Vietnam is Unilever's 12th biggest market. Photo courtesy of the company.
Unilever's turnover exceeded the milestone of 1 billion euros ($1.09 billion) in Vietnam in 2022 thanks to broad-based double-digit growth, the consumer goods giant said.Vietnam is now Unilever's 12th biggest market with enormous potential, thanks to a thriving economy and the leading positions its brands hold in many categories, according to a company release early this week.
Almost 80% of brands across its portfolio are top in terms of sales and consumer choice. About 35 million Unilever products are consumed daily in Vietnam, company data shows.
Unilever attributed its achievements in Vietnam to changes in consumer trends. In particular, there has been a significant uptick in the “consumer class” in Vietnam, those who spend at least $11 a day, from below 10% in 2000 to over 40% at present.
Other factors are sales of more sophisticated products, higher demand for natural and sustainable goods, and a trend in healthier home cooking.
Unilever’s 10 biggest brands account for 85% of its business in Vietnam, namely OMO, Comfort and Surf laundry detergents; Sunlight washing liquid; Lifebouy soap; P/S toothpaste; Dove, Sunsilk and Clear shampoos; and Knorr seasonings. Traditional trade, primarily markets, accounts for 75% of Unilever sales in Vietnam.
Vietnam's retail sales and service revenue, an indicator of domestic demand, reached VND1,505 trillion ($64.14 billion) in the first quarter of this year, up 13.9% year-on-year, according to the General Statistics Office.
Retail sales accounted for the biggest portion of VND1,187 trillion ($50.58 billion), up 11.4%; followed by the accommodation and restaurant sector with VND161.1 trillion ($6.86 billion), and tourism sector with VND6.8 trillion ($289.73 million).
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