Most Vietnamese expect increased incomes

By Phuong Dong   October 22, 2020 | 05:12 pm PT
Most Vietnamese expect increased incomes
Workers seen at Long Bien Market in Hanoi's Long Bien District on April 16, 2020. Photo by VnExpress/Thanh Hue.
A recent survey by French market research firm Ipsos has found 61 percent of respondents expecting their earnings to improve in the next six months.

However, the survey also found 15 percent fearing a further decline in their incomes during the same period.

The impact of the second Covid-19 outbreak that started July 25 has been less severe than the first, the firm says in its report titled "Rebounding from Covid-19 in Vietnam" published Thursday.

The survey found 79 percent of Vietnamese respondents reporting a decrease in income, down 11 percentage points compared to data collected by the company in May 2020. The rate of respondents seeing their incomes drop by half also dropped to 6 percent from the earlier 12 percent.

The survey, conducted September 18-22, used online interviews to collect the opinions of 500 people. Participants were divided into three groups - low income: below VND7.5 million ($323.6) per month; average income: from VND7.5-23.5 million; and high income: above this level.

Ngan Ly, Ipsos Country Manager in Vietnam, said with a margin of error of about 4 percent, the survey results could be representative of the general trend in the country. She said that Vietnamese were more optimistic than citizens of other countries in the region in terms of economic prospects and personal incomes.

In the latest survey, only 1 percent said their income had increased, but when asked about the next six months, 61 percent expected improvements, with the high-income group reporting the best recoveries.

Most of the 15 percent who worried that their income might slip further were unskilled labor.

Many Vietnamese seem to remain optimistic about the future, but they were still concerned about the stability of their jobs. This prompted them to cut down their savings and investments in real estate, stocks, gold, loan and insurance schemes.

Their spending on entertainment and similar activities reduced by 45 percent.

Over 80 percent of respondents said they would be more careful when shopping, giving priority to essential needs like food and healthcare.

The new lifestyle that have emerged from the social distancing period has been sustained, with consumers more willing to stay at home and maintain a healthy lifestyle. Over 60 percent confirmed that they were using more healthy foods, nutritional supplements and have reduced the frequency of alcohol and tobacco consumption.

Shopping habits have also changed as people limit direct visits to markets and supermarkets and increased online shopping, the report said.

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