Illustrative image (Source: VNA)HCM City (VNA) - Vietnam rankedthe fourth most optimistic country globally with a rise of 9 points on theConsumer Confidence Index in the first quarter of 2018 compared to the lastquarter of 2017, thanks to increased positivityabout local job prospects and the state of personal finances.
According to the latest issue of the Conference Board Global ConsumerConfidence Survey – in collaboration with Nielsen, a global information andmeasurement company – this is the highest score on the Consumer Confidence Index Vietnamhas reached over the last decade.
The survey said countries in the Southeast Asian region normally have higher confidencelevels than those in more developed regions. The high confidence in theseeconomies is in keeping with their fast growth and higher potential for furthergrowth.
Emerging countries like Vietnam, the Philippines, and Malaysia had an annual average GDP growth of between 5 to7 percent in the fourth quarter of 2017.
In addition, the positive momentum of economic growth across the industries combinedwith positive signals from foreign investment flows, increasing householdincomes, and growth-oriented government policies can be translated into consumeroptimism, the survey said.
Nguyen Huong Quynh, General Director of Nielsen Vietnam, said that the positivesentiment of Vietnamese consumers has not, however, led to strong fast-moving consumergoods (FMCG) sales, with the market up just 1.8 percent in the first quarter.
The growth was slower than expected and reflected the volatility of theFMCG industry, which is subject to change depending on consumer behaviour, sheadded.
The survey said after covering essential livingexpenses, Vietnamese consumers were eager to spend on big ticket items toenhance the quality of life. Close to three-fourths (73 percent) of respondentssaid they would put their spare cash into savings.
The reportalso revealed that saving was an integral part of Southeast Asian consumerlivelihood, with 67 percent of respondents putting their spare cash intosavings.
“While healthinsurance was once thought of as luxury years ago, Vietnamese consumers have nowstarted getting financial assistance to pay for health insurance programs. Thistrend reflects one of the changes in consumers’ mindsets. When consumers coverthemselves with insurance plans, they receive a needed sense of protection”,Quynh said. -VNA
VNA
