In 2020, around ** million people in Vietnam had average daily spending of ** U.S. dollars to ** U.S. dollars, while **** million of them were classified as being in the established consuming class, spending between ** U.S. dollars to ** U.S. dollars per day. By 2030, according to the forecast, there will be around *** million people living in Vietnam with a daily spending budget exceeding ** U.S. dollars.

Key information about Vietnam Household Income per Capita

• Vietnam Annual Household Income per Capita reached 2,502.524 USD in Dec 2023, compared with the previous value of 2,409.689 USD in Dec 2022.
• Vietnam Annual Household Income per Capita data is updated yearly, available from Dec 1994 to Dec 2023, with an averaged value of 1,023.278 USD.
• The data reached an all-time high of 2,502.524 USD in Dec 2023 and a record low of 183.956 USD in Dec 1994.
• In the latest reports, Retail Sales of Vietnam grew 8.086 % YoY in Nov 2024.

Within the ASEAN region, Vietnam was predicted to have the highest CAGR in terms of middle income population with **** percent from 2016 to 2021. It was estimated that the middle class population in Vietnam will amount to ** million by 2030.

Vietnam VN: Imports: Low- and Middle-Income Economies: % of Total Goods Imports: East Asia & Pacific data was reported at 35.344 % in 2016. This records a decrease from the previous number of 38.222 % for 2015. Vietnam VN: Imports: Low- and Middle-Income Economies: % of Total Goods Imports: East Asia & Pacific data is updated yearly, averaging 14.210 % from Dec 1960 (Median) to 2016, with 40 observations. The data reached an all-time high of 41.390 % in 2014 and a record low of 0.364 % in 1985. Vietnam VN: Imports: Low- and Middle-Income Economies: % of Total Goods Imports: East Asia & Pacific data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Vietnam – Table VN.World Bank.WDI: Imports. Merchandise imports from low- and middle-income economies in East Asia and Pacific are the sum of merchandise imports by the reporting economy from low- and middle-income economies in the East Asia and Pacific region according to the World Bank classification of economies. Data are expressed as a percentage of total merchandise imports by the economy. Data are computed only if at least half of the economies in the partner country group had non-missing data.; ; World Bank staff estimates based data from International Monetary Fund's Direction of Trade database.; Weighted average;

In 2016, around ** percent of Vietnam's population were classified as being economically secure. This was also the largest group among the population structure. Accounting for * percent of the population in the same year was the extremely poor group, which decreased from *** percent in 2010. While both the share of the middle class and economically secure population increased throughout the years, the opposite applied to the rest.

In a survey on Southeast Asia's affluent consumers, ** percent of affluent respondents from Vietnam stated that they used digital channels, compared to ** percent of respondents from the established middle class and ** percent of respondents from the emerging middle class. In this survey, middle-class and affluent consumers (MACs) in Vietnam were classified as households with a monthly income exceeding *** U.S. dollars.

In 2023, citizens of Ho Chi Minh City and Ha Noi had the highest monthly average monthly income per capita among Vietnam's four major cities, amounting to more than *** million Vietnamese dong. People living in Da Nang had a slightly lower monthly income per capita that year, reaching an average of **** million Vietnamese dong. In that year, the monthly average income per capita of the whole country was at **** million Vietnamese dong.

In the first quarter of 2025, the average monthly salary for paid workers and employees was about *** million Vietnamese dong, indicating an increase from the previous quarter. The labor force reached about ** million people in that quarter.

The size of the Vietnam Home Furniture Market was valued at USD 5.37 Million in 2023 and is projected to reach USD 7.92 Million by 2032, with an expected CAGR of 5.70% during the forecast period. The Vietnam home furniture market is an emerging and rapidly growing sector, influenced by the country's strong economic performance, increasing urbanization, and rising middle-class population. This market covers a broad range of furniture products, including living room furniture, bedroom furniture, kitchen furniture, and home office furniture. Rapid urbanization is a major driver of the home furniture market in Vietnam. As more people move to cities, there is a growing need for residential properties, leading to increased demand for home furnishings to furnish new homes and apartments. The expanding middle class in Vietnam is a key factor in the growth of the home furniture market. As incomes rise, the middle class is increasingly spending on home improvements and furniture to enhance their living standards. Recent developments include: August 2023: Danish furniture brand JYSK expanded to Hanoi, Vietnam, and opened a new store in the Indochina Plaza Hanoi Residences in the capital city., October 2022: World-renowned furniture company Wendelbo opened its first Vietnamese showroom. After more than a decade of producing goods in Vietnam, Wendelbo, a high-end interior brand, opened a store, a five-story showroom in Saigon.. Key drivers for this market are: Vietnam has a young population with changing lifestyles and preferences. This demographic is more inclined towards modern, stylish, and functional furniture, driving demand for contemporary furniture designs.. Potential restraints include: Despite rising incomes, a significant portion of the population remains price-sensitive. This can limit the market for premium or high-end furniture products and may drive consumers towards more affordable, lower-quality options. Notable trends are: There is a growing demand for sustainable and eco-friendly furniture in Vietnam. Consumers are becoming more environmentally conscious and are seeking products made from sustainably sourced materials and using eco-friendly manufacturing processes..

