Vietnam ranks second in consumer confidence

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Vietnam now has the second highest consumer confidence index in the world according to a second-quarter report from Nielsen.

"The enormous rise in optimism seen in the latest survey has taken "˜cautious' out of Vietnam's previous footing of "˜cautious optimism'," said Darin Williams, Managing Director, Nielsen Vietnam. "Vietnamese consumers are ready to spend, with new technology being the focus for many after they have paid for essential living expenses."Consumer Confidence Survey.

Vietnam soared up nine spots to tie with Indonesia as the second most confident country, after India, The Nielsen Company said in a statement released Wednesday.

Vietnam's confidence index jumped 18 points to 119 after taking a slight correction in the first quarter.  The numbers represent the highest index recorded to date for Vietnam.  Meanwhile, the global average increased only 1 point to 93, the company said.

According to the survey, 47 percent of respondents in Vietnam stated they would spend excess cash on new technology, the highest percentage in Asia; and 39 percent stated they would spend spare cash on new clothes.

Six out of the top 10 most optimistic nations in the second quarter came from Asia. These confidence increases, however, were offset by European consumers' growing concerns of an escalating debt crisis, which battered confidence levels in Spain, Italy and France, according to the survey.

"While the global economy is in better shape than it was nine months ago, the ongoing European debt crisis is a major setback to the global economic recovery anticipated this year," said Venkatesh Bala, Chief Economist at The Cambridge Group, a subsidiary of The Nielsen Company.

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