return icon Vietnamnet.vn

Young people reduce spending amid escalating prices

Cutting spending on eating out and going to cafés, restricting travel and spending less money on beauty services are all being done now to weather the price storm in Vietnam.
Ha Thuong has cut expenses

Hang Nga, 24, an office worker and a postgraduate at the Hanoi Law University, lives in a rented house near the office and goes to work by motorbike. Previously, she spent VND200,000 a month on petrol, which has now rocketed to VND380,000-450,000. As the prices of essential goods have escalated while her income remains unchanged, she has had to change her spending habits.

“I don’t eat out anymore, but buy food and cook at home. I also don’t have my hair shampooed, but wash my hair myself,” she said, adding that it costs VND50,000-80,000 for every meal out and VND50,000 for hair washing service.

Ha Thuong, 26, in Ha Tinh province, doesn’t spend money on accommodations as she lives with parents. In the countryside, the prices of goods and services are lower than in the cities. She also doesn’t have to spend money on study like Nga but she still has cut expenses.

“Before buying something, I ask myself if this is something I need, or want,” she said.

The distance between her home and her office is 10 kilometers. Because the petrol price has been rising, she rarely goes out these days and chooses the shortest way to reach destinations. Previously, she chose roundabout routes to enjoy beautiful landscapes. One of Thuong’s hobbies is drinking fruit juice every day. Previously, she drank one liter a day, but now 500ml.

The petrol price hike has also affected her business as an online trader. The profit has decreased as she has to spend more on shipping. She has also decided not to travel too far this summer, but go to nearby places. Thuong is happy as she can live with her parents in the countryside.

“Young people in Hanoi have to spend more money than ones in rural areas,” she explained. 

Thanh Nga, 23, said that she has to think carefully about every expense because things are more expensive in Hanoi. Previously, she returned home, 30km from her rented room, once every two weeks. But now, to save money, she returns home less often and chooses to go by bus instead of motorbike or taxi.

Nguyen Thao

MORE NEWS

VIETNAM BUSINESS NEWS AUGUST 14

2022 FDI report to focus on green growth, economic structure

First Vietnamese victim in Manchester fire identified through fingerprint

Partial human remains recovered from Bismark House Mill in the UK have been identified, through fingerprint analysis, as Nguyen Van Uoc, according to the Vietnamese Embassy in the UK, citing an announcement on August 12 by Greater Manchester Police.

Vietnam seeks foreign investment in medical devices production

The Vietnamese medical devices market, which is growing annually at more than 18%, relies heavily on imports, representing significant opportunities for foreign businesses, according to the Ho Chi Minh City Medical Equipment Association.

North-South express railway to seek Politburo’s approval

The Ministry of Transport will submit to the Politburo for consideration an investment policy for the construction of a North-South express rail link, which would cost up to 58.71 billion USD, this September.

VIETNAM NEWS HEADLINES AUGUST 14

Trains to increase during National Day holiday

Challenges for supermarket chains

The recent shutdown of multiple Bach Hoa Xanh (BHX) stores has been the talk of the town for the past few weeks. What prompted the leadership of this grocery store chain to come to such a decision despite the considerable growth in total revenue?

Re cakes: Phan Thiet’s specialty sweet treat

Re cake, a specialty of Phan Thiet City, Binh Thuan Province, tastes so delicious that no visitor can resist it.

A new move for open market operations

The State Bank of Vietnam (SBV) has recently made a new move regarding open market operations (OMO). Valuable papers are purchased at a competitive interest rate, instead of a fixed rate as before.

An insight into Vietnam’s indebtedness

National debt, or foreign debt, when reaching an excessive level, often leads to an economic crisis.

Nguyen eyes bigger competition after ASEAN Para Games wins

Tran Van Nguyen stands only 1.27m and has short arms and legs. But he has dominated the top podiums of many competitions.

Vietnam to have national marine spatial plan by 2030

A national marine spatial master plan is being developed, aiming to fuel the sustainable development of marine economic clusters and establish sea-based economic hubs by 2030.

Digital business lines developing well

Major tech companies are looking to expand in Vietnam, on the back of strong hardware export and IT figures for the country's telecom industry so far this year.

Vietnam targets launch of modern digital finance platform by 2025

Minister of Finance Ho Duc Phoc has signed a decision promulgating the Ministry of Finance's digital transformation plan to 2025, with vision to 2030.

Vietnam, Southeast Asia find ways to rise amid difficulties

Vietnam and the Southeast Asian region have managed to maintain economic stability and growth despite COVID-19 and the Russia-Ukraine conflict, according to experts.

CPI method of calculation is correct: economist

“Someone told me they had a feeling that the CPI is not correct. I asked them on what grounds. Scientifically, that cannot be proven,” said economist Vo Tri Thanh.
back_to_top