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Conspicuous Consumption Emerges in Vietnam as Middle Class Grows

Vietnam’s middle class is growing faster than anywhere in Southeast Asia as strength in export manufacturing creates jobs and raises wages. The newfound purchasing power has sparked an explosion in conspicuous consumption in the cities and in competition for market share among foreign brands. Vietnam’s “middle and affluent class” is projected to double to 33 million people, about a third of the country, from 2014 to 2020 according to the Boston Consulting Group Center for Consumer and...

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