Zero vpn premium7/30/2023 ![]() ![]() Vietnamese consumers’ overall optimism remains one of the highest among countries globally. This can squeeze the mortgage market and leave property developers vulnerable to liquidity pressures, which can have ripple effects on wealth and consumption. At the same time, inflation is projected to hover around 3.8 percent in 2023, which, though already high, can be perceived as even higher by consumers in the lower-income segments, who bear the brunt of inflation. 2 Navigating Vietnam 2023: Investing with responsibilities for sustainable growth, VNdirect, November 2022. For example, demand from key markets such as the United States and the European Union has decreased, leading to a lower forecasted growth in the value of Vietnam’s exports in 2023 (9 to 10 percent, compared with 14 percent in 2022). ![]() ![]() However, against this backdrop of continued development, Vietnam is facing headwinds at the start of 2023 that are likely to impact the ability of its population to spend. The core engines of Vietnam’s economic development seem robust: in Southeast Asia, wages for workers in the manufacturing sector remain among the lowest in Vietnam, and the country’s workforce is relatively highly educated. Vietnam’s prospects remain strong for the upcoming decade, since GDP growth is on the rise again-with year-on-year GDP growth of 2 to 7 percent expected between 20, McKinsey analysis shows. Middle-class consumers in Vietnam have generally been optimistic-a sentiment that appears to be prevailing as the country exits a period of economic slowdown and constraint. This article is a collaborative effort by Resil Das, Matthieu Francois, Khant Khant Kyaw, Dymfke Kuijpers, Linh Pham, and Van Pham, representing views from McKinsey’s Consumer Packaged Goods Practice.
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