Vietnam Biohacking Market growth is driven by increasing internet penetration, wellness trends, and growing middle-class income levels.

The year 2015 marks 70 years since Vietnam’s Declaration of Independence, 40 years since Reunification, and just short of 30 years from the launch of Doi Moi, which catapulted the nation from the ranks of the world’s poorest to one of its great development success stories. Critical ingredients of success have been visionary leaders, a sense of shared societal purpose, and a focus on the future. Starting in the late 1980s, these elements were fused with the embrace of markets and the global economy, setting the nation on the path to becoming the middle-income country that it is today. Its spectacular growth since then, one of the fastest in the world, has all but eliminated extreme deprivation and lifted tens of millions of people out of poverty. Looking forward to 2035, which will mark 60 years since its reunification, Vietnam now aspires to modernity, industrialization, and a higher quality of life. These aspirations and the supporting policy and institutional agenda stand on three pillars: balancing economic prosperity with environmental sustainability, promoting equity and social inclusion, and bolstering the state’s capacity and accountability. The rapid growth needed to achieve these aspirations will be sustained only if it stands on faster productivity growth and reflects the costs of environmental degradation. Productivity growth, in turn, will benefit from measures to enhance the competitiveness of domestic enterprises, scale up the benefits of urban agglomeration, and nurture a creative and innovation-led economy. Maintaining the record on equity and social inclusion will require lifting marginalized groups and delivering services to an aging and urbanizing middle-class society. And to fulfill the country’s aspirations, the institutions of governance will need to become modern, transparent, and fully rooted in the rule of law.

The Vietnam Foodservice market is valued at USD 22.6 billion, driven primarily by rapid urbanization, the growth of the middle class, and increasing disposable income, leading to a rise in demand for dining out and food delivery services.

The Vietnam taxi market, valued at $0.5 billion in 2025, is experiencing robust growth, projected to expand at a Compound Annual Growth Rate (CAGR) of 11.80% from 2025 to 2033. This surge is fueled by several key factors. Rapid urbanization in Vietnam is leading to increased commuting needs, particularly in major cities like Hanoi and Ho Chi Minh City. The rising middle class, with greater disposable income, is driving demand for convenient and reliable transportation options. Furthermore, the increasing adoption of ride-hailing apps, offered by companies like Grab and Gojek, is transforming the industry, offering consumers greater choice and transparency. Technological advancements, such as improved GPS navigation and mobile payment systems, are further enhancing the user experience and contributing to market expansion. While regulatory changes and potential fuel price fluctuations pose challenges, the overall positive trends in urbanization, economic growth, and technological adoption are expected to propel the Vietnam taxi market's continued expansion throughout the forecast period. The competitive landscape is dynamic, featuring a mix of established players like Vinasun Taxi and Mai Linh Group, alongside rapidly growing ride-hailing platforms such as Grab and Gojek. These companies are continuously investing in technological improvements, marketing strategies, and fleet expansion to maintain their market share. The increasing adoption of electric vehicles within the taxi industry is also anticipated, driven by environmental concerns and potential government incentives. This shift towards sustainable transportation solutions is expected to influence future growth trajectories, adding another layer of complexity and opportunity within the Vietnam taxi market. Understanding these diverse factors – technological disruption, regulatory influences, and evolving consumer preferences – is crucial for stakeholders navigating this rapidly evolving landscape. Key drivers for this market are: Rapid Urbanization and Demand for Convinient Transportation. Potential restraints include: Traffic Congestion in Major Cities. Notable trends are: Ride-hailing Services Anticipated to Play Key role in the Market.

Vietnam Home Furniture Market size was valued at USD 394.11 Million in 2024 and is projected to reach USD 785.29 Million by 2032, growing at a CAGR of 9% during the forecast period 2026-2032.

