Vietnam has climbed nine spots to tie with Indonesia as the secondmost confident country in the world, according to a survey recentlyissued by The Nielsen Company, a global information and measurementcompany.
Vietnam saw a significant increase of 18 points for this year's second quarter, the survey found.
Viet Nam 's confidence index jumped to 119 points after taking aslight correction last quarter to 101 points, according to the GlobalConsumer Confidence Survey.
This 18-point jump represents the highest confidence rating ever recorded for the country.
In contrast, the global average increased only one point, standing at 93.
Global consumer confidence cautiously edged up one index point to 93 inthe second quarter as confidence in booming Asian markets were offsetby European consumers' growing concerns of an escalating debt crisis.
This battered confidence levels in Spain , Italy and France ,according to the latest edition of the Nielsen Global ConsumerConfidence Index.
Consumer confidence rose two points inthe US in the second quarter to 87, in which the world's largesteconomy continued on course for a slow but steady climb out of therecession.
Consumer Confidence Index levels above and below a baseline of 100 indicate degrees of optimism and pessimism.
"While the global economy is in better shape than it was nine monthsago, (+7 index points compared to Q3 2009), the ongoing European debtcrisis is a major setback to the global economic recovery anticipatedthis year," said Dr Venkatesh Bala, chief economist at The CambridgeGroup, a part of The Nielsen Company.
"American consumersclosely watched unemployment numbers, while Europeans witnessed thegovernment implement new, and in some cases, severe fiscal austeritymeasures amid stagnant job markets and a weakening euro," Dr Bala added.
"Consumers in Western developed economies realized thatthe road to full economic recovery is going to take a bit longer thanexpected. In the ongoing weak-to-moderate growth environment, there issome risk for businesses of deflationary pressure, requiring closeattention to improving pricing power through more effective deploymentof media, innovation and channel marketing efforts."
"Theenormous rise in optimism seen in the latest survey has taken ‘cautious'out of Viet Nam 's previous footing of ‘cautious optimism'," saidDarin Williams, managing director for Nielsen Viet Nam .
"Vietnamese consumers are ready to spend, with new technology being thefocus for many, after they have paid for essential living expenses."
Forty-seven percent of respondents in Vietnam stated they would spendexcess cash on new technology, the highest percentage in Asia ; 39percent stated they would spend spare cash on new clothes, a huge jumpfrom 23 percent in the last survey.
In the first quarter,only 16 percent of Vietnamese stated they would invest their excesscash, increasing to 31 percent in the second quarter.
"Financial product awareness, and the intent to use them, is also risingdramatically as banks and insurance companies have increased theiradvertising, and Vietnamese have more spare cash on their hands,"Williams added.
Prospects also look brighter in thePhilippines (113 index points), China (109 index points), andColumbia (105 index points), which all recorded consumer confidencehighs in their respective markets.
The Nielsen GlobalConsumer Confidence Survey, conducted between May 10 and May 26, polledapproximately 27,000 consumers in 48 countries throughout Asia-Pacific,Europe, Latin America, the Middle East and North America./.
Vietnam saw a significant increase of 18 points for this year's second quarter, the survey found.
Viet Nam 's confidence index jumped to 119 points after taking aslight correction last quarter to 101 points, according to the GlobalConsumer Confidence Survey.
This 18-point jump represents the highest confidence rating ever recorded for the country.
In contrast, the global average increased only one point, standing at 93.
Global consumer confidence cautiously edged up one index point to 93 inthe second quarter as confidence in booming Asian markets were offsetby European consumers' growing concerns of an escalating debt crisis.
This battered confidence levels in Spain , Italy and France ,according to the latest edition of the Nielsen Global ConsumerConfidence Index.
Consumer confidence rose two points inthe US in the second quarter to 87, in which the world's largesteconomy continued on course for a slow but steady climb out of therecession.
Consumer Confidence Index levels above and below a baseline of 100 indicate degrees of optimism and pessimism.
"While the global economy is in better shape than it was nine monthsago, (+7 index points compared to Q3 2009), the ongoing European debtcrisis is a major setback to the global economic recovery anticipatedthis year," said Dr Venkatesh Bala, chief economist at The CambridgeGroup, a part of The Nielsen Company.
"American consumersclosely watched unemployment numbers, while Europeans witnessed thegovernment implement new, and in some cases, severe fiscal austeritymeasures amid stagnant job markets and a weakening euro," Dr Bala added.
"Consumers in Western developed economies realized thatthe road to full economic recovery is going to take a bit longer thanexpected. In the ongoing weak-to-moderate growth environment, there issome risk for businesses of deflationary pressure, requiring closeattention to improving pricing power through more effective deploymentof media, innovation and channel marketing efforts."
"Theenormous rise in optimism seen in the latest survey has taken ‘cautious'out of Viet Nam 's previous footing of ‘cautious optimism'," saidDarin Williams, managing director for Nielsen Viet Nam .
"Vietnamese consumers are ready to spend, with new technology being thefocus for many, after they have paid for essential living expenses."
Forty-seven percent of respondents in Vietnam stated they would spendexcess cash on new technology, the highest percentage in Asia ; 39percent stated they would spend spare cash on new clothes, a huge jumpfrom 23 percent in the last survey.
In the first quarter,only 16 percent of Vietnamese stated they would invest their excesscash, increasing to 31 percent in the second quarter.
"Financial product awareness, and the intent to use them, is also risingdramatically as banks and insurance companies have increased theiradvertising, and Vietnamese have more spare cash on their hands,"Williams added.
Prospects also look brighter in thePhilippines (113 index points), China (109 index points), andColumbia (105 index points), which all recorded consumer confidencehighs in their respective markets.
The Nielsen GlobalConsumer Confidence Survey, conducted between May 10 and May 26, polledapproximately 27,000 consumers in 48 countries throughout Asia-Pacific,Europe, Latin America, the Middle East and North America./.
