Fintech services are used by about 60% of Vietnamese online consumers

Fintech services are used by about 60% of Vietnamese online consumers

Vietnamese online consumers are using more digital shopping platforms than ever before, with e-commerce accounting for 51% of all online purchases.

Vietnam is a leading market for implementing new technologies, with 58% of digital consumers using e-wallets, digital banking, and online banking services.

In Vietnam, over 80% of the population is represented as online consumers, according to the “SYNC Southeast Asia” research on digital consumers in Southeast Asia in the next stage of growth. Additionally, with a share of 6%, e-commerce has continued to expand at an average rate of 15% over the past year, surpassing China’s and India’s growth rates of 10% and 4%, respectively.

According to the research, regional consumers are now at a new stage in the pandemic’s growth and prioritize an integrated purchasing experience that successfully combines online and offline services. This development began around three years ago.

Because of the “interface” aspect that direct sales platforms provide, 10% of Vietnamese respondents surveyed said they had switched at least one of their buying categories from online to direct channels after the epidemic. Indicating that online shopping is still a significant channel for digital shoppers in the nation, there are still some shopping categories that customers still choose to be online. During the “discovery” stage, 84% of Vietnamese consumers said they prefer to browse and find products online.

E-commerce makes up 51% of all online spending

The survey claims that Vietnamese online customers are using more platforms than ever right now, with the e-commerce industry dominating with 51% of all online spending. While this is happening, social networks are accountable for about 50% of all online searches, including 16% of photographs, 22% of social media videos, and 9% of related tools like messaging.

44 percent of survey respondents indicated that social media and associated technologies like messaging were the most important channels for digital buyers in Vietnam during the consideration period.

64% of respondents said they have connected with a business chat account in the previous year, demonstrating how consumers’ willingness to experiment and engage in contact has also changed their behavior. The content creation economy is also exhibiting numerous promising signs as consumers seek increased connectivity.

The survey also demonstrates that Vietnam, along with Indonesia and the Philippines, is among the leading markets in terms of embracing emerging technologies like fintech and metaverse. In Vietnam, 58% of internet users have used fintech services as digital banking, e-wallets, money transfer apps, and online banking.

ASL LAW is the top-tier Vietnam law firm for doing business in Vietnam. If you need any advice, please contact us for further information or collaboration.


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