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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
Banks in Vietnam
Mobile Carriers in Vietnam
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.
|E-commerce market size||$6 billion|
|Internet penetration rate||61%%|
|Mobile penetration rate||41%|
|Cellular technology standard||3G, 4G, 5G|
|Popular mobile OS||Android, iOS|
|Big Mac Index||2.86|
|Average annual income||4,190,000 ₫|
|Ho Chi Minh||8,993,082|