
1%
3% 2%
Tobacco
80%
19%
39%
15% 1%
11%1%
55%
42%
57%
82%
31%
Modern Trade
68%
6%
Audio & Video Electronics Products
21%
Mobile Phones & Digital Gadgets 8%
1%
Household Appliances (Major)
8%1%
Household Appliances (Minor)
75%
91%
18%
13%
79%
84%
1%
e-Commerce/Online
Others
Source: Deloitte’s Vietnam Consumer Survey (2020)
Shift towards e-Commerce/Online channels as a result of COVID-19
While there are no clear indications that the COVID-19 pandemic has resulted in a shift in preferences from
Traditional Trade to Modern Trade channels, our results revealed clearer signs of a shift from Traditional Trade
to e-Commerce/Online channels in three specific product categories: Transportation, Clothing & Footwear, and
Internet Services.
In terms of Transportation, this shift is likely the consequence of social distancing measures, which encouraged
consumers to increase their consumption of food delivery, parcel delivery, and other ancillary on-demand grocery
delivery services. Given the reduced need for mobility at this point in time, it is likely that this increase was not
significantly driven by increased demand for ride hailing or other mobility services. Conversely, the need for
Traditional Trade channels in this category, consisting primarily of traditional taxis, has reduced.
Similarly, as consumer spend a greater amount of time at home, their demand for connectivity has increased with
new remote working and online entertainment consumption habits. These purchases are now predominantly made
online, rather than through the Traditional Trade channels that consumers used to frequent to purchase top-up
cards for their mobile services.
Perhaps contrary to our expectations, there has been a slight shift away from Modern Trade channels towards
Traditional Trade and e-Commerce/Online channels in certain categories where Modern Trade channels had long
been perceived to be offering superior customer experiences. These include primarily products in the Recreational
Consumer Goods and Lifestyle Products categories, such as Beverages (Alcoholic), Tobacco, Clothing & Footwear,
and Household Cleaning Products (see Figure 26).
Further analysis revealed that this shift was mostly driven by the change in preferences of survey respondents in Da
Nang. This decline in the preference for Modern Trade channels in Da Nang could be attributed to a greater desire by
consumers to save money by shifting to Traditional Trade channels, especially in view of the significant impacts of the
partial lockdown measures on its tourism-reliant economy.
28
1%1%
54%
63%
38%
Fitness & Wellness 9%
Karaoke & Nightclubs
48%
1%
Consumer Electronics
Clothing & Footwear
Personal Hygiene Products
50%
45%
Lifestyle Products
Cosmetics & Beauty Care Products
Beverages (Alcoholic)
Beverages (Non-Alcoholic)
55%
21%
19%
1%1%
1%
60%
Housing & Utilities 9%
Healthcare
42%
4%
1%
3%
3%
Staying resilient amidst headwinds |
The Vietnam Consumer Survey
Although it does not appear to have fully materialised yet, one trend that consumer companies can also look
forward to is the increase in the willingness of consumers to shop online for their basic necessities and fresh
products. Our results found that the majority of survey respondents have indicated an increased willingness to
shop online for these categories as a result of the COVID-19 pandemic, with 58% of them expressing this opinion
(see Figure 27).
Figure 26: Changes in channel preferences as a result of COVID-19
1.8%
1.5%
0.6%
2.3%
4.2%
1.1%
-1.0% -0.3%
-0.3%
-2.5%
-0.4%
-1.3%
3.1%
2.6%
1.8%
2.0%
0.2%
0.9%
0.4%
1.7%
-0.7%
-0.9%
0.7%
0.5%
-2.4%
-2.6%
-0.9%
-0.2%
-1.9%
-3.8%
-3.9%
0.7%
2.1%
0.4%
-2.5%
1.3%
1.1%
0.4%
-1.6%
-1.4%
-1.8%
-1.2%
Traditional
Trade
e-Commerce/
Online
Modern Trade
Modern Trade e-Commerce/
Online
Traditional
Trade
Traditional
Trade
Modern Trade e-Commerce/
Online
Food (Packaged & Fresh)
Beverages (Alcoholic)
Internet Services
Food (Canned)
Beverages (Non-Alcoholic)
Cosmetics & Beauty Care Products
Transportation
Confectionery
Housing & Utilities
Household Cleaning Pro
Tobacco
Clothing & Footwear
Personal Hygiene Products
Leisure & Holiday
Source: Deloitte’s Vietnam Consumer Survey (2020)
Figure 27: Willingness to make online purchases of basic necessities and fresh products as a result of COVID-19
Much more willing
20%
Somewhat more willing
38%
No change
34%
Somewhat less willing
Much less willing
6%
2%
Source: Deloitte’s Vietnam Consumer Survey (2020)
29
Staying resilient amidst headwinds | The Vietnam Consumer Survey
With the recent partial lockdowns in her city, Van had to work remotely
from her home for about four weeks. In accordance with the instructions
issued by the authorities, she goes out once every two days to purchase
her daily essentials at the nearest Wet Market. She made quick
trips, purchasing only what she needed, and saw little need to visit
Supermarkets located further away for other non-essential purchases.
