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Market Research in Vietnam

Market Overview of Vietnam

Vietnam has a population of more than 97 million people. It has also been developing rapidly over the past 30 years, and is now one of the fastest growing market in Asia. Their culture is heavily influenced by Confucianism, and their values system is based on Buddhism, Taoism and Confucianism.

Economy

In 2022, Vietnam was one of the top exporters of phones and coffee. About 41% of GDP comes from the services sector and 34% from the industrial sector, while GDP growth is about 7.0%. However, almost 40% of the workforce is employed in the agricultural sector.

Consumers

Disposable income has increased over the years, and consumer expenditure has risen from US$80 billion to US$171 billion from 2010 to 2018.

E-commerce has also been on the rise, with total transactions expected to reach US$4 billion by 2021.

Market Research in Vietnam

Vietnamese is a tonal language, with six different tones. It emphasizes certain words, and the tone can change the entire meaning of a word. Hence, it is necessary to look for a moderator or interviewer well-versed in the language to prevent misunderstanding respondents. Vietnamese also value siesta time, where they take a nap or rest after lunch. During this time, it may not be possible to conduct any fieldwork.

Case Studies

  • Asian Decision Makers Study was conducted in Vietnam, India, and Japan for the government/investment industry through phone in-depth interviews.
  • Asia Recruitment Study was conducted in Vietnam and several other Asian countries for the recruitment industry through computer-aided telephone interviews (CATI) and desk research.
  • EMS Procurement Study was conducted in Malaysia, Singapore, Thailand, and Vietnam for the EMS industry via in-depth interviews.
  • Household Appliances Market Study was conducted in Indonesia and Vietnam for the electrical appliances industry via online surveys and in-home ethnographies.

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