Vietnam's middle class is expected to continue growing over the next decade, becoming more diverse and spreading out geographically.
The country's strong manufacturing sector, foreign direct investment, and rising productivity have contributed to a GDP growth rate of 5% per year over the past 20 years.
Despite the ongoing challenges of the COVID-19 pandemic, Vietnam's economy is expected to continue expanding as incomes rise and consumption increases.
Over the next decade, 36 million more consumers may join Vietnam's consuming class, which is defined as those who spend at least $11 a day in purchasing power parity terms.
Urbanization is expected to contribute to income growth, with Vietnam's urban population expected to increase by 10 million over the next decade and cities contributing around 90% of all consumption growth. The middle class is expected to grow in both major cities like Hanoi and Ho Chi Minh City, as well as smaller cities like Can Tho, Da Nang, and Hai Phong.