Vietnamese consumer confidence index dropped by 4.5 points to 138.6 points in July, still exceeding the 2014 average of 133.3 points and higher than the figure in the same period last year, according to a report published by ANZ Bank on July 22.
Reduced confidence in the Vietnamese economy over the next 12 months and five years to come led to the July decline, ANZ Bank explained.
Accordingly, only 50 percent (down by 8 percentage points) of people polled expected Vietnam’s finance situation will be in “good conditions” in the next 12 months, the lowest score for this indicator since January 2015. Meanwhile, 13 percent (up by 3 percentage points) forecast ‘bad times’ financially.
In the next five years, 64 percent (down by 2 percentage points) of people polled expected the country to have ‘good times’ financially, while 7 percent (up by 3 percentage points) predicted ‘bad times’.
Finally, 40 percent (down by 7 percentage points) of respondents believed ‘now is a good time to buy’ major household items, the lowest score for this indicator since December 2014. In contrast, 12 percent (unchanged) of the people polled said ‘now is a bad time to buy’ major household items.
ANZ Chief Economist for South Asia, ASEAN & Pacific, Glenn Maguire, said Vietnamese consumer confidence index was in decline compared to its mid-year record high. However, the results continued to reflect the ongoing economic recovery, which is broadening and strengthening.
He pointed to the bill proposed by the Vietnam General Confederation of Labour (VGLC) to increase the minimum wage by 16-17 percent in 2016, saying that if endorsed, it would go a long way towards bolstering domestic demand and private consumption against what could be a more uncertain global backdrop.
“We continue to remain optimistic about the strength and resilience of the Vietnamese economy’s recovery, particularly the role of consumers, as we look towards 2016”, Maguire stated.-VNA
Reduced confidence in the Vietnamese economy over the next 12 months and five years to come led to the July decline, ANZ Bank explained.
Accordingly, only 50 percent (down by 8 percentage points) of people polled expected Vietnam’s finance situation will be in “good conditions” in the next 12 months, the lowest score for this indicator since January 2015. Meanwhile, 13 percent (up by 3 percentage points) forecast ‘bad times’ financially.
In the next five years, 64 percent (down by 2 percentage points) of people polled expected the country to have ‘good times’ financially, while 7 percent (up by 3 percentage points) predicted ‘bad times’.
Finally, 40 percent (down by 7 percentage points) of respondents believed ‘now is a good time to buy’ major household items, the lowest score for this indicator since December 2014. In contrast, 12 percent (unchanged) of the people polled said ‘now is a bad time to buy’ major household items.
ANZ Chief Economist for South Asia, ASEAN & Pacific, Glenn Maguire, said Vietnamese consumer confidence index was in decline compared to its mid-year record high. However, the results continued to reflect the ongoing economic recovery, which is broadening and strengthening.
He pointed to the bill proposed by the Vietnam General Confederation of Labour (VGLC) to increase the minimum wage by 16-17 percent in 2016, saying that if endorsed, it would go a long way towards bolstering domestic demand and private consumption against what could be a more uncertain global backdrop.
“We continue to remain optimistic about the strength and resilience of the Vietnamese economy’s recovery, particularly the role of consumers, as we look towards 2016”, Maguire stated.-VNA
