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Viet Nam consumers see good times ahead

Update: June, 27/2015 - 10:14
Customers shop at a supermarket. Domestic consumers are more confident about the economy. — Photo

HA NOI  (VNS) — Domestic consumers are more confident about the economy and their personal finances, an ANZ Bank report dated June 24 said.

The ANZ-Roy Morgan Vietnam Consumer Index is up 2.9 points to reach 143.1 points in June, a record high. The index remains well above its long-term average of 135.7, and is more than 10 points above its figure for June 2014.

Sixty-six per cent (up five percentage points) of the Vietnamese people expect Viet Nam to have "good times" economically over the next five years, compared to four per cent (down one percentage point) who expect "bad times".

Fifty-eight per cent (up five percentage points) expect the country to have "good times" financially over the next 12 months, and 10 per cent (down two percentage points) expect "bad times" financially.

Sixty-one per cent (up five percentage points) expect their families to be "better off" financially this time next year, while five per cent (unchanged) expect to be "worse off".

Forty-seven per cent (unchanged) said "now is a good time to buy" major household items, compared to 12 per cent (unchanged) who said "now is a bad time to buy."

"The Vietnamese consumer sentiment is clearly echoing an economic recovery that is both broadening and strengthening," Glenn Maguire, chief economist of ANZ in South Asia, ASEAN and the Pacific, said.

Glenn said for some time, the Vietnamese recovery has been dichotomous, characterised by an outperforming external sector and an underperforming domestic and household sector.

"Our consumer confidence index is clearly pointing that the dichotomy is starting to yield to a more even and balanced economic performance.

"With consumer confidence at a record high, we too find our confidence in the Vietnamese economic outlook rising. Viet Nam continues to emerge as an ASEAN economic outperformer in the 2015-16 period," he said.

The ANZ Bank and Roy Morgan Research launched the monthly private consumer index for Viet Nam in July last year, with surveys covering major cities and provinces across the nation. — VNS

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