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 few 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 increased from US$80 billion to US$171 billion from 2010 to 2018. E-commerce has also been on the rise, where total transactions is expected to reach US$4 billion by 2021.
Market Research in Vietnam
Vietnamese is a tonal language, with 6 different tones. It emphasises certain words and can change the whole meaning of the 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 Asia 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 ethographies