Vietnam Home Furniture Market Drivers

Economic Growth and Rising Disposable Income: Vietnam’s rapid economic growth has led to an increase in household income and urbanization, contributing to greater spending on home furnishings. The country’s GDP has consistently grown over the years, with a booming middle class willing to invest in aesthetically pleasing and functional furniture. Higher income levels allow consumers to explore premium furniture options, leading to an expansion in the variety of products available in the market.

Expanding Urbanization and Housing Demand: Vietnam is experiencing rapid urbanization, with millions of people moving from rural areas to cities. This shift has driven an increase in residential construction projects, particularly apartments and condominiums, which require compact and stylish furniture solutions. The rising demand for affordable and space-saving furniture designs is pushing manufacturers to develop innovative products suited to modern urban living.

Growth of E-Commerce and Digital Transformation: The digital transformation of the retail sector has significantly boosted the home furniture market. With the increasing penetration of online shopping platforms, consumers now have greater access to a wide range of furniture options at competitive prices. E-commerce platforms enable customers to compare prices, explore new designs, and enjoy the convenience of home delivery, further driving sales.

The Vietnam real estate and mortgage market exhibits robust growth potential, projected to reach a market size of $47.59 billion in 2025 and maintain a Compound Annual Growth Rate (CAGR) exceeding 12.94% from 2025 to 2033. This expansion is fueled by several key drivers. Rapid urbanization, particularly in major cities like Ho Chi Minh City and Hanoi, creates significant demand for residential, commercial, and industrial properties. A burgeoning middle class with increased disposable income fuels the demand for premium and luxury segments, while the affordable housing sector caters to a broader population base. Government initiatives aimed at infrastructure development and attracting foreign investment further bolster market activity. Tourism growth, especially in regions like Quang Ninh and Da Nang, stimulates the hospitality sector's real estate needs. However, market restraints include potential interest rate fluctuations impacting mortgage accessibility and land scarcity in prime urban areas. The market segmentation reveals a diverse landscape; residential construction dominates, followed by robust growth in retail, logistics/industrial, and hospitality sectors. Key players like Vingroup, Vinhomes, Nam Long Investment, and Novaland Group are shaping the market, alongside rising smaller developers catering to niche segments. The forecast period suggests continuous expansion, although potential external economic factors necessitate careful monitoring. The market's strong growth trajectory is likely to persist, driven by continued urbanization and economic development. However, managing risks associated with potential economic downturns and ensuring sustainable development practices are crucial for long-term market stability. The competitive landscape is expected to intensify with both established players and new entrants vying for market share. The diversification of property types and the emergence of innovative financing options will be vital in addressing the evolving needs of both buyers and investors in this dynamic market. Careful consideration of factors such as environmental sustainability and social impact will further shape the future of Vietnam's real estate and mortgage market. Recent developments include: February 2023: Foxconn announced an investment of USD 300 million to expand its manufacturing facility in North Vietnam. Now, the supplier is leasing a new site in the Quang Chau Industrial Park in Bac Giang province, east of Hanoi. A South China Morning Post report reveals that Foxconn has signed a lease with Saigon-Bac Giang Industrial Park Corp for a plot of 111 acres for approximately USD 62.5 million. The lease will run until February 2057., June 2023, The world's largest contract electronics maker and assembler, Foxconn, has received approval from Vietnam to invest USD 246 million in two new projects in its northern province of Quang Ninh., June 2022: No Va Land Investment Group Joint Stock Company announced the completion of a USD 250 million financing from a consortium led by Warburg Pincus. Through this collaboration, Novaland's strong existing market position in the real estate sector – as exemplified by its excellent track record of development and sales, access to a sizable land bank, and proven execution capabilities – will be complemented by Warburg Pincus' global real estate experience and expertise.. Key drivers for this market are: Ho Chi Minh City and Hanoi were experiencing rapid urban expansion, Streamlined Real Estate Lending Service. Potential restraints include: Declining property values as a result of volatile housing markets. Notable trends are: Increased Population and Urbanization.

Vietnam Automotive Aftermarket Service Market was valued at USD 3 Bn in 2023, driven by increasing awareness of regular maintenance, rising disposable income and a growing middle class.

