2022-03-23-凯度-越南的快速消费品市场（英）_13页_1mb

Vietnam's FMCG market achieved consistent growth in 2021, though the pace slowed compared to the previous year's peak. This positive performance was supported by the economy's recovery in Q4 2021 and low consumer price inflation (CPI).

Key trends influencing the market:

• COVID-19: Vietnam managed vaccination rates effectively (around 82% vaccinated by early 2022), although case counts were rising, posing challenges to the economy and consumer behavior.
• Consumer Confidence: Improved in Q4 2021 due to high vaccination rates and lifted social distancing measures, but remained below pre-pandemic levels (84%) and well below the first wave (80% were optimistic about the economy in Q4 2021 vs 80% optimism for Vietnam's economy in the same period in 2019? - Note: Some data points contrast 2021 confidence with earlier trends, but specific pre-pandemic Q4 levels for later years aren't explicitly given in contrast).
• FMCG Spending: Consumer spending on FMCG slowed compared to 2020, with limited volume growth. However, Q4 2021 saw higher value growth due primarily to price increases, often linked to supply chain issues or cost pressures.
• Inflation: 2022 introduced concerns about rising inflation due to oil prices, unemployment, and potential business closures after a period of low CPI.
• Economic Growth: Vietnam's GDP grew by 2.7% in 2021 (compared to 1.9% in 2020). The FDI stock fell slightly (-1.2%), reflecting the challenging global environment.

Category performance varied:

• Dairy and Packaged Foods: Continued strong growth in both urban and rural markets.
• Beverages: Suffered negative growth, particularly in rural areas, exacerbated during wave 4 of the pandemic.
• Personal Care & Home Care: Experienced mixed results.

Retail channels:

• Convenient channels like Online and Minimarkets gained significant market share, especially in urban areas (53% in urban, 77% in rural).
• Both urban and rural markets showed similar growth trends in emerging channels like Online and Minimarkets.

Price increases:

• Overall prices in FMCG saw a notable rise in 2021, the highest price growth over the past four years.
• Sugar was a standout performer, driven by both higher price points and category migration towards premium brands.

Key Takeaways:

• Vietnam's FMCG market showed resilience in 2021.
• Convenience and digitalization of retail gained traction.
• Consumer confidence saw a boost but stayed below 2019 levels (approx).
• Price pressures were evident, with Sugar leading in value growth.
• Channel shifts towards Online and Minimarkets accelerated.
• Unemployment and inflation are key concerns for 2022.