Việt Nam remains ASEAN’s most optimistic consumer market

Việt Nam remains ASEAN’s most optimistic consumer market

Việt Nam continues to lead the ASEAN region in consumer optimism, reflecting growing confidence in both macroeconomic conditions and personal finances.

Experts attribute Việt Nam’s continued lead in consumer optimism across ASEAN to strong macro-economic confidence and improving personal finances, according to the latest ASEAN Consumer Sentiment Study. — Photo nld.com.vn

The finding highlights a key message in the sixth edition of the ASEAN Consumer Sentiment Study (ACSS), released by Singapore-based UOB late last week.

According to UOB, Việt Nam recorded the highest score on the ASEAN Consumer Sentiment Index at 67 points, far above the regional average of 54 and up by three points from last year. The result underlines a sustained belief among Vietnamese consumers in the national economy and their individual financial outlook.

The index is derived from six component indicators that measure consumers’ perceptions of current and future economic conditions as well as their personal financial situation.

At the macro level, more than eight in ten respondents in Việt Nam expressed optimism about the country’s overall economic performance, with the component index for this metric rising by 12 percentage points from 2024.

The sentiment is supported by Việt Nam’s impressive macro-economic outcomes in the first half of 2025, including a GDP growth rate of 7.52 per cent year-on-year – the highest first-half expansion since 2011.

Vietnamese consumers demonstrated a significantly stronger sense of confidence compared to peers across the region when it comes to political, economic and social stability at home.

Their positive outlook has remained intact despite global uncertainties, including the United States’ tariff measures announced on April 2.

Stable commodity prices and sustained inflows of foreign direct investment have further reinforced expectations for continued growth.

UOB’s latest economic forecast, released last month, revised Việt Nam’s projected full-year GDP growth in 2025 to 7.7 per cent, up from 7.5 per cent, following the robust third-quarter result of 8.23 per cent.

Confidence in the macro environment is translating into stronger personal financial optimism.

More than 70 per cent of respondents expect their own financial situation to improve over the next year.

Concerns about rising living costs have eased compared to last year, down three percentage points to 50 per cent, and dropping a notable 12 percentage points among Gen Z.

However, many consumers remain attentive to income stability and long-term financial commitments, particularly within the Gen Y demographic.

As inflation worries subside, Vietnamese consumers are shifting their attention toward broader issues, especially environmental challenges.

The survey shows climate change, natural disasters and pollution are now the top concern for 66 per cent of respondents, surpassing economic matters such as US tariffs, which stand at 59 per cent.

This shift has begun reshaping shopping behaviours, with one in three consumers willing to pay more for environmentally friendly products – 11 percentage points higher than the regional average.

With greater financial comfort also comes a rise in meaningful spending.

The ACSS reports that 67 per cent of Vietnamese consumers have increased expenses on education, healthcare and physical well-being, outpacing spending on daily necessities such as utilities, transportation and food at 53 per cent.

More than half also allocated more money to premium and experiential categories, signalling an elevated lifestyle aspiration.

Eight in ten respondents consider experiences – including leisure events, fine dining and holiday travel – an essential part of life.

Commenting on the findings, Paul Kim, head of Personal Financial Services at UOB Việt Nam, said Vietnamese consumer sentiment remains resilient, reflecting rising confidence in both the macro-economic environment and personal finances.

“Despite global headwinds, Việt Nam has demonstrated strong economic fundamentals and effective policy direction. This momentum is driving consumer spending and greater interest in financial planning,” he noted.

The ACSS 2025 was conducted with 5,000 participants aged 18 to 65 from Indonesia, Malaysia, Singapore, Thailand and Việt Nam. The survey was carried out online between May and June 2025, in partnership with global management consultancy Boston Consulting Group. 

Bizhub