Many of her peers exhibited similar behaviours, with their preference for
Modern Trade channels decreasing significantly from 43% to 30%.
Van
Early Career
Professionals
Online shopping increases with monthly household income level and decreases with age group
Overall, Vietnamese consumers have been quick to embrace the use of e-Commerce/Online channels, with a number of
heavyweight contenders, including but not limited to Lazada, Sendo, Shopee, and Tiki, currently jostling in the marketplace.
Amongst our survey respondents, nearly 60% of them have shopped online at least once in the last 12 months. However,
only a small fraction of about 7% can be considered frequent shoppers, or those that shop online at least once a week (see
Figure 28).
Figure 28: Overall usage frequency for e-Commerce/Online channels
4%
1%
2%
39%
34%
20%
2-3 times a month
Not at all
Once a month
2-3 times a week
Once a week
More than 4 times a week
Source: Deloitte’s Vietnam Consumer Survey (2020)
The uptake of e-Commerce/Online channels is positively correlated with monthly household income level (see Figure 29).
As the majority of expenditure (60%) accounted for by e-Commerce/Online channels is allocated to the three product
categories of Transportation, Clothing & Footwear, and Leisure & Holiday, we can infer that the use of e-Commerce/Online
channels is typically reserved for discretionary spending, and is therefore an activity that can be undertaken by higher
income consumers on a more frequent basis.
Conversely, the uptake of e-Commerce/Online channels is negatively correlated with age group. Amongst younger survey
respondents aged 35 and below, e-commerce uptake is around 80%, but this figure declines rapidly with age, in line with a
decreasing overall level of digital-savviness (see Figure 30).
30
Staying resilient amidst headwinds |
The Vietnam Consumer Survey
Figure 29: Usage frequency for e-Commerce/Online channels by monthly household income level
Monthly household income level, VND million
1%
4-9 2%
13%
1%
9-14 1% 3%
21%
16%
36%
14-20 2% 2% 4%
25%
20-40 3% 6%
43%
37%
29%
40-60 3% 3%
More than 60
64%
11%
7%
31%
35%
17%
10%
47%
34%
19%
21%
2-3 times a week
More than 4 times a week
27%
Once a week
28%
2-3 times a month
Once a month
Not at all
Source: Deloitte’s Vietnam Consumer Survey (2020)
Figure 30: Usage frequency for e-Commerce/Online channels by age group
Age group, years
20- 24
1%2% 10%
42%
25- 29
3% 3%
39%
30- 34
3% 2% 3%
35- 39
1%2%
40- 44
3%3%
1%
45- 49
1%1%
1%
50- 54
4%
55- 60
2%
9%
More than 4 times a week
30%
22%
40%
20%
34%
18%
21%
33%
46%
55%
10%
70%
5%
21%
17%
30%
38%
31%
78%
2%
2-3 times a week
10%
34%
Once a week
2-3 times a month
Once a month
Not at all
Source: Deloitte’s Vietnam Consumer Survey (2020)
31
Staying resilient amidst headwinds | The Vietnam Consumer Survey
Logistics remains key barrier for e-Commerce/Online channels
Although e-Commerce/Online channels promise to offer consumers greater convenience and more competitive prices,
the lack of a comprehensive logistics ecosystem continues to remain an impediment in driving greater consumer uptake of
e-Commerce/Online channels. Specifically, more than 40% of our survey respondents cited delivery-related factors as the
main reason for not making online purchases (see Figure 31).
