According to the results of market research conducted by GFK Vietnam on the basis of information from the General Statistics Office and the World Bank, Electronics will account for VND60 trillion (US$2.75 billion) and refrigeration products VND97 trillion (US$4.31 billion).
Higher per capita income has had a significant impact on household spending, its research found, especially in terms of consumer electronics.
Increased spending is also attributed to the younger generation, who make up about 60% of Vietnam’s population, having major demand for household electronics.
Vietnam’s annual per capita income now stands at US$2,109, the unemployment rate has fallen to 2.31%, the consumer price index stands at 0.63%, and economic growth is expected to reach 6.68% this year.
Mr Huynh Phuoc Cuong, Director of GFK Vietnam, said the company forecasts total spending to increase to US$3,737 per household per annum by 2020.
He also noted that 0% tariffs are to be applied to many commodities imported from countries with which Vietnam has a free trade agreement, such as the EU and the Republic of Korea, together with the TPP and the ASEAN Economic Community.
Imported electronics and refrigeration products with high quality and good prices will increasingly find their way to Vietnam, he said.