Voice of the Consumer 2025 - Vietnam snapshot
Vietnam: A Thriving Consumer Market Poised for Growth
Vietnam's consumer market is a dynamic force, demonstrating remarkable resilience amidst global economic currents. Despite inflationary pressures, the market is flourishing, with retail sales surging, robust economic projections, rising disposable incomes, and a path toward becoming the world's eleventh-largest consumer market by 2030 with 80 million consumers.
Business leaders in Vietnam must act decisively to grow in the changing consumer market. Our report highlights the need to build trust and meet consumer needs, specifically in the current uncertain global and local context. Key steps include offering value beyond price, tailoring strategies to shopper missions, and supporting ethical choices fit for the aspiring Vietnamese consumers. Transparency, consistency are vital for trust. Genuine sustainability with third-party certifications is also crucial.
Introduction
This report, drawing on PwC's Voice of the Consumer Survey 2025, offers a focused look at Vietnam's evolving food landscape within the booming Asia Pacific region – a global consumer market leader. Our survey engaged over 6,000 respondents across 11 Asia Pacific territories, including 517 from Vietnam, enriched by insights from senior executive interviews.
The findings reveal a discerning consumer, prioritising food origin and functionality. This creates a powerful catalyst for innovation, empowering established players and ambitious new entrants, including those from the healthcare and technology sectors, to collaborate and shape the future of food.
Let’s explore how to unlock the immense potential of this exciting market.
Consumers see economic instability as a threat and prioritise price
Similar to the Asia Pacific region, Vietnam economy shows signs of resilience. However, the impact of wider macroeconomic volatility over the next 12 months is considered the leading risk among the majority (48%) of Vietnamese consumers.
Food prices constrain consumer aspirations
Price remains a primary driver of purchasing decisions, with the cost-of-living crunch affecting consumer confidence. Consequently, consumers seek to stretch budgets, prioritising price over nutrition, sustainability, and local production in trade-offs.
This shift in consumer behaviour highlights an opportunity for cost-leadership companies. Businesses need to enhance their offerings to provide affordability and extra value. Collaborating with ecosystem partners and suppliers can drive innovation to boost margins and reduce costs, benefiting profit margins or passing savings to budget-conscious consumers.
Managing Budget Concerns
Local versus international sourcing
Focus on Food Quality
The rise of the "digital native" and convenience food shopper
Overall, consumers continue to favour traditional channels for grocery shopping. However, there is a noticeable shift towards integrating both traditional and non-traditional methods.
The leading approach involves a combination of in-store and online experiences across various outlets including supermarkets/large grocery, warehouse clubs/wholesale, specialty food, and discount retailers. Meanwhile, in-store visits to local/convenience retailers continue to dominate.
Vietnamese consumers are mainly shopping for groceries through the blend of in-store and online experiences
Grocery shopping trends across five retail segments in three channels
Appetite for convenience
To address the rising demand for convenience, brands should consider subscriptionand on-demand models, offering personalised experiences. Building strong networks with service providers, logistics, and tech solutions is vital for smooth interactions.
Consumers are asserting their values-led appetites
Global megatrends may seem abstract and ‘far away’, whether it is the disruptive impact of technology or sustainability, but present opportunities for consumer-facing companies to innovate for sustainable growth.
Climate commitments
Climate change and how that affects companies’ plans for a sustainable future is ahot topic in corporate board rooms and governmental institutions alike.
96%
70%
Tech-Powered solution for health
Tech-driven personal wellness is reshaping how consumers approach their diets and routines.
48%
63%
Serving the aspirational food consumer
Consumers today desire products that are affordable and that provide health and convenience benefits, which creates a challenging landscape. Businesses need to develop competitive models that strike a balance between being cost-effective and meeting consumer aspirations.
Considerations for leaders
1Address conflicting priorities in a cost-escalating economy |
2Be measured |
3Infuse trust into strategy |
4Build shopper missions into your strategic plan |
5Bridge the intent/reality divide |
6Adopt genuine sustainability practices |
7Build trust with consumers along your GenAI journey |
PwC’s Service Offerings
Managing Consumer Health Risks
AI, Data & Tech
Support in technology selection and implementation for technology transformations
Growth & Portfolio Strategy
Analyse growth areas and innovations in the context of trends to drive growth
Value Creation through M&A
Assist businesses in unlocking growth and innovation opportunities through strategic buying, selling, or restructuring
Ecosystem Collaboration
Facilitate multi-party collaborations through PMO, tax, and legal support to operationalise joint initiatives
Cyber & Privacy
Empower organisations in integrations cybersecurity and privacy into all layers of the digital value chain
Climate change and Sustainability
Sustainability Assurance
Build trust and credibility in sustainability disclosures and support readiness efforts
Sustainability Reporting
Support in navigating sustainability regulations and leveraging reporting information for compliance requirements
Decarbonisation and Energy Transition
Facilitate the journey to net zero through strategic reduction of emissions, energy efficiency, and operations transformation
Supply Chain Transparency and Circularity
Enable sustainable and resilient supply chains by incorporating traceability, transparency, and circular economy principles
Risk and Resilience
Empower organisations to assess climate risks and adapt while also building resilience into business models and value chains
Download full report here
Voice of the Consumer 2025 - Vietnam snapshot
Get in touch
Rakesh Mani
Partner, Asia Pacific Consumer Markets Co-Leader, PwC Malaysia
Tel: +60 3-2173 1188
Consumer Lead Partner, Deals Strategy Service Leader, PwC Vietnam
Tel: +84 28 3823 0796
Mohammad Mudasser
Director, Deals - Transformation, PwC Vietnam
Tel: +84 28 3823 0796, Ext. 3322