Despite the COVID-19 pandemic, Vietnam's middle class is rising fast with 21 million people to earn the status by 2030, according to projections by the World Data Lab.
|Around 21 million Vietnamese will join middle class by 2030 |
Middle class households spend between $11 and $110 per capita each day. The report says that Vietnam’s consumer class will grow from 35 million to 56 million within this decade. Consumers between 45 and 65 years of age will contribute nearly 25 per cent of Vietnam’s consumer spending, as opposed to 20 per cent today.
With 56 million people in the middle class, Vietnam is forecast to jump up from the current 26th position to 18th in the global ranking of 30 economies with the largest middle-class populations.
Vietnam is also among the top five movers in Asia with very large increases in their middle class populations, in the tens of millions, by 2030. The countries include Indonesia with an additional 76 million middle-class consumers, Philippines (+38 million), Vietnam (+21 million), Pakistan (+56 million), and Bangladesh (+50 million).
Vietnam's fast-growing middle class is an important indicator for many local and foreign businesses who are looking for new business opportunities to expand operations.
The reports also points out that more than 1 billion Asians are set to join the global middle class by 2030. Asian countries already make up more than half of the world’s middle class, but they account for only 41 per cent of the group’s consumer spending.
China, India, and the United States are projected to retain the top three rankings. The report predicts the pandemic will prove just a temporary pause in the world economy’s great demographic shift.