Consumer spending is estimated to reach 840-860 trillion VND (53 billion US$D) by 2010, according to the Ministry of Trade.
For the past 10 years, the figure has average about 70% of the country's GDP per year, the ministry said, a high level compared to neighbours like Singapore (55.9%), Malaysia (58.2%) and Thailand (67.7%).
The ministry predicted the ratio would remain at around 70% through 2020 as the nation gives the priority to promoting investment and exports.
Retail goods will account for about 80% of consumer spending during 2006-10, when average expenditure per capita is expected to grow at about 10.5% per year.
By 2010, the average consumer spending per capita will be 657,800 VND, climbing to 1.1 million VND in urban areas, compared to 537,400 VND in rural areas.
The ministry believed that demand for entertainment would increase along with disposable incomes. Spending on healthcare, housing, transportation, and education would also grow apace, the ministry opined.
Retail spending on luxury goods was predicted to increase 5%, with the nation witnessing a growing popularity of upscale and more fashionable shops and shopping centres.
Demand for electricity and consumer electronics goods was expected to expand in rural areas, the ministry said.
Source: VNA
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