FMCG Monitor Q2 2025: Discerning consumers

Vietnam's economy continued its positive trajectory in Q2 2025, with GDP growth demonstrating a robust momentum thanks to strong performance in the industrial and service sectors. This growth is a testament to Vietnam's economic resilience.

While the Consumer Price Index (CPI) remains under control at a 3.31% year-on-year growth in Q2 2025, it notably indicates continuously rising costs, particularly for food and foodstuffs.

Consumer confidence

Despite the positive GDP, consumer confidence in Vietnam has plummeted to a new low, a level not seen since the major Covid wave in 2021. This instability stems from a confluence of factors: the unpredictable global trade environment, which introduces economic uncertainties, and, more recently, a significant wave of news regarding the government's intensified crackdown on counterfeit goods and substandard food products.

The government's crackdown, a necessary measure to protect consumers and uphold market integrity, has inadvertently rattled public trust in the short term. The current state of consumer worry and increased focus on product authenticity is set to significantly alter shopper behavior.

Brands can expect increased scrutiny from consumers, who will be more critical in their purchases, actively seeking out trusted brands and verified sources. This will redefine value-consciousness, moving beyond just price to include quality, safety, and brand reliability. With rising costs, consumers are likely to focus on essentials, prioritising necessary consumer goods over discretionary items, leading to more intentional spending.

Adapting to the discerning consumer

This new counterfeit goods crisis not only shakes consumer trust but also presents a critical challenge for brands and manufacturers. In an environment where the authenticity of products is questioned, businesses must double down on showing value proposition and brand reputation to regain consumer confidence.

In this context, understanding and identifying key drivers to category volume variations will ultimately sharpen the tactical marketing decisions to drive brand growth. More importantly, brands need to quantify how these factors impact the volume change happening in your categories and devise the necessary measures to stay ahead of the competition by focusing resources on these factors.

Our comprehensive FMCG Monitor Q2 2025 report provides the critical intelligence you need to make informed decisions and maintain your competitive edge.

Unlock the whole picture of Vietnam's FMCG landscape and discover:

• Consumer sentiment & behaviour: Gain a precise understanding of how Vietnamese consumers are reacting to current uncertainties and uncover how these factors may influence shopping habits and purchase decisions.
• Market overview: Access a continuously updated view of the total FMCG market performance, alongside detailed sector-specific analyses (e.g., food, beverages, personal care, home care).
• Updated channel dynamics: Get the latest insights into shifts across retail channels, including the growth of e-commerce platforms and how the omni-channel consumers are fluidly navigating traditional trade vs modern trade.