Why explore the Vietnam market? Vietnam market development guide

The Vietnamese market, as an important economy in Southeast Asia, has shown a vigorous momentum of development in recent years. Its rich natural resources, rapidly growing consumer market and constantly improving policy environment make the Vietnamese market of great potential and importance. The development of the Vietnamese market not only helps enterprises to expand international business, enhance brand influence, but also brings rich economic benefits to enterprises. Therefore, the development of the Vietnamese market has great significance and value.

Introduction to Vietnam

Vietnam, the full name of the Socialist Republic of Vietnam, is a socialist country in Asia. It is located in the southeast of Indochina Peninsula in Southeast Asia, surrounded by the sea on three sides, with a narrow, slightly S-shaped terrain. It borders Guangxi and Yunnan of China in the north, and Laos and Cambodia in the west. The territory is narrow and long, covering an area of about 330,000 square kilometers, adjacent to the South China Sea, with a coastline of more than 3,260 kilometers.

Vietnam is a multi-ethnic country, a total of 54 ethnic groups, of which the Jingh (also known as the Vietnamese) is the main ethnic group. With a population of 98.26 million (2021), the country is divided into 58 provinces and 5 municipalities. The official language is Vietnamese and the currency is Dong. The main religions are Buddhism, Catholicism, Kaotai, and Good-faith. The capital Hanoi is the national political and cultural center, the largest city in the country and the second largest in population

In addition, Ho Chi Minh City is Vietnam's largest port city and economic center, with the largest population in the country.

Vietnam's main industries are the automobile industry, electronics industry, oil and gas industry. By the end of 2020, there are 358 auto-related production enterprises in China. However, Vietnamese auto companies mainly assemble imported parts, and the localization rate is low, only 5%-10%. In recent years, Vietnam's leading role in the production and export of mobile phones, computers and parts has gradually become prominent. In addition, Vietnam is a traditional agricultural country. Arable land and forest land account for 60% of the total area. Food crops include rice, corn, potatoes, sweet potatoes and cassava.

Since its reform and opening up, Vietnam has maintained rapid economic growth and continuously expanded its economic aggregate. The structure of the three industries has become more coordinated, the level of opening up has been continuously improved, and basically formed a pattern of state-owned economy as the leading economy and multiple economic components developing together. Vietnam's GDP will reach $409 billion in 2022. The gross domestic product per capita is $4,110. The GDP growth rate reached 8.02%.

Internet situation

Search engine:

Google Vietnam: Google is one of the most popular search engines in the world, and Google search is also widely used in Vietnam.

VietnamNet: a local search engine that provides localized search services.

Coc: A Vietnamese local search engine that focuses on providing localized search services.

E-commerce platform:

Lazada Vietnam: Lazada is one of the most popular e-commerce platforms in Southeast Asia and also offers a variety of goods in Vietnam.

Shopee Vietnam: Shopee is also a popular e-commerce platform in Vietnam, offering a wide range of goods and services.

Tiki.vn: Tiki is a local e-commerce platform in Vietnam, offering a wide selection of goods including electronics, clothing, books and more.

Sendo.vn: Sendo is a local e-commerce platform that offers a wide range of goods and services, including clothing, beauty products, home goods and more.

Thegioididong.com: This website focuses on electronics and is one of the largest mobile device retailers in Vietnam.

Vietnam cross-border hot products

1. Electronic products and equipment: including electronic components, televisions, mobile phones, etc.

2. Mechanical equipment: covers all kinds of mechanical equipment and industrial machinery.

3. Textiles and clothing: includes textiles, footwear and clothing.

4. Plastic products: all kinds of plastic products and plastic raw materials.

5. Steel and metal products: Covers all kinds of metal products and steel products.

6. Chemical products: including fertilizers, plastics, chemical raw materials, etc.

7. Vehicles and spare parts: including cars, motorcycles, auto parts, etc.

8. Home appliances: Covers household appliances, such as refrigerators, washing machines, air conditioners, etc.

Export Vietnam certification

Certificate of Origin (CO): Certificate of origin for export products. This is usually issued by a local chamber of commerce or government agency.