Consumer companies are therefore confronted with the conundrum of providing delivery services that are not only quick,
but also cheap – if not free. This is a no mean feat: even large fast-moving consumer goods companies, who have been
quick to move to direct-to-consumer channels by hosting storefronts on e-commerce platforms such as Lazada or Shopee,
have found it difficult to overcome this challenge. As a result of prohibitively high shipping costs, some players have had to
put in place restrictions on the regions to which they ship their products. The cost of shipping a regular bottle of shampoo
across different Vietnamese cities, for example, may surpass the actual cost of the product itself – not to mention the risk of
damage during the shipment process.
Figure 31: Barriers for the uptake of e-Commerce/Online channels by city
12%
9%
8%
9%
16%
9%
8%
14%
11%
16%
14%
9%
9%
10%
9%
13%
12%
17%
12%
13%
6%
11%
11%
15,3%
15%
14%
13,6%
15%
15,5%
21,5%
22%
18,3%
18%
17%
16,6%
16%
16,0%
Can Tho
Da Nang
Hanoi
Ho Chi Minh City
7%
17%
Delivery fee
Delivery time
Delivery assurance
Price
Privacy issues
Product variety
Return policy
Others
Source: Deloitte’s Vietnam Consumer Survey (2020)
The issue of logistics is particularly acute in second-tier cities, such as Can Tho, which explains why the uptake of
e-Commerce/Online channels continue to lag behind those of first-tier cities, such as Hanoi and Ho Chi Minh City
(see Figure 32).
On average, the delivery of an online order will take about one day for same-city delivery within Hanoi or Ho Chi
Minh City, or two days for cross-city delivery between Hanoi and Ho Chi Minh City. Between Hanoi and Can Tho,
however, it takes about four to five days. Longer delivery times, costlier shipping fees, and the higher risk of damage
associated with long transits, are all factors that hinder consumers in second-tier cities from online purchases,
especially since most online retailers have their operations in either Hanoi or Ho Chi Minh City.
32
Staying resilient amidst headwinds |
The Vietnam Consumer Survey
Figure 32: Usage frequency for e-Commerce/Online channels by city
Can Tho
1%
1% 7%
Da Nang 1% 4%
Hanoi 3%
2-3 times a month
45%
29%
21%
35%
23%
8%
Ho Chi Minh City 3% 2%
1%
59%
32%
22%
36%
36%
2-3 times a week
Once a week
30%
2-3 times a month
Once a month
Not at all
Source: Deloitte’s Vietnam Consumer Survey (2020)
Chien
Active
Pre-Retirees
Like most of his peers, Chien makes purchases on e-Commerce/Online
channels occasionally – about once or twice per month. His most frequent
online spending includes ride hailing services, and the payment of utilities
and mobile phone bills. Chien is not particularly keen to make purchases
on e-Commerce/Online channels for other product categories, because
he prefers to be able to physically examine the products before he makes
a purchase. In the rare instances when he does purchase items online, he
looks for platforms that offer free shipping and delivery assurances, as he
has had several unpleasant online shopping experiences in the past.
Several impediments continue to hinder uptake of digital payments
In recent years, Vietnam’s digital payments market has attracted significant attention and investments from large domestic
and international players. These include, but are not limited to, e-wallet players, such as Momo, as well as mobile payments
applications, such as Viettel Pay, in addition to e-commerce platforms that are also running their own proprietary e-wallet
systems within their ecosystems.
Amongst our survey respondents, the uptake of digital payment methods is currently about 70%. As with the uptake of
e-Commerce/Online channels, the uptake of digital payment is also closely correlated with monthly household income level
(see Figure 33).
