Payments and e-commerce in Vietnam

Discover how Vietnamese like to shop and pay online

Vietnam

General Information

Population 98.3 m
Population 15 + 75.5 m
Online population 70.9 m
Area 331,212 km²
Currency EUR
GDP 368.0 bn $US
GDP per capita 3,744 $US

Card-based payments
Cash-based payments
Bank transfer
Wallets
Other

[{"label":"Card-based payments","value":"23"},{"label":"Cash-based payments","value":"23"},{"label":"Bank transfer","value":"24"},{"label":"Wallets","value":"25"},{"label":"Other","value":"5"}]

Banked population

Vietnam 33%
Asia Pacific 76%
World 67%

Credit card penetration

Vietnam 4%
Asia Pacific 29%
World 19%

Internet penetration

Vietnam 72%
Asia Pacific 61%
World 62%

Smartphone penetration

Vietnam 74%
Asia Pacific 62%
World 70%

The Viet Nam E-commerce and Digital Economy Agency has said that the country has the highest number of e-commerce consumers in Southeast Asia with 49.3 m people shopping online.

According to AEONE supermarket in Vietnam, the number of customers using cashless payment methods has increased by 50% over the first half of the year.

58% of Vietnamese consumers shop for their groceries online and cite convenience as their reason, and 53% state they now think of this as the normal way to do grocery shopping.

76% of consumers currently use mobile wallets and 82% use cards as the number of people carrying less cash has increased to 65%.

Future e-commerce trends (2021-2026)

B2C e-commerce ($US billion)

2022 18.0

2023 21.5

2024 25.0

2025 28.2

2026 31.7

E-commerce spending per capita ($US)

2022 182

2023 215

2024 248

2025 278

2026 310

E-commerce spending as % of GDP

2022 5.6

2023 6.0

2024 6.2

2025 6.2

2026 6.2

Vietnam

The E-Commerce Market

Top e-commerce segments

Electronics & Media: 28%
Fashion: 22%
Food & Personal Care: 18%
Furniture & Appliances: 17%
Toys, Hobby & DIY: 15%

Cross-border e-commerce

Online shoppers who have shopped cross-border – 36%

Top 3 cross-border shopping origin markets

US
China
Japan

B2C e-commerce growth 20->21

Vietnam 24.3%

E-commerce % of total retail

Vietnam 8%
Asia Pacific 29%
World 20%

E-commerce completed on a mobile device

Vietnam 61%
Asia Pacific 65%
World 53%

The Credit Card Split

Visa
Mastercard
Local Schemes
Other

[{"label":"Visa","value":"6"},{"label":"Mastercard","value":"5"},{"label":"Local Schemes","value":"88"},{"label":"Other","value":"1"}]

E-commerce market size 14.8 bn $US
E-commerce spending per capita 151 $US
E-commerce spending as % of GDP 5.1%

_{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 Cryptocurrency Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 GrabPay

Type Wallet Regions Asia Pacific 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