"You see Hanoi and Ho Chi Minh City -- bright lights, big cities -- but people here haven't tasted the economic growth yet," he told AFP. In Vietnam, for example, 16% of the population will be affluent by 2030, compared with 5% now; this proportion is projected to jump from 9% to 21% in Indonesia. [Source: Agence France Presse, November 8, 2007 ], In 2006, Reuters reported: "World Bank senior poverty economist Carrie Turk said the rate at which poverty was being reduced in Vietnam was "almost globally unprecedented" and the benefits widely shared. Hanoi's once-sleepy streets are now choked with scooters and, increasingly, the luxury cars of the new rich, including several Humvees. "Tram, tram, tram, tram!'' middle class For luxury goods and services to command premium prices, they must connote exclusivity. Leaders face an uncertain landscape. =. Vietnams per capita income is expected to increase to US$3,000 by 2020 from its current level of US$1,960. Most of the children at the shelter are orphans or runaways. upper class in Vietnam They are mostly young, independent, and confident in their choices of brands and in their self-earned wealth. She is a pleasant, round-faced woman with her hair tucked into a bun. They are well educated and theres a general sense of optimism because of that," he said. So I became a street boyI'd just like to have an occupation where I can support myselfAnd, well, maybe a motorbikea Honda. [Source: Frank Zeller, Agence France Presse, November 12, 2006 ^^], "Communist Vietnam has stepped up its campaign against "social evils" ahead of the gathering, its largest ever international conference, that will bring to Hanoi the leaders of 21 economies also including China, Russia and Japan. When they travel further, however, she and her three high schoolage children plan their trips carefully around shopping. The regions economic transition is a major reason for the expansion of the mass-affluent class. Most of them were scarce and of very poor quality. "Few people in Na Lia an hour's drive from the nearest highway in a valley in Lan Son province have seen Hanoi, where people bring laptops to wi-fi cafes and play the stock market. For Jamesa successful Filipino talent agent and former restauranteur who is in his late 40stravel is a passion. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. In Vietnam, for example, brands heavily promote returning expatriates, who are known as Viet Kus, as Instagram personalities to influence online buyers. "Other students go study abroad, and then they come back and use their knowledge to help the country.'' The buying propensity of the mass affluent also tends to be more stable than that of the middle class during times of economic volatility. Vietnam is expected to add 36 million people to its middle class by 2030, according to a recent report by McKinsey. ////, The room has been changed since I last visited. [Source: By Grant McCool , Ho Binh Minh, Nguyen Van Vinh, Reuters, May 10, 2006 ]. We believe that companies in the region, as well as those outside it, should take a closer look at the mass-affluent market and plan to target it. A few doors down is the furniture business Cuong's mother helped him set up. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. ''UNICEF is deeply concerned that the growing number of street children is not just confined to the major cities of Vietnam, but that the numbers of children living on the street are now growing in rural areas as well,'' it added.