Commercial Invoice: describes the details of the export goods, including quantity, unit price, total price, etc.

Packing List: Lists the goods in each package and their packing details.

Transportation Documents: including the Bill of Lading or Airway Bill, which proves the transportation of the goods.

Certificate of Inspection: A certificate of inspection of goods, sometimes issued by an inspection authority in the country of production.

Health and Phytosanitary Certificates: Certificates for food, agricultural and plant products to ensure that they comply with Vietnam's health and phytosanitary standards.

Quality and Safety Standards Certification: A product-specific certification that may be issued by the relevant standardization body in Vietnam.

Import Permit: For certain products, Vietnam may require importers to obtain a government-issued import license.

Environmental Compliance Certificate: For some environmentally sensitive products, it may be necessary to prove that they meet Vietnam's environmental standards.

Patent, Trademark, and Intellectual Property Certificates: certifying that the product does not infringe Vietnam's intellectual property regulations.

Vietnamese consumer demand

Digitization and online shopping: With the popularity of the Internet, Vietnamese consumers are increasingly inclined to use smartphones and other digital devices for online shopping. E-commerce platforms such as Lazada, Shopee and Tiki are very popular in Vietnam.

Food and beverage: Vietnamese consumers are increasingly concerned about quality and health awareness. There is a growing demand for natural, organic and healthy foods. At the same time, imports of foreign food and beverages are also increasing.

Fashion and beauty: Vietnamese consumers are increasingly demanding fashion and beauty products. Cosmetics, clothing, accessories and beauty and skin care products are popular in the market.

Education and training: Education is an important area of investment for Vietnamese families. Parents are usually willing to provide good educational opportunities for their children, including tutoring sessions and language training.

Tourism and leisure activities: As economic conditions improve, Vietnamese people are spending more on tourism and leisure. Domestic and international tourism, restaurants and entertainment activities became areas of consumer concern.

Home and decoration: With the rise of the middle class, Vietnamese consumers have gradually increased their demand for home and decoration products. The market for home improvement, furniture and household goods is also expanding.

Social media influence: Social media is very popular in Vietnam and has a significant impact on consumers' shopping decisions. The brand conducts marketing and promotion through social media platforms to attract the attention of Vietnamese consumers.

Marketing strategy

Market research: A detailed understanding of the Vietnamese market, including the target audience's preferences, cultural differences, shopping habits, etc. Through research and analysis of user needs, determine the product's positioning and characteristics in the Vietnamese market.

Localization of products and services: Based on research results, localization of products to meet the needs of Vietnamese users. This may involve adjustments in product design, packaging, function customization, etc.

Emphasis on quality and sustainability: Emphasis on the quality and sustainability of products, as Vietnamese consumers are increasingly paying attention to these aspects. This can be highlighted through promotional materials, labels and advertising.

Social media marketing: Take advantage of Vietnamese people's love of social media and launch targeted advertising campaigns through platforms such as Facebook, Instagram, Zalo, etc. Partner with local social media influencers to increase brand exposure.

Facebook: Very popular in Vietnam, it is one of the largest social media platforms. Facebook is widely used by Vietnamese people to socialize, share and get information.

Zalo: It's a Vietnamese social media and instant messaging app that provides messaging, voice calls, video calls and more. Zalo is very popular in Vietnam and is used by many people as their primary communication tool.

Instagram: Popular among young Vietnamese, it is mainly used for sharing photos and videos. Many brands and individuals are active on Instagram.

LinkedIn: Focusing on professional networking and career development, LinkedIn is gradually growing in Vietnam's business and professional social circles.

Twitter: Not as widely used as major social media sites like Facebook in Vietnam, but still has a user base, especially among those who follow international news and topics.

TikTok: Short video platforms are also becoming more popular in Vietnam, and TikTok is one of them. Young people like to create and share short video content on TikTok.