33
Staying resilient amidst headwinds | The Vietnam Consumer Survey
Figure 33: Usage for various digital payment methods
Monthly household income level, VND million
18%
4-9
22%
30,1%
20,1%
30%
9-14
3%
2%
21%
23%
25%
20-40
25%
Online shopping
Home utilities payment
2%
2%
3%
24%
29%
Credit card payment
26%
26%
25%
4%
34%
24%
22%
10%
Others
54%
21%
22%
4%
23%
1%
19%
2%
21%
More than 60
16%
2%
14-20
40-60
20%
22,4%
1% 9%
20%
9%
28%
12%
6%
10%
Money transfer
Not using
Source: Deloitte’s Vietnam Consumer Survey (2020)
This is likely not only because higher income consumers typically possess higher levels of digital savviness and higher
receptiveness to digital payments (see Figure 34), but also because many consumers in the lower income groups –
especially those with monthly household income levels of VND 4-9 million – do not even possess bank accounts. It must
be noted, however, that even within the most receptive group of survey respondents (those with monthly income levels of
VND 60 million and above), about 27% are still somewhat reluctant (will not switch, or will only switch if required by law) to
adopt digital payment methods.
Figure 34: Receptiveness towards digital payment methods
Monthly household income level, VND million
4%
4-9
17%
9-14
1%
14-20
4%
37%
36,6%
17,5%
10%
32%
13%
40-60
14%
More than 60
36%
24%
24%
27%
11%
32%
18%
31%
7%
35%
23%
1%
36%
13%
33%
16%
20-40
53%
15%
22%
9%
3%
28%
24%
10%
19%
17%
31,9%
Comfortable using digital payments
Intend to use more digital payments
Will only switch if required by law
None of the above
Source: Deloitte’s Vietnam Consumer Survey (2020)
34
Started using digital payments but still prefer cash
Will not switch at all
Staying resilient amidst headwinds |
The Vietnam Consumer Survey
Our findings reveal that it is ultimately not a preference for cash, but security concerns that were the top
contributing factors for our survey respondents’ reluctance to adopt digital payments (see Figure 35).
Concerns surrounding security and transaction errors were also the most cited by survey respondents in the
higher income groups: about 70% of those with monthly household income levels of VND 60 million and above
expressed such concerns, as compared to only 49% of those with monthly household income levels of VND 4-9
million (see Figure 35).
Overall, apart from online shopping, the top two uses of digital payments cited by survey respondents were
money transfers/remittances, and the payment of home utilities bills.
Figure 35: Barriers for the uptake of digital payment methods
Monthly household income level, VND million
12%
9%
10% 5%
5%
4%
7%
4%
14%
44%
Prefer cash
Security issues
9%
5% 8% 5%
10%
5% 6% 4%
16%
8%
7%
15%
6% 5%
7% 3%
9%
6%
8% 4% 3%
No bank account
39%
13%
8%
5%
Difficult to control spending
10% 4%
16%
20%
Unstable connection
7%
15%
43%
5%
12%
44%
4%
12%
47%
2% 11%
46%
1% 10%
51%
2% 8%
Transaction errors
Ease of use
Others
Source: Deloitte’s Vietnam Consumer Survey (2020)
35
Staying resilient amidst headwinds | The Vietnam Consumer Survey
Post-purchase
Driving repeat purchases through frictionless experiences
Conventional knowledge suggests that coupons and discounts are one effective method through which e-Commerce/
Online players can drive repeat purchases – for example, by offering a customer a discount or coupon to make a purchase
on the platform if they have not done so for some time. Our results imply that there may be some basis for this: about 9% of
overall survey respondents have cited price discounts for return customers as driving their decision for a repeat purchase
(see Figure 36).
However, price discounts are by no means the most important. Rather, the survey results suggest that providing a highquality, end-to-end customer journey could be more pivotal: overall, survey respondents cited satisfaction with their prior
purchase (19%), convenience and speed of delivery (17%), and a pleasant customer service experience (15%) as the main
drivers for their decision to make a repeat purchase. Ideally, this experience should also be reinforced with a smooth
transaction process (15%), and a clear returns/refunds policy and process (11%).
For consumer companies, this suggests the need to review their entire customer journeys to envision and redesign
frictionless experiences to encourage repeat purchases. This will entail a more strategic and holistic approach, rather than
one that relies primarily on tactical discounts, and suggests that increasing the level of customer loyalty could be one way in
which consumer companies can avoid costly price competition and customer acquisition efforts.
