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Half of Vietnamese to make more than US$20 a day by 2030

VGP - Viet Nam is forecast to have around 48 million people, nearly half of the population, whose daily income would hit over US$20 by 2030, in terms of purchasing power parity (PPP 2011), according to the "Asia Consumer Market Report 2030", developed by HSBC.

September 17, 2022 5:20 PM GMT+7

The country is set to move from 13th place last year to 10th among countries with the highest number of people earning more than US$20 a day.

Currently, in Southeast Asia, the population size with an income of more than US$20 per day of Viet Nam is now behind Indonesia and Thailand. However, by 2030, Viet Nam will surpass Thailand, an economy of 38 million people earning more than US$20 a day by the end of the decade.

Compared to Asia, Viet Nam is among the fastest growing in terms of population earning more than US$20 a day in constant PPP. This group also includes countries such as Bangladesh, India, the Philippines and Indonesia.

The report also pointed out the rapid rise of Viet Nam's upper-middle class size (with a daily income of US$50-100), averaging 17 percent until 2030.

In this context, Viet Nam is expected to record an average of 8 percent growth in consumer spending in this current decade (2021-2030), the biggest increase in Asia, followed by Bangladesh, India, China, and Indonesia.

HSBC noted as income rise, people shop for different items. Typically, spending on necessities such as food and clothing falls while spending on health, leisure, and recreation rise.

Spending on recreation and transport is expected to rise the fastest, at more than 7 percent per year over the current decade. Conversely, food expenditure is expected to see its lowest growth at just 5 percent per year over the same period.

Additionally, categories such as financial products, recreation, automobiles, computer equipment, and household services will grow fastest across Asia, and financial services is a category that will grow fast across most countries in ASEAN, India as well as China./.