Every year, the youth in Vietnam seem to effortlessly embrace the latest iPhone model, leaving many wondering: what do they do to afford such luxury?

The youth in Vietnam are increasingly displaying their flair for luxury by upgrading to the newest iPhone model every year, as if squeezing lemon for juice. How do they manage to accumulate such wealth?

The iPhone 15 was officially launched globally in the early hours of September 13th. We're no strangers to the plethora of social media statuses on platforms like Facebook or TikTok hinting at purchasing the new iPhone as soon as it hits the Vietnamese market, or flaunting a deliberately 'broken' iPhone to pave the way for the latest model during these past few days. This phenomenon is not uncommon whenever Apple unveils a new iPhone, with Vietnamese youth upgrading to the latest model 'as if squeezing lemon' almost every year.

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Vietnamese Obsession with iPhone

If you ask, 'Which country in Southeast Asia is most obsessed with iPhones?' - the definite answer would be Vietnam. It's the nation with the highest number of iPhone users in Southeast Asia. According to the latest statistics from Counterpoint Research, Apple's market share in Vietnam has risen from 10.6% in Q1 2022 to 16.8% in Q1 2023. Currently, Apple's flagship smartphones hold the third position in the smartphone market rankings in Vietnam.

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Currently, out of Vietnam's population of approximately 100 million, around 67 million people are using smartphones. Among them, iOS users account for a whopping 41.95% (according to StatCounter's estimate in August 2023), which equals approximately 28.1 million Vietnamese using iPhones. Without much pondering, just look around us today, nearly all young people are using iPhones as their primary or secondary devices, even both, and most of them reside in major cities.

iPhone Prices in Vietnam Are Not Cheap

While Android phone manufacturers produce devices across various price segments from low-end to flagship, Apple exclusively manufactures iPhones in the premium segment and above. Specifically, the cheapest iPhone 15 model from Apple is priced at 22.99 million VND. With this amount, we can indeed get close to some flagship Android devices but only afford the cheapest iPhone 15.

Furthermore, iPhone prices in Vietnam are not cheap compared to other countries worldwide. Vietnam is currently a Tier 3 market for Apple, so product prices remain relatively high. When the iPhone 14 Series was globally launched, iPhone prices in Vietnam were always 5 to 6 million VND higher than in the Japanese market. Moreover, in some Southeast Asian markets, buyers receive tax refunds when purchasing iPhones, significantly lowering the actual cost of owning an iPhone compared to Vietnam.

As of the first quarter of 2023, the average income of Vietnamese citizens is around 7 million VND per month. Below is the conversion of the number of months' salary Vietnamese people need to spend to own an iPhone 15 Series:

• iPhone 15 128GB: 3.2 months' salary
• iPhone 15 Plus 128GB: 3.7 months' salary
• iPhone 15 Pro 128GB: 4.1 months' salary
• iPhone 15 Pro Max 256GB: 5 months' salary

It's worth noting that the conversion rates above are the minimum with just enough money to own an iPhone with the minimum memory configuration. So where do young people in Vietnam get money to buy new iPhones regularly every year?

How do Vietnamese youth afford iPhone 15 so easily?

At first glance, many would think, 'How could one afford a phone worth tens of millions of VND so easily?' But in reality, owning the latest iPhone 15 is not as difficult as we might think. With a generation characterized by dynamic, flexible, and sharp thinking, the majority of Vietnamese youth now know how to acquire a new iPhone simply without too much financial pressure.

Youth income is increasing day by day

Today's youth are demonstrating remarkable earning abilities compared to previous generations. They focus not only on education but also on equipping themselves with knowledge and skills necessary for personal development and future careers. This enables them to access high-income potential jobs early on, such as graphic design, programming, content creation, etc.

This not only enables today's Vietnamese youth to comfortably take care of their personal lives but also makes it easier for them to access leading technology products, including the iPhone 15. Thanks to these jobs, young people can earn over 10 million or even hundreds of millions per month. With higher than average incomes, owning a new-generation iPhone for Vietnamese youth is quite simple, especially when combined with installment programs or trade-in promotions.

Thriving Trade-In Programs for iPhones

Another simple way to own the iPhone 15 quickly and with minimal cost is to participate in the 'Trade-In, Upgrade' programs offered by some stores and retailers in the market. Through this program, users have the opportunity to utilize the remaining value of their old iPhones. Stores and retailers typically offer reasonable trade-in values when you return your old iPhone to upgrade to the latest version.

Moreover, trade-in programs often come with attractive incentives such as direct discounts, accessory gifts, or even support for installment payments with preferential interest rates. This helps users reduce the amount of money needed to purchase a new iPhone and save more compared to buying a brand-new device. It's a smart way to ensure you always have the best iPhone experience without spending too much money.

Currently, some retailers like Mytour have leading trade-in programs with various subsidy policies ranging from 1.5 - 4 million VND depending on the iPhone 15 model. Additionally, users can easily upgrade to iPhone 15 with a residual payment amounting to only 1/3 to 1/4 of the new device price.

For instance, with the iPhone 15 Pro 128GB listed at Cellphone S for 28.99 million VND, customers will receive a 2.5 million VND trade-in discount and an additional 1.5 million VND bank payment support. For example, if you currently own an iPhone 14 Pro 128GB, the additional amount you need to pay is only from 10.34 million VND. With such trade-in programs combined with installment plans, keeping up with the latest technology with the new iPhone 15 becomes easier for young people.

Buying iPhone 15 on Installment

The simplest way to own the latest generation iPhone 15 without holding a large sum of money in hand is through installment payments. Banks and credit funds are always the companions of young people who don't have enough economic power but still love to own the latest iPhone. In reality, buying an iPhone on installment is not too difficult or even unnecessary for some customers who have the ability to pay upfront, simply because spending tens of millions upfront is unnecessary and instead they prefer to use the money to generate more income.

Currently, many banks and financial institutions offer support for purchasing technology products, including iPhones, with simple procedures and attractive interest rates. Moreover, many banks nowadays also offer additional discounts ranging from 500,000 to 1.5 million VND regardless of whether customers choose installment or full payment. Furthermore, iPhones are always one of the products generating significant revenue for retailers, so retailers in Vietnam often launch attractive pricing promotions to attract customers.

Conclusion

It can be seen that owning an iPhone for young people in Vietnam is not as difficult as simple thoughts, especially in major cities, where young people have access to higher-income jobs. Furthermore, support programs from banks, credit funds, and retailers act as stepping stones to make owning the latest iPhone easier. That's why young people today can change to a new iPhone even faster than changing clothes.

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