Figure 36: Drivers of repeat purchases on e-Commerce/Online platforms
9%
4%
15%
10%
11%
15%
17%
19%
Ease of conducting a transaction
Convenience and speed of delivery
Satisfaction with prior purchase
Price discounts for returning customers
Pleasant customer service experience
Source: Deloitte’s Vietnam Consumer Survey (2020)
Hai is a frequent user of e-Commerce/Online platforms, and is
comfortable navigating them to search for deals and discounts for his
purchases. While he appreciates coupons, they are not deal-breakers.
Given his busy schedule, hunting for coupons can sometimes be too
time-consuming. Rather, Hai would prefer to return to platforms that
have previously delivered products that he is satisfied with, and which he
already knows are able to fulfil his needs for convenience and speed of
delivery, and provide a pleasant customer experience.
36
Loyalty programs
Clear returns/refunds policy and process
Hai
Mid-Career
Professionals
Others
Staying resilient amidst headwinds |
The Vietnam Consumer Survey
Looking ahead
In this second edition of the Vietnam Consumer Survey, we explored some of the latest consumer sentiments
and behaviours through the hearts, wallets, and minds of four personas amidst the global COVID-19
pandemic that were uncovered by our recent consumer survey conducted in four major cities: Can Tho, Da
Nang, Hanoi, and Ho Chi Minh City.
There are four key takeaways. Firstly, we have observed the Vietnamese consumer is generally optimistic
about the economy, despite the ongoing COVID-19 pandemic. This optimism can be observed even amongst
consumers in lower income groups, possibly a result of a confidence in Vietnam’s established track record
of consistent economic growth. Nevertheless, we also witnessed a north-south divide in terms of consumer
sentiment, with consumers in the southern of cities of Can Tho and Ho Chi Minh relatively more optimistic
than those in the northern city of Hanoi and the central city of Da Nang.
Secondly, unlike their counterparts in many other regional markets, the Vietnamese consumer did not appear
to have made a marked shift from Traditional Trade to Modern Trade channels during the COVID-19 pandemic.
This is perhaps a combination of the less stringent lockdowns that Vietnam has had to impose, as well as
the appeal that Traditional Trade channels continue to hold in terms of the proximity and convenience that
they are able to offer their customers. There are, however, clearer signs of a shift from Traditional Trade to
e-Commerce/Online channels for several specific product categories, which reflect some of the new ways of
working and living that the Vietnamese consumer has adopted in the pandemic era.
Thirdly, there remain many barriers to adoption for e-commerce and digital payments. In terms of
e-commerce, logistics issues are top-of-mind for many consumers, especially those in second-tier cities such
as Can Tho, where the problem is particularly acute. Furthermore, several impediments also continue to
hinder the uptake of digital payments. These range from the lack of access to bank accounts for consumers in
the lower income groups, to concerns surrounding security and fraud amongst the higher income groups.
Finally, consumer companies must be mindful that driving repeat e-commerce purchases from the
Vietnamese consumer will require a lot more than simple tactics to entice them with discounts or coupons.
Rather, the Vietnamese consumer appears to be fairly discerning, and is increasingly focused on the quality of
their end-to-end customer journey from transactions and delivery to returns and refunds.
Ultimately, the Vietnamese consumer has demonstrated remarkable resilience even amidst the current
economic headwinds, no doubt a result of Vietnam’s relatively successful efforts at containing the COVID-19
pandemic thus far. Looking ahead, companies will need to not only understand the dynamics of the
underlying macro trends, but also how these forces converge with one another to play out across the
Vietnamese market, given its various regional differences and consumer inclinations.
37
Staying resilient amidst headwinds | The Vietnam Consumer Survey
Researched and written by
Pua Wee Meng
Executive Director, Consulting
wpua@deloitte.com
+65 6232 7244
38
Tushar Milind Oka
Senior Manager, Consulting
tusoka@deloitte.com
+60 111 426 9814
Contact us
Southeast Asia Consumer industry practice
Southeast Asia and Singapore
Pua Wee Meng
wpua@deloitte.com
+65 6232 7244
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hung@deloitte.com
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Aye Cho
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