A customer picks up goods at a supermarket in Vietnam. (Photo: tapchicongthuong.vn)
-Roy Morgan Vietnam Consumer Confidence increased 2.5 points from November to a record high of 144.8 points in December, which is the highest score in Asia for the first time, according to ANZ Research.
The index is now well above its two-year average of 136.6, and is now a large 9.2 points above its figure in December 2014.
The rise in December was driven by improving confidence in the Vietnamese economy over the next 12 months and five years, says ANZ Research in a press release on Wednesday.
Vietnamese consumer confidence ends 2015 not only at a yearly high, but at a two-year high in the history of the series, says Glenn Maguire, chief economist at ANZ’s South Asia, ASEAN & Pacific.
All five questions of the survey saw strong improvements over the month of November, but most encouraging were the questions on the longer term economic and financial outlook.
“With 61% of respondents (up 6ppts) expecting the next 12 months to be a ‘good time’ financially and 66% of respondents expecting the economy to have ‘good times’ over the next five years, Vietnam finds itself on the cusp of 2016 with the household sector not only likely to be a growth stabilizer, but more importantly a contributor to growth given that consumption accounts for 65% of GDP," he adds.
“Our final reading of the Vietnam consumer confidence index leaves us in no doubt that Vietnam will be one of Asia’s outperforming economies in 2016-17,” Mr. Maguire notes.