Vietnam tops ASEAN in consumer sentiment: UOB report

Major ASEAN economies have continued to show resilience despite the uncertain macroeconomic environment, with Vietnam standing out as the most optimistic market in the region, according to a survey recently released by Singapore-based United Overseas Bank (UOB).

According to the UOB ASEAN Consumer Sentiment Study 2025, the ASEAN Consumer Sentiment Index rose one point from last year to 54. The study, covering 5,000 respondents in Indonesia, Malaysia, Singapore, Thailand and Vietnam, found that Vietnam’s consumer sentiment led the region with 67 points, up three points from last year.

Indonesia followed at 55 points, down three points, while Malaysia posted the strongest increase, gaining 11 points to 53. Singapore and Thailand both stood at 47, with Singapore recording the sharpest decline of 10 points after the U.S. tariff announcements in April rattled financial markets.

More than half of consumers in the region are positive about the economic, political and social stability in their countries, with 60% of respondents upbeat about economic stability, 57% about political stability, and 61% about social stability. Vietnam recorded the highest scores of 83%, 82%, and 81%, respectively.

The report also found that financial and environmental concerns dominate in the region. The increased cost of living due to inflation was the top concern, followed by climate change and U.S. tariffs. More than half of respondents anticipate that inflation will erode their purchasing power, prompting more cautious spending, though a smaller proportion plan major cutbacks.

As for digital payments, the report pointed out that e-wallets and scan-to-pay are the top products used across the region, with e-wallets being more dominant in Vietnam and Indonesia than in other markets.

In terms of savings, a majority of consumers across ASEAN have an emergency fund, with 58% having enough to cover at least 3-6 months of expenses. However, Vietnam recorded a lower score of 57%.

The index was introduced this year, though UOB has conducted its ASEAN consumer sentiment report for six consecutive years.