Vietnamese consumers spend more on experiences

Optimism fuels higher consumer spending, particularly in the experience sector.

Vietnam continues to lead the region in consumer confidence, according to the 6th edition of the ASEAN Consumer Sentiment Study (ACSS). Vietnam recorded the highest score in the newly launched UOB ASEAN Consumer Sentiment Index (Index), with 67 points – significantly higher than the regional average of 54 and up three points from last year. This reflects Vietnamese consumers’ sustained confidence in both the national economy and their personal financial prospects.

The UOB ASEAN Consumer Sentiment Index is built on six component indicators measuring consumers' perceptions of current and future economic conditions and personal finances. On the macroeconomic front, more than 8 out of 10 survey participants in Vietnam expressed optimism about the country's overall economic situation, with the component index score in this area increasing by 12 percentage points compared to 2024. This sentiment is reinforced by impressive macroeconomic results in the first half of 2025, including GDP growth of 7.52% year-on-year – the highest first-half growth rate since 2011.

Vietnamese consumers show superior confidence compared to their regional peers in the country’s political , economic and social stability. This optimism has remained despite global uncertainties, including the US tariff policies announced on 2 April 2025. Stable commodity prices and sustained foreign direct investment (FDI) inflows have contributed to the positive outlook. UOB’s latest economic forecast, released last month, revised up its full-year GDP growth forecast for Vietnam to 7.7%, from 7.5%, following an impressive third quarter performance of 8.23%.

Confidence in the macroeconomic environment has translated into optimism about personal finances among Vietnamese consumers. More than 70% of survey respondents expect their financial situation to improve in the coming year. Concerns about rising living costs have decreased compared to last year, down three percentage points to 50%, and a significant 12 percentage points decrease among Gen Z. However, Vietnamese consumers remain concerned about income stability and long-term financial commitments, especially among Gen Y.

Mr. Paul Kim, Head of Personal Financial Services at UOB Vietnam, shared this at the event announcing the results of UOB's ASEAN Consumer Sentiment Research 2025 on the afternoon of November 20th.

Speaking at the launch of the UOB ASEAN Consumer Sentiment Study 2025 on the afternoon of November 20, Mr. Paul Kim, Head of Retail Banking, UOB Vietnam, shared: “We are pleased to see that Vietnamese consumer sentiment continues to be resilient, reflecting growing optimism towards both the macro environment and personal finances. Despite global challenges, Vietnam has shown strong fundamental strength and effective policy direction. This momentum is driving consumer spending and increased interest in financial planning.”

Vietnamese consumers are shifting their focus to environmental issues and spending more on experiences.

As concerns about inflation ease, Vietnamese consumers are beginning to pay more attention to broader issues such as environmental factors. Research shows that climate change, natural disasters, and pollution are now the top concerns for 66% of survey participants, surpassing economic factors such as US tariffs (59%). This shift has reshaped purchasing behavior, with one in three Vietnamese consumers willing to pay more for environmentally friendly products, 11 percentage points higher than the regional average.

Alongside environmental awareness, financial security will also drive increased spending in many important areas in 2025. ACSS found that 67% of Vietnamese consumers reported spending more on education , health and wellness, above everyday living expenses such as utilities, transportation and food (53%). More than half of Vietnamese consumers also reported spending more on experiential and luxury categories, reflecting the growing demand for lifestyle upgrades. Eight in ten consumers consider experiences such as entertainment events, fine dining and leisure travel to be essential parts of life.

In line with the ACSS findings, UOB customers in Vietnam have indeed spent more on experiential categories. Total spending on UOB cards across dining, entertainment and travel in Vietnam increased by 8% year-on-year, with spending on entertainment increasing by 48% and travel by 8%.

To meet the increasingly diverse preferences of consumers, UOB Vietnam is upgrading its retail banking product portfolio to deliver superior value and unique lifestyle experiences. Recently, the bank has revamped its credit card product line with features and benefits designed to suit the needs of modern consumers. Through strategic partnerships with leading brands in the region and in Vietnam, UOB cardholders enjoy privileges in travel, dining, shopping, and entertainment – with over 1,000 offers across the region.

According to UOB's ASEAN Consumer Sentiment Survey 2025, Vietnam leads ASEAN in consumer optimism thanks to positive economic prospects and confidence in personal finances.

These benefits include early access to global entertainment events, exclusive dining deals, attractive travel discounts, and unique nature experiences such as tours exploring Son Doong Cave – one of the world's most spectacular natural wonders.

The majority of Vietnamese consumers are financially well-prepared, however, there is still a significant gap compared to Gen Z.

Vietnamese consumers continue to demonstrate strong financial preparedness, with 94% of survey respondents feeling confident in managing their personal finances. In addition, the survey results also show that: 86% believe they have a sufficient emergency fund; 79% are confident in their ability to handle current debt; 82% believe they have adequate insurance coverage; 76% believe their current investments are sufficient to support their long-term goals and retirement plans.

Vietnamese consumers' saving habits remain stable, with eight out of ten Vietnamese consumers reporting they save more than 10% of their monthly income, particularly among women. 57% also stated they have accumulated enough to cover expenses for three to six months.

Individual health insurance is quite common in Vietnam, with 44% of Vietnamese consumers owning private health insurance in addition to state-provided insurance. However, life insurance ownership has decreased by 14 percentage points compared to last year and is now below the regional average. Interest in specialized insurance products such as term life insurance and disability insurance is increasing, with participation rates rising by 9 and 16 percentage points respectively compared to last year.

Investment behavior shows a widening gap. While many Vietnamese consumers are actively seeking financial knowledge, the number of those who actually put that knowledge into action remains limited. Only 57% invest more than 10% of their annual income, down 13 percentage points from last year. Fixed deposits in banks remain the most popular form of investment, chosen by 93% of survey participants, indicating an increasing trend of caution among Vietnamese consumers.

Among consumer groups, Gen Z stands out as the least financially prepared. The study found that 5% of Gen Z are completely unprepared when it comes to emergency funds and insurance, and less than half (47%) have enough savings to cover more than three months of expenses. Additionally, only 33% have individual health insurance, and life insurance ownership is the lowest among this group at 43%. Notably, 13% feel completely unprepared to manage their current debt.

Source: https://baodautu.vn/nguoi-tieu-dung-viet-nam-chi-tieu-nhieu-hon-trong-linh-vuc-trai-nghiem-d438208.html