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Economic growth in Vietnam has helped Vietnamese consumers feel more optimistic about their “financial health” compared to consumers in the ASEAN region.
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| UOB Vietnam Bank, fund management companies and KOLs in the financial sector share at the announcement ceremony |
On November 1, in Ho Chi Minh City, UOB Bank held a ceremony to announce a Research report on analyzing the psychology and trends of consumers in Singapore, Malaysia, Thailand, Indonesia and Vietnam.
Accordingly, the research team pointed out that, despite concerns about economic recession, Vietnamese consumers are more optimistic about their “financial health” than consumers in other countries in the region. 76% of those surveyed in Vietnam expect to be in a better financial situation by June next year. Following Vietnam are Indonesia (74%) and Thailand (68%).
Rising inflation is the top concern in ASEAN, with 62% of respondents saying it is their top concern, while 57% are concerned about rising living costs. Compared to the region, respondents in Vietnam are also more concerned about these two areas.
Eight in 10 consumers in Vietnam are worried about their finances. The top three financial concerns in Vietnam are the ability to save, the ability to maintain their current lifestyle, and the ability to meet their parents’ financial and healthcare needs. As a result, consumers are becoming more cautious with their finances and investments. 65% said they have been tracking their spending more closely through online banking platforms, and 60% have been looking into products that offer incentives, rewards, or savings.
Financial preferences are also changing, with consumers allocating more money to low-risk financial instruments such as bank fixed deposits (32%) and insurance plans (28%). 25% of respondents in Vietnam are allocating more money to insurance products compared to last year, 4 percentage points higher than regional consumers, especially among the affluent segment (36%).
Mr. Paul Kim, Head of Personal Financial Services, UOB Vietnam, said that strong economic growth in Vietnam has helped Vietnamese consumers feel more optimistic about their financial health compared to their regional peers while consumers remain concerned about high inflation. What is encouraging is that they continue to embrace a new era of digitalization.
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