The promising prospects for Vietnam’s economy can be clearly seen in the improved facilitation of trade and investment and especially through the country’s growing economic integration.

All stakeholders are optimistic that Vietnam is getting ready for substantial and sustainable growth.

Besides the trend towards saving, Vietnamese customers’ expenditure on useful durable goods and high-quality services to improve their standard of living is likely to steadily increase.

According to Tradingeconomics.com, by 2020 Vietnamese consumers are expected to spend 40 per cent more than they do in 2016.

It is important for businesses to understand the behavior and also the characteristics of the main customer segments - the Vietnamese Baby Boomers and Generation X’ers.

They are now between 16 and 41 years old and comprise almost 50 per cent of the population.

They differ remarkably in their financial habits from their previous generations.

Their trend is to spend more.

Vietnamese Baby Boomers - those born between 1975 and 1990 - are now well-settled with their careers and families.

They account for almost 30 per cent of the population and always try to improve their living conditions.

They work hard to bring pleasure and a comfortable life for their families.

They pioneered the Digital Age and witnessed an explosion of products to enhance their lives. They are the first brand-conscious consumers in the country.

Unlike their parents, who see savings as vital, they tend to spend more on better living conditions and material wealth and also invest in their children’s education.

Baby Boomers form the largest market for consumer finance products.

They save, but prefer to spend.

Vietnamese Millennials, who were born between 1990 and 2000, comprise 20 per cent of the population.

Their philosophy is flexibility to change and freedom.

Their needs are clear: from a stylish motorbike to the latest model smartphone.

They are keen on social media and go for good deals: high quality, low price.

They are the consumer finance industry’s fastest-growing market segment.

Millennials want a credit card to satisfy their immediate buying needs and many will qualify to get one within the next five years.

Despite the gloomy downturn in the global economy, Vietnam’s economy continues to develop steadily, contributing to increasing salaries for Vietnamese people and purchasing power will increase in line with wage growth.

With a positive outlook and 50 per cent of Vietnam’s population spending their earnings on elevating their living standards, Vietnam has a sound investment climate as far as consumer lending is concerned.