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Tuesday, May 24, 2022

Vietnam to return to pre-pandemic growth after one more year: Nielsen

The Saigon Times

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HCMC – Vietnam is recovering its economy after being hit by the Covid-19 pandemic and it will take the country about 12 more months to reach a growth rate as in the pre-pandemic period, according to the market research company Nielsen.

At the Vietnam Online Business Forum 2022 held by the Vietnam E-Commerce Association on May 10, Nguyen Tan Vuong, a representative of Nielsen, said the period might be shortened with the Government’s effective policies, Tuoi Tre Online newspaper reported.

According to Nielsen, the pandemic has divided consumers into five groups: jobless ones, those losing jobs but have found new jobs, cautious people, those who have not been hit by the pandemic and those seeing their incomes rising. These groups account for 25%, 24%, 35%, 10% and 5% of the total, respectively.

Although a majority of people have been facing the impact of the pandemic, many experts attending the Vietnam Online Business Forum 2022 agreed that the pandemic had fueled the development of ecommerce, thus accelerating the economic recovery.

Pham Thi Quynh Trang, director of trade at Lazada Vietnam, said the numbers of customers, orders and traders on Lazada were on the rise. The numbers of new sellers and shops with monthly revenue of over US$1,000 each on the platform have risen 90%.

Trang said ecommerce would remain a trend which would develop strongly in the coming periods as the market was potential, while enterprises have paid more importance to the investment in digital transformation and doing business on ecommerce platforms.

Meanwhile, Dinh Mong Kha, CEO of Vietguys, said consumers were cautious in shopping online. Therefore, enterprises must study customers’ demand to well serve and retain them.

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