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Finance & Economics

Briefing

1. Introduction2. Macroeconomy3. Currency & Banking4. Trade & Exposure5. Domestic Market6. Investment Climate
SourcesAbout
Fresh produce at a market in Hanoi

Section 5 of 6

Domestic Market Conditions and the Consumer Economy

Singapore's consumers earn a lot, pay a lot and expect quality. Ho Chi Minh City's earn far less but spend more every year, and increasingly on credit.

Next: Investment Climate

What people earn

Singapore's incomes rise steadily from a high base. Ho Chi Minh City's are a fraction of that, but well above the rest of Vietnam.

Singapore

S$5,775median monthly income, 2025

About US$4,420, up from S$3,949 in 2015.

  • Real wage growth: 4.0% in 2025, about 2% a year over the decade. Workers’ purchasing power rose even after inflation.
  • Pattern: steady, moderate gains that move with inflation and the economic cycle.

Vietnam

10.7m ₫average monthly income, 2025

Ho Chi Minh City: about US$440, up from 7.5m ₫ in 2018.

  • National average: 8.4m ₫, about US$335.
  • Pattern: steady growth, with a dip during the pandemic.

What it costs to live there

Singapore is one of the world's 20 most expensive cities. Ho Chi Minh City is near the bottom of the table, and so is what local wages buy.

SingaporeVietnam
Cost of living
Singapore: 90.819th highest in the world
Vietnam: 29.6Ho Chi Minh City, 494th of 547 cities
Rent
Singapore: 68.331.7% cheaper than New York
Vietnam: 12.687.4% cheaper than New York
Local purchasing power
Singapore: 91.3High purchasing power: high wages, high prices
Vietnam: 42.7Low purchasing power: low wages, low prices
Numbeo indexes, mid-2026, where New York = 100.

What households spend

Singapore spends on non-essentials such as personal care and health. Vietnam buys mostly essentials, with a focus on education.

Diners at a hawker centre in Singapore

Singapore

  • S$1,986 a month per household member in 2023, about US$1,480, and rising since 2012/13.
  • Top five, 2023: housing, food, transport, insurance and personal care, and health.
Motorbike riders waiting at a traffic light

Vietnam

  • 2.98m ₫ a month per person in 2024, about US$119, up from 2.16m ₫ in 2016.
  • Top five, 2023: food/groceries, housing, transport, utilities, education/development
  • Education: spending per student rose 36.3% from 2022 to 9.5m ₫ a year in 2024.

Access to credit

Singapore's household borrowing is modest and steady. Vietnam's credit is expanding quickly, and that brings risk.

Singapore

44.1%of GDP, household debt, 2026

Down from a peak of 66.9% in 2014.

  • Mature and stable: credit is readily available to firms and households, without the rapid build-up seen elsewhere in the region.

Vietnam

141%of GDP, private-sector credit, 2025

Up from 108% in 2019.

  • For consumers, easier credit supports spending. For the system, it raises risk (see Currency & Banking).

What it means for a company

A tree-lined shopping street in Singapore

Singapore

A high-income, high-cost, stable market that rewards quality over low prices.

Incomes rise steadily and purchasing power is high, but the city is among the world’s most expensive. Companies should expect a sophisticated, brand-conscious consumer base that values quality and reliability over low prices.
Ho Chi Minh City skyline beside the Saigon River

Ho Chi Minh City

A large, fast-growing market still centred on essentials.

Incomes are well above the national average and spending is climbing, but purchasing power is low. Companies should anticipate strong demand growth but must tailor offerings to affordability constraints and regional income differences.