The Vietnam Consumer Confidence Index (CCI) reached its highest level recorded in a decade in Q3 2018, according to a survey by the non-profit business membership and research group Conference Board in collaboration with market researcher Nielsen.
The Conference Board released the Global Consumer Confidence Survey, which monthly reports consumer attitudes and buying intentions, with data available by age, income, region and country, on Thursday.
The CCI measure in this report is driven by three indicators, which are consumers’ perception of the state of their personal finances, local job prospects, and intentions or readiness to spend.
For Vietnam, the figure scaled by nine points to 129 in Q3 2018, compared to 120 in the previous quarter, marking a record score for the country in the past decade.
There were improvements across two out of three indicators where 82 percent of the Vietnamese consumers believed the state of their personal finances in the next 12 months would be excellent or good, up six percent from Q2.
Sixty three percent said “now is the time to buy the things they want and need,” up eight percent from the previous quarter.
However, in the same manner as other Southeast Asian consumers, Vietnamese people still consider saving an integral part.
Particularly, 72 percent of the Vietnamese surveyed said they would put their spare cash into savings accounts, up six percent year-on-year.
On the regional scale, consumers in Asia-Pacific continue to be the second-most confident globally, after North America, and their confidence improved further in the third quarter.
In fact, the top four most confident countries in the world include India with 130 points, Vietnam as aforementioned, Malaysia with 127 points, and Indonesia with 126 points, according to the report.
“With a majority of countries maintaining a high level of confidence, and some even seeing further improvement, this region remains a hot spot for consumer-facing businesses,” the report reads.
It was conducted in August 2018 and polled more than 32,000 online consumers in 64 countries throughout Asia-Pacific, Europe, Latin America, the Middle East/ Africa and North America.