Vietnamese are the biggest savers in Southeast Asia, survey shows

By Thanh Nien News, TN News

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Vietnamese consumer confidence continues to see rapid improvements in the last quarter of 2014 that helped Vietnam become the 9th most optimistic country globally. File photo Vietnamese consumer confidence continues to see rapid improvements in the last quarter of 2014 that helped Vietnam become the 9th most optimistic country globally. File photo
Among Southeast Asian countries, Vietnam has the highest percentage of consumers loading their spare cash into savings, but the lowest ratio of people investing in stocks, a new Nielsen survey found. 
Up to 77 percent of Vietnamese consumers channel their spare cash into savings, compared to 70 percent in Indonesia, 67 percent in Malaysia and 63 percent in the Philippines, said the report.
Meanwhile, only 18 percent of local people invest their money in stocks, a relatively low ratio compared to 33 percent in Malaysia, 32 percent in Indonesia and 30 percent in Thailand.
As many as 86 percent of Vietnamese consumers have adjusted their spending habits over the past 12 months because they think their country is going through an economic slowdown.
Around 60 percent of them have cut down on out-of-home entertainment in their effort to reduce spending, Nielsen said. 
However, Vietnamese consumer confidence continues to see improvements in the last quarter of 2014.
This helped Vietnam become the ninth most optimistic country globally, according to Nielsen.
Consumer confidence
“People are feeling better about their job prospects, about their personal finance and more people are feeling optimistic about the future," said Vaughan Ryan, managing director of Nielsen Vietnam.
"More consumers are considering spending again on holidays, clothes and new technology, which are all good signs for the economy,” Ryan said. 
Still Nielsen said the current state of the economy remains a key concern for consumers.
As many as 18 percent of consumers in the Southeast Asian region said that the economic situation is their biggest concern over the next six months. In Vietnam, the ratio is 28 percent, compared to 25 percent globally.
Job security ranks as the second biggest concern for consumers in the region, with 14 percent citing it as a major worry. The ratio is 27 percent in Vietnam.
Other major worries in the region include work and life balance and health. 

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