Consumer confidence up in July

ANZ Bank economists announced this in a report dated July 30, adding that easing of political tensions appear to have contributed to the increase in confidence during the month.

In terms of personal finances, 34% (up 2%) of the Vietnamese people say that their families are "better off" than a year ago, while 19% (down 1%) say that their families are "worse off".

About 55% (up 7%) expect their families to be "better off" financially this time next year, compared to 6% (down 2%) who expect their families to be "worse off".

As much as 61% (up 4%) of the Vietnamese people expect Vietnam to have "good times" economically over the next five years, compared to 7% (down 4%) who expect "bad times".

However, 47% (down 2%) expect the country will have "good times" financially during the next twelve months, while 15% (down 1%) expect "bad times".

Thirty-seven percent (down 1%) of the Vietnamese people say now is a "good time to buy" major household items, compared to 17% (up 3%) who say it is a "bad time to buy".

"We believe the economic backdrop will be one of sure-and-steady recovery, rather than a V-shaped rebound," said Glenn Maguire, the chief economist of ANZ in Asia-Pacific.

Consumer confidence sitting above the 2014 average is aligned with Vietnam's ongoing economic momentum. However, further strong gains in confidence will need to be propelled either via wealth effects from higher equity and gold prices, or a faster improvement in the economy.

"We would now assess confidence as being more likely to move sideways at elevated levels rather than continue to make strong gains," said Glenn.

The ANZ Bank and Roy Morgan Research launched the monthly private consumer index for Vietnam earlier this month, with surveys covering major cities and provinces across the nation.

The consumer index jumped 7.7 points in June.