According to the 2024 ASEAN Consumer Sentiment Study, Vietnamese consumers show the highest level of optimism about the country’s economic outlook compared to consumers in the region.

The ASEAN Consumer Sentiment Study is an annual survey conducted by UOB Bank, now in its fifth year, which tracks and analyzes consumer sentiment on spending and finances in Singapore, Malaysia, Thailand, Indonesia, and Vietnam. The 2024 survey was conducted from May to June 2024, with 5,000 participants, including 1,000 from Vietnam.

The survey reveals that Vietnamese consumers express the highest optimism about the country’s economic prospects among regional peers, with over 70% of respondents believing in Vietnam’s economic stability over the next 6-12 months. In its latest economic forecast released last month, UOB revised Vietnam’s annual GDP growth to 6.4%, up from a previous forecast of 5.9%, after the nation’s impressive 7.4% GDP growth in Q3.

Furthermore, 71% of Vietnamese respondents reported spending in ASEAN countries over the past year, mainly on business and tourism—higher than the regional average of 66% and exceeding rates in Indonesia, Malaysia, and Thailand. This trend reflects positive signals about Vietnam’s success in promoting stable economic growth and expanding regional integration.

Reduced Concerns about Recession and Inflation Pressures in Vietnam

Thanks to strong economic growth since early 2024, Vietnamese consumers feel more confident about the short-term economic stability of the country, with the rate of respondents worried about a recession in the next 6-12 months decreasing by 7 percentage points compared to last year. A notable 70% of Vietnamese consumers trust in the country’s economic outlook, 18 percentage points above the regional average.

Vietnamese consumers are also the most optimistic in the region about their personal finances, with 90% expecting their financial situation to remain stable or improve by June 2025, followed by Indonesia (89%) and Thailand (82%).

While recession concerns have declined from last year, 77% of Vietnamese consumers remain worried about financial issues, including inflation and rising living costs, especially given base salary and minimum wage adjustments in July 2024.

Increased Spending on Experiences, Travel, Savings, and Investments

Over the past year, Vietnamese consumers have ramped up spending on essentials. The top three spending areas are children’s education (42%), healthcare (33%), and utilities (33%).

Vietnamese consumers also spend more on experiences, such as vacations, fine dining, concerts, and festivals, than their regional counterparts, with 42% of respondents indicating increased spending on such activities, higher than the ASEAN average of 35%. Younger age groups, especially Gen Z, tend to spend more on experiences than other groups, with 47% of young people reporting higher spending on these activities.

For overseas spending, more than 70% of Vietnamese consumers reported expenditures within ASEAN over the past year, with Thailand and Singapore being the most popular destinations.