The Vietnamese pet food market presents a compelling investment opportunity, driven by rising pet ownership, increasing pet humanization, and a growing middle class with greater disposable income. While precise market size data for Vietnam is absent from the provided information, we can infer significant growth potential based on regional trends. Considering the robust expansion of the global pet food market and the burgeoning pet ownership in Southeast Asia, a conservative estimate for the Vietnamese market size in 2025 might be in the range of $100-150 million USD. This figure is based on the extrapolated growth rates observed in comparable developing economies with similar pet ownership trends. The market is segmented across various product categories, with dry pet food (particularly kibbles) and wet pet food likely dominating. The growing awareness of pet nutrition is fueling demand for premium pet food products and nutraceuticals, such as supplements containing probiotics, omega-3 fatty acids, and vitamins. Convenience stores and supermarkets are major distribution channels, but online sales are expected to show significant growth mirroring global trends, offering increased access and convenience to consumers. The presence of both international players like Mars Incorporated and Nestlé (Purina) and local companies indicates a competitive landscape with opportunities for both established brands and emerging local players. The market's future trajectory will be significantly influenced by several factors. Rising incomes will continue to fuel premiumization, with owners increasingly willing to spend more on high-quality and specialized pet food. Government regulations regarding pet food safety and labeling are also expected to impact the market. Growing consumer awareness regarding the nutritional needs of pets will further drive the nutraceutical segment. Challenges may include maintaining affordability amidst price fluctuations of raw materials and ensuring consistent supply chains. Expansion into rural areas and targeted marketing campaigns can unlock significant untapped potential. Understanding consumer preferences and adapting product offerings to suit local tastes and needs will be crucial for success in this dynamic market. Recent developments include: May 2023: Nestle Purina launched new cat treats under the Friskies "Friskies Playfuls - treats" brand. These treats are round in shape and are available in chicken and liver and salmon and shrimp flavors for adult cats.May 2023: Vafo Praha, s.r.o. launched its new range of Brit RAW Freeze-dried treats and toppers for dogs. These products are made up of high-quality proteins and minimally processed ingredients for potential health benefits.May 2023: Vafo Praha, s.r.o. launched its new line of functional snacks for dogs called Brit Dental Stick. The products are available in four different varieties with seven sticks in a package.. Notable trends are: OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT.

In 2023, on average, a citizen of Ho Chi Minh City earned around **** million Vietnamese dong per month. The monthly average income per capita in Ho Chi Minh City had been increasing yearly before declining in 2020 due to the COVID-19 pandemic impacts on the economy. It was also the highest among all provinces in Vietnam in the past few years.

The Vietnam kitchen furniture market, valued at $1.02 billion in 2025, is projected to experience robust growth, exhibiting a Compound Annual Growth Rate (CAGR) of 5.67% from 2025 to 2033. This expansion is fueled by several key drivers. Rising disposable incomes among Vietnam's burgeoning middle class are increasing demand for modern, stylish kitchens and higher-quality furniture. Rapid urbanization and new housing construction contribute significantly to market growth, creating a substantial need for new kitchen installations. Furthermore, a growing preference for Western-style kitchens and increasing adoption of online shopping channels are boosting market penetration and sales. The market is segmented by product type (e.g., cabinets, countertops, tables, chairs), material (wood, metal, composite), and price range (budget, mid-range, premium). While specific segment breakdowns are unavailable, we can infer that the mid-range segment is likely to dominate, given the prevailing income levels and consumer preferences. Key players like Cabinetry Factory, Green River Door, and Ikea, alongside numerous local manufacturers, compete in this dynamic market. However, challenges remain, such as fluctuating raw material costs and competition from imported furniture. Nonetheless, the long-term outlook for the Vietnam kitchen furniture market remains positive, driven by sustained economic growth and evolving consumer lifestyles. The competitive landscape is characterized by a mix of established local manufacturers and international brands. Local players benefit from strong understanding of local preferences and cost advantages, while international brands leverage established brand recognition and advanced technology. This leads to a diverse market with products catering to different price points and aesthetic preferences. Future growth will likely be influenced by government policies promoting sustainable manufacturing practices and the adoption of innovative technologies in kitchen furniture design and production. The market’s continued growth will depend on maintaining the affordability and accessibility of high-quality kitchen furniture for the expanding middle class and effectively addressing supply chain challenges. Further market segmentation based on product style (modern, traditional, etc.) and regional variations in demand would provide deeper insights into this dynamic sector. Key drivers for this market are: Rise in Disposable Income is Driving the Market. Potential restraints include: Fluctuation in Raw Material Prices is Restraining the Market. Notable trends are: Investments in Residential Sector is Boosting the Kitchen Furniture Market.

In 2020, the estimated size of the middle class population in the six selected Southeast Asian countries Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam amounted to around *** million. That year, approximately ** million people of Indonesia's total population were part of the middle class.