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[Vietnam] With the 4th wave of Covid-19, Consumer confidence has fallen sharply, especially in the 30s living in the south

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In 2020, due to the new Corona, the monthly Consumer Confidence Index (base value 100) dropped to its worst ever level. And an analysis of "macro business confidence," "household business confidence," and "personal business confidence" in the most recent Q1 (January-March) and Q2 (April) of 2021 revealed something interesting.

At the beginning of 2021, business sentiment was beginning to show signs of light. Macro business sentiment was higher than before the corona outbreak (Q1 2019), and household business sentiment also rose to pre-corona levels. Only individual business sentiment did not reach the pre-Corona level, but it was showing signs of recovery.

However, business confidence plummeted in Q2 2021 (April). The scores were macro business confidence (104.11), household business confidence (91.96), and personal business confidence (70.85), all lower than last month's business confidence. This was probably due to the outbreak of the fourth wave in late April (Indian positive cases were discovered in the northern part of the country), which led to increased fines for not wearing masks and the cancellation of events.

Looking at personal business sentiment by city, Hanoi dropped 10 points in the past month, while Ho Chi Minh City plunged 25 points. By age, the 18-29 age group dropped 16 points, while the 30-39 age group dropped 23 points. Among them, the 30-39 age group in Ho Chi Minh City plummeted 49 points to the same level as after the corona outbreak (March 2020). In other words, personal sentiment in the south, where there were no positive cases at the time, dropped much more than in the north, where many positive cases were found, indicating that personal sentiment in April was negative.

Although the number of positive cases from the fourth wave is increasing day by day, the authorities are responding quickly to each outbreak of community-acquired infection. We hope that the smooth and swift response by the authorities will have a positive impact on personal sentiment in the future.

Source: Monthly magazine ACCESS (July 2021 issue)

  • Intage Inc

    Author profile
    (Mrs.) Yuki Makino

    INTAGE VIETNAM Customer Support Representative.
    After working for 4.5 years as a Japanese teacher and secretary to the principal at Dong Du Japanese Language School, she is now a research assistant. She provides analysis results and improvement measures using various data to clients in various industries.
    For other columns by Vietnamese expatriates click here

  • Intage Inc

    Editor profile
    Intage Inc.

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  • Sep 20, 2021
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