Vietnamese companies must understand trends in the EU consumer market, which is undergoing a significant shift towards green and clean goods that meet international labour and environmental standards, Eurocham said.
A rising affluent class, more nuclear families, the booming development of digital technology, and an increasing demand for personalisation among consumers will offer opportunities and challenges for FMCG brands in the coming years, according to Kantar Worldpanel Vietnam.
Many provinces and cities have launched programmes this year to promote local consumer demand to support businesses as the COVID-19 pandemic continues to affect exports.
It is clear that Generation Z, born between 1998 and 2010, has a significant impact on the consumer market, a recent report released by global measurement and data analytics company Nielsen said.
Increasing competition among private and foreign enterprises shows the market’s attractiveness towards suppliers and the potential for development in the growing Vietnamese consumer market.
The competitive pressure exerted on domestic fashion firms by the increasing presence of world renowned brands is unavoidable, but it could have positive impacts in the long run, experts say.