A woman look at items on sale at shop at a shop in Hanoi.
Nguyen Ha, a 28-year-old resident of HCM City, recently secured two discounted outfits on Shopee for VND800,000 each. Ha is a fashion enthusiast who has spent considerable time and money on clothing for a long time, and she is pleased with her latest purchases.
"I work as a marketing employee for a real estate company, so I always care about my appearance. A few years ago, I would invest significantly in my wardrobe, sometimes spending VND 3-4 million per outfit. However, my job has been challenging since last year due to the economic downturn. At the end of last year, I lost my job and only started at a new company earlier this year. As my new job and income remain unstable, I have had to tighten my budget, opting for more affordable clothing and cutting back on entertainment and travel expenses," she shared.
Luong Phuong, a 31-year-old in Hanoi, also said she has been more frugal since the beginning of the year, witnessing many companies reducing their workforce.
"I work in a toy manufacturing company, and as our orders have become irregular, we are preparing for potential layoffs," Phuong explained. "I now prioritise essential purchases and cut down on other expenses."
Cases like Ha and Phuong are common. According to the 2025 survey by the Vietnam High-Quality Goods Business Association, consumer demand has yet to show signs of acceleration compared to 2024.
"Our survey indicates that consumers continue to adopt cost-saving strategies, such as prioritising essential goods, opting for lower-priced items, or seeking promotional deals," the association stated.
Shopping channels have also reported stagnant or slightly declining purchasing power compared to last year.
Pham Thi Bich Phuong, Sales Director of SK Foods, acknowledged that the domestic market had not shown signs of recovery in the first three months of the year.
Similarly, Nguyen Hai Yen, co-founder of the 16-store Alluvia chocolate chain, noted that purchasing power had yet to see a breakthrough in the domestic and tourist segments.
In the service sector, the Travel Pulse report, conducted by Klook and consumer research platform GWI across 14 markets, including Vietnam, revealed that 50 percent of Vietnamese travellers aged 13-44 faced difficulties affording trips this year due to financial constraints.
Vu Kim Hanh, Chairwoman of the Vietnam High-Quality Goods Business Association, stated that member enterprises anticipate continued production and business operations challenges for 2025-2026, with weakened consumer demand being a key concern.
She attributed cautious spending behaviour to declining employment and income levels. Additionally, global uncertainties could impact exports, further affecting workers' earnings.
According to a survey by recruitment firm Navigos, over 13 percent of workers have experienced income reductions since last year. The survey gathered responses from more than 3,400 job seekers and 500 multinational corporations in Vietnam. Among them, nearly 4 percent reported income losses exceeding 20 percent.
According to Vieclam24h, the labour market has shown signs of recovery in early 2025, yet job cuts persist in oversupplied sectors such as information technology, finance, media, and advertising. The recruitment platform noted that major corporations have been downsizing to optimise costs, streamline operations, and enhance technological integration.
In the first two months of 2025, Vietnam's total retail sales of goods and consumer services rose by 9.4 percent, up approximately 1 percent year-on-year. However, the tourism sector only grew by 16.4 percent, a slowdown compared to the 36.8 percent increase recorded in the same period last year, according to data from the HCM City Statistics Office.
