Inflation Hurts 95 per cent of Vietnamese People

Up to 95 per cent of Vietnamese people known for optimism admitted that inflation has hurt their livings, according to a survey conducted by Taylor Nelson Sofres Vietnam announced August 25 in Ho Chi Minh City.

 

Only a third of Vietnamese laborers have salary increased while consumer prices were rocketing, the survey said.

 

High inflation has forced 75 per cent of Vietnamese consumers to change their shopping habits

 

The consumers in Hanoi are still faithful to their familiar trademarks, with only 8 per cent of them shifting to cheaper goods labels, while up to 33 per cent of consumers in Danang and 32 per cent in Ho Chi Minh City have used cheaper products.

 

The low income earners (of less than VND3.5 million a month) are seen to buy 17.2 per cent less than before.

 

Consumers give the most priority on buying foodstuff, at 75.5 per cent of total purchase, compared with the 73.1 per cent purchase in 2007.

 

71 per cent of consumers consider prices the most important factor for their purchase.

 

The survey also indicated that Vietnam has as many as 89 banks, but money in banks is not much.

 

About 5 per cent of urban residents are involved in stock market. 14 per cent of them are rich, but up to 33 per cent of the rich buy shares following the crowd. Only 4 per cent of them said they are satisfied with their investment results, 19 per cent disappointed and 22 per cent unsatisfied.

 

Despite impacts from inflation, the mobile phone using frequency of Vietnamese people is among the top ten users in the world, at 60 per cent, of which 80 per cent usually use messages (compared with 8 per cent in Thailand, 25 per cent in the U.S and 39 per cent in India) and 24 per cent people use cell phones just for listening music. (Laborers)