Consumer spending in Vietnam to see ‘solid growth’ in 2023

Spending is expected to increase by 7.3% year-on-year.

A “solid growth” is expected in Vietnam’s consumer spending with real household spending projected to increase by 7.3% year-on-year, Fitch Solutions reported. 

This is a slight drop from the estimated 7.5% growth in 2022. 

“The growth in consumer spending growth over 2023 will come as the wider Vietnamese economy recovers and growth figures return to a more stable and medium-term trajectory,” the report read in part. 

“This is supported both by growing domestic demand, as well as the expected recovery of international tourism.” 

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Fitch added that the growth forecast in the real income of Vietnamese consumers will likely boost household spending growth amidst an accelerating inflation rate.