Vietnam

Vietnam

General Information

  • Population 97.3m
  • Population 15 + 74.7m
  • Online Population 68.4m
  • Area 331,212 km2
  • Currency EUR
  • GDP 340.8bn USD
  • GDP per Capita 3,499 USD
  • Card-based payments
  • Cash-based payments
  • Bank transfer
  • Wallets
  • Other
[{"label":"Card-based payments","value":"21"},{"label":"Cash-based payments","value":"28"},{"label":"Bank transfer","value":"26"},{"label":"Wallets","value":"21"},{"label":"Other","value":"4"}]
Banked population
  • Vietnam 31%
  • Asia Pacific 71%
  • World 67%
Credit card penetration
  • Vietnam 4%
  • Asia Pacific 13%
  • World 19%
Internet penetration
  • Vietnam 70%
  • Asia Pacific 60%
  • World 62%
Smartphone penetration
  • Vietnam 72%
  • Asia Pacific 71%
  • World 70%

According to the Ministry of Industry and Trade, 53% of the Vietnam population shopped online in 2020, spending 12.1 bn $US, and this figure is set to grow to 55% of the population by 2025.

“Vietnam is at the beginning of becoming a digitalized society with a young population that loves technology” said Ralf Matthaes from Infocus Mekong Research. Companies such as Amazon are investing billions in Vietnam’s online sector.

Vietnam is currently working on a new e-commerce policy to ensure that Vietnamese customers are covered under consumer rights laws.

Vietnam was one of the very few countries with an economy that grew in 2020 – by 2.9%. the World Bank expects their economy to continue to grow in 2021 by 6.6%, however, the number of households reporting a drop in their income has increased by 45%.

Future e-commerce trends (2021-2025)

E-Commerce market size forecast ($US billion)
2021 14.8
2022 18.6
2023 23.0
2024 27.8
2025 33.0
E-Commerce spending per capita ($US)
2021 151
2022 188
2023 231
2024 276
2025 325
E-Commerce spending as % of GDP
2021 5.0
2022 5.6
2023 6.3
2024 6.8
2025 7.3

Vietnam

The E-Commerce Market

Top e-commerce segments 2019 | 2020

  1. Airlines & Hotels: 60% | 31%
  2. Homeware & Furniture: 7% | 19%
  3. Electrical Goods: 9% | 15%
  4. Health & Beauty: 9% | 14%
  5. Food & drink: 7% | 10%

Cross-border e-commerce

  1. Cross-border proportion of total e-commerce – 38%
  2. Value of cross-border e-commerce ($US billion) – 4.6
  3. % of online shoppers who have shopped cross-border – 40%

Top 3 cross-border shopping origin markets

  1. USA: 26%
  2. China: 25%
  3. Japan: 17%
E-commerce % of total retail
  • Vietnam 5.5%
  • Asia Pacific 23.8%
  • World 20%
E-commerce completed on a mobile device
  • Vietnam 61%
  • Asia Pacific 59%
  • World 53%

The Credit Card Split

  • Visa
  • Mastercard
  • Local Schemes
  • Other
[{"label":"Visa","value":"6"},{"label":"Mastercard","value":"4"},{"label":"Local Schemes","value":"89"},{"label":"Other","value":"1"}]
  • E-commerce market size ($US billion) 12.1bn USD
  • E-Commerce spending per capita ($US) 124 USD
  • E-commerce spending as % of GDP 4.5%

The information on our Insights pages has been compiled by us in cooperation with Datamatics and Wright & Brown. The data shown is partially owned by us and partially owned by GlobalData. © 2021 by PPRO Financial Ltd. No data and information can be used for any further publication without the explicit approval of PPRO.

Vietnam

Local Payment Methods

BitPay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 GoPay (by Gojek) Type Wallet Regions Asia Pacific GrabPay Type Wallet Regions Asia Pacific Market relevance High Hyperwallet Type Bank transfer, Gift card, Prepaid voucher Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High PayPal Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Skrill Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High 123 Type Bank transfer, Cash Regions Asia Pacific Market relevance High AirPay Type Wallet Regions Asia Pacific Market relevance High Allied Wallet Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High UnionPay Type Local payment card Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Boku Type Carrier billing Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Google Pay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Mobiamo Type Carrier billing Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Moca / Grab Type Wallet Regions Asia Pacific Market relevance High MoMo Type Wallet Regions Asia Pacific Market relevance High NganLuong Type Wallet Regions Asia Pacific Market relevance High Pay@Store Type Cash Regions Asia Pacific Market relevance High Razer Gold Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Samsung Pay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High SWIFT Type Bank transfer Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High VNPAY QR Type Other Regions Asia Pacific Market relevance High WebMoney Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 1 Market relevance High Bao Kim Type Wallet Regions Asia Pacific Market relevance Medium eMonkey Type Wallet Regions Asia Pacific Market relevance Medium Secure Remote Commerce (SRC) Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance Medium VTC Pay Type Wallet Regions Asia Pacific Market relevance Medium Boloro Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 G2A Pay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Napas e-commerce service Type Wallet Regions Asia Pacific Market relevance High NETELLER Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Splitit Type Instalments Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 ZaloPay Type Wallet Regions Asia Pacific Market relevance High

Search for another region or country