Food costs skyrocket for Vietnamese people

Vietnamese people are spending three times as much money on food as they did in 2004, according to the General Statistic Office (GSO).

At the market: Customers choose vegetables in Đống Đa District, Hà Nội. Spending on food increased threefold since 2004.

GSO statistics showed that the average person’s spending on food and foodstuffs in 2015 was VNĐ5.6 million (US$250) per year, three times the amount of 2004. This amount is expected to increase to VNĐ5.7 million in 2016.

GSO also said the total expense on food of Vietnamese people had risen from nearly VNĐ360 trillion in 2010 to VNĐ520 trillion in 2015. It is forecasted to reach VNĐ540 trillion in 2016.

The average expense on food and foodstuffs per person per month in 2015 was VNĐ470,000, GSO said. This number was twice as high in some major cities.

In HCM City in 2014, the average expense on food per person per month was VNĐ961,000 and that number for Đà Nẵng was VNĐ802,000, said a representative from the Information Center for Agriculture and Rural Development (AGROINFO) at a seminar on “modern consumption trend and fresh food” held by the Việt Nam Retailers Association (VRA) in Hà Nội this week.

According to VRA chairwoman Đinh Thị Mỹ Loan, the value of food consumption has increased as a result of the development of the retail sector and Vietnamese consumer’s higher income.

Loan said 85 per cent of Vietnamese consumers purchased food at traditional retail channels such as wet markets and roadside shops. Only about 15 per cent bought food through modern retail channels such as supermarkets, hypermarkets and convenience stores.

Source:VNA

Other news

Most view

Banking-finance

VNPT & SeABank cooperate to enhance connections

The Vietnam Posts and Telecommunications Group (VNPT) and SeABank just co-signed cooperation agreement, aiming to develop the two sides’ economic, business and investment potential.


Economy

HCMC focuses on safe pig breeding chain

The HCM City department of agriculture & rural development has just held conference about the sustainable pig breeding and safe pork production market in HCMC.

Self - introduction

VNPT targets to be leading digital service provider in Vietnam

The grand opening ceremony of the VNPT-Information Technology Company (VNPT-IT), a new member of the Vietnam Posts and Telecommunications Group (VNPT), was held yesterday in Hanoi. With thousands of IT engineers and the focus on developing state-of-the-art technological products related to Artificial Intelligence (AI), Bigdata, and Blockchain, the new company is considered the main force to help VNPT fulfill the goal of becoming a leading digital service provider in Vietnam and an important Digital Hub of the neighborhood as well as the world.

Stock market