According to Qualtrics' 2024 global consumer trends report published in November 2023, Vietnamese people are becoming more aware of who and where they buy products and services from in the past 12 months. Besides, Vietnamese consumers are strongly integrating smart technology into their daily lives, not only using smartphones to communicate, work and entertain but also combining other smart devices. like watches, headphones, speakers, cameras and smart TVs. This tech-savvy approach aims to enhance the overall quality of life. In addition, the trend of using smart applications for quick and convenient transactions, reservations and payments is increasing.
Urban lifestyle is a factor supporting the growth of the retail market. Vietnam is witnessing continuous urbanization and changing demand trends of young urban customers, leading to significant growth of modern retail channels such as convenience stores and the Rapid penetration of e-commerce.
Viettel Construction provides a variety of electronic equipment, refrigeration equipment,...
According to Mordor Intelligence's report on Vietnam's retail market size in 2024, it is estimated to reach 276.37 billion USD and is expected to reach 488.08 billion USD by 2029, growing at a CAGR of 12, 05% during the forecast period (2024-2029).
Along with that, World Bank data shows that Vietnam's per capita income from 2017 to 2022 will grow at 8.5%, the highest in Southeast Asia and nearly double the average growth rate. peace of the world. In 2023, Vietnam's per capita income will reach 101.9 million VND/person, equivalent to 4.28 thousand USD, an increase of 4% (160 USD) compared to 2022.
According to IMF forecasts, by 2025 Vietnam's GDP per capita will exceed the 5,000 USD mark. Source: IMF
Domestic consumption spending accounts for 60-65% of GDP, of which household spending is 50-55%. With a population of 100 million people, Vietnam currently has 20 million people in the middle class, and it is forecast that by 2026, about 4 million more people will join this class. The middle class and urban population have grown rapidly in recent years in Vietnam, leading to a rapid increase in consumption.
These factors are making Vietnam a potential market for retailers and creating opportunities for Viettel Construction to continue bringing quality products, competitive costs and brand reputation to all districts/commune across the country.
Vietnamese people change their daily work habits in the family
As both men and women work, family time is increasingly reduced due to their busy work schedules. This has led to a decline in traditional cooking methods. This has impacted the demand for Viettel Construction's AIO induction cookers in 2024. This trend will manifest more clearly in 2024, when housewives compare the same dish and cooking method, housewives prioritize using induction cookers over traditional gas cookers, due to the cooking speed of induction cookers and safety factors after many gas tank fires and explosions causing damage in the period 2022-2023.
AIO induction cooker - Helps every family relax and be safe
"Green, clean, smart" products are on the rise, an opportunity for Viettel Construction's product and service ecosystem to expand the market.
With increasing awareness of environmental, social and health issues, Vietnamese consumers are prioritizing products with transparent origins, environmentally friendly and safe. This change is reflected in Vietnamese consumer behavior, in which 80% are willing to pay more for products that promise "green" and "clean" values, especially those manufactured Made with environmentally friendly materials.
In recent years, the household and business markets have enthusiastically welcomed solar power products again, especially since the Government issued Electricity Planning VIII. Up to now, Viettel Construction has constructed up to 8,800 solar power projects.
Since 2023, Viettel Construction has had the business strategy "Green, clean, smart" in each product and service provided. This action demonstrates the mission of accompanying the Government's green development goals and actions. The Corporation's sustainable development program (ESG) is set for 2030.
The need for maintenance of electronic and refrigeration equipment is increasing
According to a report by UNFPA, Vietnam is experiencing one of the fastest population aging rates globally. The proportion of elderly people (60 years and older) in the total population has increased from 9.9% in 2011 to 12% in 2021 and is expected to increase to 17.9% in 2030.
This demographic shift poses challenges but it also opens up opportunities for businesses operating in the healthcare and aged care sectors. The elderly group represents a potential customer segment with stable income, lots of free time and increased consumer awareness.
This can be proven through data of hundreds of thousands of Vietnamese households who have chosen Viettel Construction as the unit to maintain equipment (air conditioners, washing machines, water heaters,...) in the period 2021-2023. via. Instead of spending large costs to replace equipment, people will now choose to periodically maintain equipment 2-3 times a year, helping to improve people's health.
Customers refer to water filter core products distributed by Viettel Construction
Not stopping there, although only officially starting the business of replacing water filter cores from the end of 2023, Viettel Construction has currently provided a total of 10,626 households. This number will increase even more strongly in the near future when people pay attention to daily water quality.
With the Technical Services & Solutions ecosystem that Viettel Construction is providing, it will be the top convenient choice for users in the new consumption cycle. The Corporation will accompany the entire process from the design stage, providing electrical equipment, household appliances, etc. in the house. Ensure product maintenance after supply and periodic maintenance services for people.