Vietnamese consumer confidence index dropped by 4.5 points to 138.6points in July, still exceeding the 2014 average of 133.3 points andhigher than the figure in the same period last year, according to areport published by ANZ Bank on July 22.
Reducedconfidence in the Vietnamese economy over the next 12 months and fiveyears to come led to the July decline, ANZ Bank explained.
Accordingly, only 50 percent (down by 8 percentage points) of peoplepolled expected Vietnam’s finance situation will be in “good conditions”in the next 12 months, the lowest score for this indicator sinceJanuary 2015. Meanwhile, 13 percent (up by 3 percentage points) forecast‘bad times’ financially.
In the next five years, 64percent (down by 2 percentage points) of people polled expected thecountry to have ‘good times’ financially, while 7 percent (up by 3percentage points) predicted ‘bad times’.
Finally, 40percent (down by 7 percentage points) of respondents believed ‘now is agood time to buy’ major household items, the lowest score for thisindicator since December 2014. In contrast, 12 percent (unchanged) ofthe people polled said ‘now is a bad time to buy’ major householditems.
ANZ Chief Economist for South Asia, ASEAN &Pacific, Glenn Maguire, said Vietnamese consumer confidence index wasin decline compared to its mid-year record high. However, the resultscontinued to reflect the ongoing economic recovery, which is broadeningand strengthening.
He pointed to the bill proposed bythe Vietnam General Confederation of Labour (VGLC) to increase theminimum wage by 16-17 percent in 2016, saying that if endorsed, it wouldgo a long way towards bolstering domestic demand and privateconsumption against what could be a more uncertain global backdrop.
“We continue to remain optimistic about the strength and resilience ofthe Vietnamese economy’s recovery, particularly the role of consumers,as we look towards 2016”, Maguire stated.-VNA
Reducedconfidence in the Vietnamese economy over the next 12 months and fiveyears to come led to the July decline, ANZ Bank explained.
Accordingly, only 50 percent (down by 8 percentage points) of peoplepolled expected Vietnam’s finance situation will be in “good conditions”in the next 12 months, the lowest score for this indicator sinceJanuary 2015. Meanwhile, 13 percent (up by 3 percentage points) forecast‘bad times’ financially.
In the next five years, 64percent (down by 2 percentage points) of people polled expected thecountry to have ‘good times’ financially, while 7 percent (up by 3percentage points) predicted ‘bad times’.
Finally, 40percent (down by 7 percentage points) of respondents believed ‘now is agood time to buy’ major household items, the lowest score for thisindicator since December 2014. In contrast, 12 percent (unchanged) ofthe people polled said ‘now is a bad time to buy’ major householditems.
ANZ Chief Economist for South Asia, ASEAN &Pacific, Glenn Maguire, said Vietnamese consumer confidence index wasin decline compared to its mid-year record high. However, the resultscontinued to reflect the ongoing economic recovery, which is broadeningand strengthening.
He pointed to the bill proposed bythe Vietnam General Confederation of Labour (VGLC) to increase theminimum wage by 16-17 percent in 2016, saying that if endorsed, it wouldgo a long way towards bolstering domestic demand and privateconsumption against what could be a more uncertain global backdrop.
“We continue to remain optimistic about the strength and resilience ofthe Vietnamese economy’s recovery, particularly the role of consumers,as we look towards 2016”, Maguire stated.-VNA
