The growth will exceed Singapore’s projected 3 percent, Thailand’s 3.9 percent, Malaysia’s 6.3 percent, the Phillipines’ 5.8 percent and Indonesia’s 5.5 percent, according to the macro research arm of credit ratings agency Fitch.

"We project high growth in consumer spending to continue over the medium term (2020-2024), at an average rate of 7.4 percent, allowing Vietnam to remain the top ASEAN performer," Fitch Solutions said.

Vietnam’s grocery and pharmacy sectors are expected to particularly benefit from such growth, driven by increased consumer spending on food and drink, health and personal care.

In 2020, the sector might receive a temporary boost from the Covid-19 epidemic, as consumers stockpile groceries and purchase more health related products, Fitch Solutions said.

Consumer spending growth for Vietnam was recorded at 9.9 percent last year, the highest growth rate in ASEAN, the agency stated.