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Vietnamese spend VND438,000/person/month
06/08/2010 - 236 Lượt xem
The General Statistics Office (GSO) reports that on average individuals spend VND438,000/ month for goods and services.
According to GSO, total goods and services retail volume of VND476tril in 2005, an increase of 20.5% over the same period in 2004. Most economic sectors witnessed high retail growth, except the state owned sector, which only saw slight growth at 3.9%.
The individual sector grew by 25.3%, the private sector 19.4%, and foreign invested enterprises 20.7%.Trading activities made the biggest contribution, accounting for 77.9%, followed by hotels and restaurants with 12.2%, while tourism accounted for 10.8%, and other services 9.1%.
With a population of 83mil, on average, Vietnamese spend VND438,000 a month for goods and services, well exceeding last year’s level of VND378,000. Economists attribute the high purchasing power to higher average incomes. In addition, the higher prices of goods and services have led to higher retail volume. Consumer prices in 2005 saw an increase of 8.4% over 2004, the highest increase for many years.
The final consumer ratio on GDP is reportedly 70%, quite high compared to other regional countries (Singapore 57%, Malaysia 59%, and Thailand 68%). This is also the main premise for local consumption increase. The majority of households’ consumption is made via the market, while the percentage of self-sufficient households is decreasing.
Higher local consumption means big opportunities for investors. Vietnam has a high population, consumers are spending more and are not too demanding on product quality. Investors that set up workshops in Vietnam can sell their products domestically without having to pay much for transport, nor face quota barriers or anti-dumping lawsuits.
Source: Vietnamnews, 29/12/2005
