Vietnamese Women at a glance
Although the Vietnam Market had previously been denominated with males, with the country originally a paternalistic culture, more Vietnamese women are entering the workforce. Not only Vietnam, many countries are experiencing various changes due to globalization, with one of the most prominent changes being the increase of women in the workforce.
In the Vietnam market itself, there is an increase in opportunities available for the female population. During this transition in society, more Vietnamese women are enlarging their scope of social lives with more entertainment choices available for females. Especially in major cities, such as Hanoi and Ho Chi Minh, where a more variety of entertainment options exist, it is now becoming more prominent to see young females drinking compared to the past.
Current Affairs on Vietnam Economic
One reason for the increase in choices for females is due to the improvement in Vietnam Economic condition. According to OECD’s latest report, real GDP growth for Vietnam is to remain stable at 6.3% (2016) and 6.1% (2017). The disposable income for Vietnam was also seen to increase (in real terms) by 32% within 5 years (2010-2015). With the rise in incomes (and disposable income), consumer saving and spending had also increased, with consumer spending increasing by 33% within 5 years (2010-2015).
Additionally, with the boom in e-commerce Vietnam, more people are using online platforms for purchases. The widespread of e-commerce Vietnam itself can be owed to the increase in Internet penetration in Vietnam. For urban Vietnamese women, 72% of them own a smartphone, thus allowing easy access to various product reviews and international trends available online.
With more women entering the workforce of the Vietnam Market, this results in higher purchasing power for this group. Consequently, when shopping, this group of people would prioritize purchasing items that are convenient to use, efficient, and of high value.
Future Implications towards Vietnam Market
With the increase in awareness of trends and information accessed online, this has shaped business strategies targeting Vietnam’s female consumers. However, according to a TNS research, women at different age stages have different priorities. As a result, any business strategies for the Vietnam Market must be tailored to the correct age group.
- Age 18-22: Vietnamese women at this age are mostly exploring their own freedom and having their own self-expression. However, while this age group tends to have a lower purchasing power, they tend to be tech savvy. As a result, e-commerce Vietnam is a popular choice, as it is easily accessible while also offering lower prices.
- Age 23-30: Women at this age group tend to place higher importance on their career and family while establishing their personal image and being social among peers in society.
- Age 31-45: Women at this age reach a peak point where there is high pressure of balancing between tradition and modernity, with higher work and family responsibilities attained.
- Age 45 and above: Women tend to focus more on health issues and on self-achievement. Entrepreneurs targeting this age group in the Vietnam market need to be able to relate on a more emotional level