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Consumer confidence sags
The country's consumer confidence index dipped to 101 points in the first quarter, a drop of eight points, according to the latest edition of the Nielsen Global Consumer Confidence Index.
Consumer confidence experienced a slight adjustment after taking a steep 24-point fall in the second half of 2009.
The drop made Viet Nam the 11th most confident country, down from the fourth most confident country at the end of 2009, according to the latest edition of Nielsen Global Consumer Confidence Survey conducted by Niesel Company between March 8 and March 26.
It polled more than 27,000 internet consumers in 55 countries throughout the Asia-Pacific region, Europe, Latin America, the Middle East and North America.
"We view this as a slight change rather than a significant decline in Viet Nam confidence from the second half of 2009 results," the report said.
"As in 2009, the confidence index jumped significantly and like other markets, we believe the massive government stimulus programmes, including in Viet Nam, were partly the reason."
"In 2009, Viet Nam's consumer price index was 6.88 per cent – the lowest in the past six years – which also influenced the steep confidence drop then," said Darin Williams, Managing Director of the Nielsen Company Viet Nam.
Despite the slight change, Viet Nam consumers are still relatively optimistic, with only 56 per cent of those surveyed believing Viet Nam was still in a recession, down from 69 per cent in the second half of 2009.
Forty-three per cent of Vietnamese believe they would be out of the recession in the next 12 months, while a notable 34 per cent disagreed and another 23 per cent said "don't know."
The Vietnamese continue to be "cautiously optimistic" as 55 per cent of Vietnamese believe job prospects are good to excellent over the coming 12 months.
Despite a relatively positive outlook on jobs and finances, 54 per cent of Vietnamese consumers said that this would not be the best time to buy the things they wanted or needed.
After paying for essential living expenses, 49 per cent said they would put their money into savings, followed by spending on holidays/vacations (39 per cent), new technology products (30 per cent), home entertainment (29 per cent) and home improvement (29 per cent).
"Consumers in Viet Nam are still hesitant to go out and spend money, yet the results indicate that there is a willingness to spend on new products. Companies that focus on value and quality and targeted promotions will be the ones to drive consumption throughout Viet Nam," said Williams.
Almost identical to their Asian neighbors, Vietnamese consumers' top four concerns are job security (19 per cent), the economy (18 per cent), work/life balance (14 per cent) and health (11 per cent).
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