Vietnamese the world's best savers

By Bui Hong Nhung   February 27, 2016 | 01:14 pm GMT+7

Around 80 percent of Vietnamese people say they save their spare cash rather than spending, according to a new Nielsen survey.

This figure was higher than the average average across the Asia-Pacific region (61 percent) and of some neighboring countries, including Indonesia (75 percent), Singapore (64 percent) and Thailand (60 percent).

The Nielsen Global Survey of Consumer Confidence and Spending Intentions, covering the fouth quarter of 2015, found the high level of saving was attributed mainly a change in consumer spending habits as a result of rising living expenses. 

Eight out of ten respondents said  they had changed their spending habits over the last 12 months. More specifically, 60 percent of those surveyed had cut spending on gas, electricity and clothing, while more than half reduced entertainment costs and 40 percent cut expenses for mobile phones.

“Most consumers are looking to save to buy a house or  to travel, so the level of personal saving will increase," said Vaughan Ryan, General Director of Nielsen Vietnam. "There is also general pessimism with regards to the domestic market, so this trend will certainly will continue."