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Vietnam

Vietnam Payments Market Overview

Vietnam is one of the fastest-growing markets in Southeast Asia, with approximately 40 million online shoppers. The Vietnam E-commerce Association reported an e-commerce growth rate of Vietnam at 30% year-on-year and that Vietnamese customers spend on average US$210 per year on online shopping. This growth trajectory has been propelled by increased internet and bank account penetration, rising consumer confidence in online shopping, and the growing number of smartphone users in Vietnam.

The great potential of Vietnam’s e-commerce sector can be seen via its enormous expansion, wherein if the e-commerce market can keep its current growth rate of 30%, its market size might hit US$33 billion by 2025, and Vietnam’s e-commerce market will rank third in Southeast Asia, after Indonesia with US$100 billion and Thailand with US$43 billion.

Payment Methods in Vietnam

Key Market Indicators in Vietnam

$11,800,000,000
Online shopping market value
96%
Pay with local methods
30%
Annual market growth
$210
Avg annual online spend

Banks in Vietnam

VietinBank
Agribank
Bank for Investment and Development of Vietnam
Vietcombank
Techcombank

Mobile Carriers in Vietnam

MobiFone
VinaPhone

Vietnam Payment Methods Guide

Vietnam does not have an exceptional Internet penetration rate, however the majority of the country’s Internet users are young and enjoy shopping online. Cash is king in Vietnam, where the credit card penetration rate is remarkably low. More than half of Vietnam’s online payments are mobile payments (direct carrier billing), prepaid or debit cards.

Country Statistics
Region Southeast Asia
Population 97.3 million
E-commerce market size $6 billion
Local currency VND
Key Metrics
Internet penetration rate 61%%
Internet cost $12.4/month
Mobile penetration rate 41%
Cellular technology standard 3G, 4G, 5G
Popular mobile OS Android, iOS
Other Information
Big Mac Index 2.86
Average annual income 4,190,000 ₫
Largest Cities in Vietnam by Population
Ho Chi Minh 8,993,082
Hanoi 3,962,310

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