Vietnamese consumers increasingly embrace sustainability

Sustainability has been a growing topic of interest to Vietnamese consumers in recent years though awareness levels remain well below the global average.

Vietnamese consumers increasingly embrace sustainability
Nearly 80 per cent of Vietnamese shoppers do not bring their own bags, resulting in the increasing use of plastic bags. — Photo hanoimoi.com.vn

According to Kantar’s latest study on the environment done on a global scale, environmental issues such as plastic waste, water pollution and air pollution are among the top five concerns of Vietnamese in addition to food safety.

Facing increasing climate changes along with escalating levels of pollution, especially in the two key cities of Hanoi and HCM City, there is an increasing environment consciousness among a group of Vietnamese consumers who are willing to take action to improve the situation such as reducing plastic waste, recycling and opting for healthier and sustainable lifestyles.

But such people only account for 35 per cent whereas the global rate is 59 per cent, Vo Thi Kim Nhu, senior account manager, Worldpanel Division in Vietnam, told a recent webinar.

Moreover, nearly 80 per cent of Vietnamese shoppers do not bring their own bags, resulting in the increasing use of plastic bags, the study found.

Nhu also listed the reasons that prevent Vietnamese from living ‘green’ as knowledge barrier since authorities and enterprises do not propagate environmental protection, a belief the situation is not too bad, which requires an emphasis on the alarming state, and the fact that sustainable and environment-friendly products are hard to find and are expensive.

In fact, one of the activities that has been promoted and encouraged by the authorities and enterprises in Vietnam recently is recycling.

But Vietnamese consumers remain very vague about which products can be reused, recycled and replaced, where these products can be collected, how products are recycled, and what will happen to them after recycling, Nhu said.

Vietnamese consumers increasingly embrace sustainability
Top concerns of shoppers about global environment issues. Plastic waste, water pollution and air pollution are among the top five concerns of Vietnamese in addition to food safety. — Source Kantar

Furthermore, a quarter of the study respondents said recycling is inconvenient.

Vietnamese consumers want manufacturers and authorities to take the lead in reducing environmental impacts and do not expect retailers to take action in limiting environmental damage.

 

In the past few years the Government has been undertaking environmental protection projects with the aid of local and foreign businesses, organisations and individuals.

For instance, nine leading companies in the fast moving consumer goods and packaging sectors formed the Vietnam Packaging Recycling Alliance (PRO Vietnam). They include TH Group, Coca-Cola, Friesland Campina, La Vie, Nestle, Nutifood, Suntory PepsiCo, Tetra Pak, and Universal Robina Corporation.

The establishment of this alliance promises many practical green initiatives and actions.

Besides, many initiatives have been taken by businesses such as using paper and recycled plastic straws and packaging in coffee and tea shops and supermarkets and food to non-food brands.

However, surprisingly, only 5 per cent of participants could name manufacturers or brands that are taking environment-friendly initiatives.

“To foster more revolutionary changes towards a shared sustainable development, perhaps we need to consider conveying more green messages along with activities to inspire various consumer groups,” Nhu said.

Kantar's Worldpanel data also found that a majority of the aware consumer group stopped buying certain products and services because of their impact on the environment or society.

This implies the importance of this group of consumers. By involving and engaging with them brands will have opportunity to achieve a sustainable development in the future.

Doan Quoc Tuan, senior marketing executive at Tetra Pak, said: “Sustainability is no longer just a nice thing to do or trend. It is a licence to do business in the long term.”  VNS 

79% Vietnamese consumers in favor of government’s initiative towards cashless society

79% Vietnamese consumers in favor of government’s initiative towards cashless society

Nearly 75% of Vietnamese consumers expect cashless payment to grow further in the next 12 months.

Vietnamese consumers became the most avid savers globally

Vietnamese consumers became the most avid savers globally

Vietnam topped the world in terms of having the most avid savers with 72 per cent, followed by Hong Kong (68 percent) and Singapore (65 percent), according to the Conference Board Global Consumer Confidence Survey released this week.

 
 

Other News

.
Over 14 billion USD mobilised through G-bond auctions at HNX in 2020
Over 14 billion USD mobilised through G-bond auctions at HNX in 2020
BUSINESSicon  06/01/2021 

Nearly VND324 trillion (over $14 billion) was mobilised through G-bond auctions at the Hanoi Stock Exchange (HNX) in 2020, accounting for 108 percent of the set plan.

Vietnam heads towards modern, integrated agriculture
Vietnam heads towards modern, integrated agriculture
BUSINESSicon  06/01/2021 

Minister of Agriculture and Rural Development Nguyen Xuan Cuong talks about measures to promote modern agricultural development.

After fast growth, domestically assembled cars face downtrend
After fast growth, domestically assembled cars face downtrend
BUSINESSicon  06/01/2021 

The year 2020 witnessed many ups and downs of the car market. In H1, demand dropped dramatically because of Covid-19, but in H2, cars sold well thanks to the preferential vehicle registration tax.

