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Vietnam ranks 4th in consumer confidence: survey   2009-10-29 - Thanh Nien

Vietnam ranks 4th in consumer confidence: survey
Consumer confidence in Vietnam has increased for the first time since March 2007 as sentiment around the globe rebounds, according to survey results announced Thursday.


With the increase, Vietnam is now the fourth most confident country in the world, up five places since March this year, according to a survey by the Nielsen company, conducted between September 28 and October 16.

“If consumers have shifted gears across the globe from recession to recovery, Vietnam is truly at the head of the pack with an increase of 28 points and ranking fourth most confident country globally,” said Darin Williams, Managing Director at The Nielsen Company Vietnam. The global average has jumped 9 points.

“A nine-point surge in consumer confidence signifies a welcome return to positive territory,” said James Russo, Vice President, Global Consumer Insights at Nielsen. “It really demonstrates that in the last six months, a majority of consumer sentiment across the globe has shifted gears from recession to recovery – the tide has turned.”

Confidence was highest in India, followed by Indonesia and Norway, while the most pessimistic countries were Latvia and Japan, the survey said. Consumer confidence rose in 45 out of the 52 countries compared to six months ago.

According to the survey, 69 percent of Vietnamese said their nation is currently in a recession compared to 76 percent in April 2009.  More than half of the Vietnamese surveyed believe they will be out of the recession and job prospects will be good to excellent in the next 12 months.

Despite the new sense of optimism around the world, spending is still restrained, the survey said.

Vietnamese consumers, for instance, remain relatively cautious. According to the survey, 46 percent of Vietnamese consumers stated that timing is “not so good” to buy the things they want and need while 51 percent said they will put their money into savings after covering essential living costs. 

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