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The rich people in Vietnam are tightening their expenditure

Vietnamese’s per capita income in 2022 bounced back after being contracted during 2 years of the 2019-2020 pandemic.

Particularly, according to the 2022 Living Standard Survey by the General Statistics Office (GSO), in 2022, the per capita income of the richest household category (accounting for 20% of Vietnam’s population) increased by 11. 38% (compared to 2021) reaching VND10.23 million/person/month. This amount was 7.6 times higher than that of the poorest category (which also accounted for 20% of Vietnam's population).

However, household spending has not recovered yet. Households have continued to tighten their spending, especially those living in urban areas. Notably, the living expenses of the richest household category decreased the most significantly to VND4.1 million/person/month in 2022 from VND5.7 million (in 2020).

The sharp decline in the living expenses of the richest and urban household category has resulted from negative movements of the domestic economy and investment channels since the second half of 2022.

Source: 2022 Living Standard Survey on 46,995 households nationwide conducted by GSO.



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