Digitizing traditional markets – $10 billion potential
Digitizing traditional markets – $10 billion potential
FEATUREicon  06/01/2021 

Traditional markets and groceries still hold the largest share of the consumer retail market, but new business models are scrambling for a piece of the pie.

Inflation control cannot be taken lightly
Inflation control cannot be taken lightly
BUSINESSicon  06/01/2021 

Although many forecasts said that inflation would be controlled at less than four per cent this year, economists recommended it was still important to pay attention to inflationary pressures.

Concerns for reform
Concerns for reform
FEATUREicon  06/01/2021 

A strategic advisory body on reform and development is essential in the transitional economy in Vietnam.

Cross-border taxation to bolster national budget
Cross-border taxation to bolster national budget
BUSINESSicon  06/01/2021 

Collecting tax from cross-border platforms as well as people profiting from them is the government’s leading mission in 2021.

Fitch Solutions revises up Vietnam GDP growth forecast to 8.6% in 2021
Fitch Solutions revises up Vietnam GDP growth forecast to 8.6% in 2021
BUSINESSicon  05/01/2021 

Vietnam’s strong growth momentum in manufacturing is expected to continue in 2021, supported by growing external demand from trade deals such as the EVFTA, UKVFTA, and RCEP.

Vietnam retail market records $172 billion in 2020
Vietnam retail market records $172 billion in 2020
BUSINESSicon  05/01/2021 

Such growth rate, while remaining lower compared to the 12.7% recorded the previous year, was an encouraging sign for the business community amid global retail market suffering plunge in revenue during the pandemic.

Vietnam sets high GDP target in 2021 to make breakthroughs
Vietnam sets high GDP target in 2021 to make breakthroughs
BUSINESSicon  05/01/2021 

Pressure from high GDP target in 2021 is expected to help the Vietnamese government to create breakthroughs for growth in subsequent years.

Vietnam’s strong economic recovery to further take Vn-Index to nearly 1,300 in 2021
Vietnam’s strong economic recovery to further take Vn-Index to nearly 1,300 in 2021
BUSINESSicon  05/01/2021 

The fact that interest rates are still very low, will help the local stock markets continue to be an attractive and profitable channel, thereby attracting domestic investor.

Covid-19 costs Vietnam US$19 billion in export revenue
Covid-19 costs Vietnam US$19 billion in export revenue
BUSINESSicon  05/01/2021 

Vietnam could have earned US$300 billion from exports this year but the export revenue stood at just US$281 billion due to Covid-19, said Minister of Industry and Trade Tran Tuan Anh.

Inspections against transfer pricing to be increased
Inspections against transfer pricing to be increased
BUSINESSicon  06/01/2021 

Inspections against transfer pricing will be increased as per a proposal by the Ministry of Finance in the context that more than half of foreign direct investment (FDI) enterprises reported losses.

VIETNAM BUSINESS NEWS JANUARY 6
VIETNAM BUSINESS NEWS JANUARY 6
BUSINESSicon  06/01/2021 

Agriculture sector targets US$62 billion in export revenue by 2030

Banks report satisfactory business results for 2020
Banks report satisfactory business results for 2020
BUSINESSicon  05/01/2021 

Improving corporate governance and listing shares on the bourse were the major activities of banks in 2020. Digital transformation was also accelerated.

10 outstanding industry and trade events in 2020
10 outstanding industry and trade events in 2020
BUSINESSicon  05/01/2021 

The Ministry of Industry and Trade has announced 10 outstanding events that make their mark on the sector’s success in 2020.

Aviation sector: trying to survive the storm of 2020
Aviation sector: trying to survive the storm of 2020
FEATUREicon  05/01/2021 

2020 was a disastrous year for the aviation and tourism industries, which were hit hard by the Covid-19 pandemic.

Rooftop solar power saw tremendous growth in 2020
Rooftop solar power saw tremendous growth in 2020
FEATUREicon  04/01/2021 

Over 100,000 rooftop solar power works with total capacity of 9,300 MW were connected to the national grid by December 31, 2020.

Overcoming pandemic shocks, maintaining high growth rate, Vietnam is the ‘next Asian miracle’
Overcoming pandemic shocks, maintaining high growth rate, Vietnam is the ‘next Asian miracle’
FEATUREicon  05/01/2021 

Vietnam was among the countries gaining the highest GDP growth rates in 2020, which could serve as a launching pad for further growth.

First trading session of Vietnamese stock market in 2021 opens
First trading session of Vietnamese stock market in 2021 opens
BUSINESSicon  04/01/2021 

The first trading session of Vietnam’s stock market in 2021 opened on January 4, with a gong-beating ceremony held by the State Securities Commission and the Hanoi Stock Exchange (HNX).

 
 
 
Leave your comment on an article

OR QUICK LOGIN