Almost 60 percent of digital consumers in Việt Nam use fintech solutions

VIETNAM, October 25 –

HÀ NỘI — Việt Nam is a top market for adopting new technologies, with 58 percent of digital consumers having used online banking solutions, e-wallets, money transfer applications and digital banking.

According to the “SYNC Southeast Asia” report on digital consumers in Southeast Asia in the emerging stage of development, Việt Nam has almost 80 percent of its population represented as digital consumers. Also, the average contribution of e-commerce to total retail sales has continued to grow at 15 percent over the past year, higher than India’s 10 percent and China’s 4 percent growth, with an online-to-total retail share of 6 percent. cents.

About three years into the pandemic, research shows that regional consumers are at a new stage of development, prioritizing an integrated shopping experience that effectively combines online and in-person services.

After the pandemic, 10 percent of Vietnamese surveyed moved at least one of their shopping categories from online to direct channels because of the “interface” factor that direct sales channels bring. However, there are still certain shopping categories that consumers still prefer to opt for “closing” online, indicating that online shopping continues to serve as an important channel for digital shoppers in the country. During the “discovery” phase, 84 percent of Vietnamese customers see the web as their favorite channel to browse and find products.

E-commerce accounts for 51 percent of online spending

According to the report, this is a period when Vietnamese digital consumers are using more platforms than ever before, with the dominance of the e-commerce market accounting for 51 percent of online spending. At the same time, social networks account for almost half of online discoveries, including photos at 16 percent, social media videos at 22 percent and related tools such as messaging at 9 percent.

Social media and related tools such as messaging were important channels for Việt Nam’s digital customers during the assessment period, accounting for 44 percent of survey respondents.

“Consumers’ openness to interaction and experimentation has also led to behavioral change, with 64 percent of respondents saying they’ve interacted with a business conversation account in the past year. As customers seek more engagement, the content creation economy is also showing many positive signs. .

“In Việt Nam, the average sales volume related to entertainment, streaming and related products to content creators in the three months prior to our survey has increased 12 times,” said Lê Khôi, Country Director of Việt Nam Market at Meta, adding: “II In the context of digital consumption, Vietnamese users switch brands more often and increase the number of platforms they use to find a better value, with 22 percent of online orders made on various e-commerce platforms.”

He added: “Value is one of the main factors driving this behavior when ‘better price’ is chosen as the main reason for switching platforms, followed by product quality and delivery times. As a result, the number of online platforms Vietnamese consumers use will increase from 8 in 2021 to 16 in 2022.

Last week, in the seminar “Promoting Digital Transformation for Organizations and Enterprises”, Nguyễn Bá Diệp, co-founder of MoMo Ewallet, said: “Digital transformation for retail is an inevitable trend.”

Diep added that with more than 31 million customers on MoMo, they have solutions to help businesses, especially SMEs, banks, credit institutions and investment funds, reach more customers quickly and efficiently.

Diep said MoMo would continue to coordinate with tens of thousands of other partners to expand this service ecosystem specifically for retail solutions.

Diep said that over the past four years, they developed the finance-insurance service on MoMo with more than 10 million users, including consumer credit, accumulated investment and insurance.

The report also shows that thanks to advanced thinking, Việt Nam is among the best markets to adopt future technologies such as fintech and metaverse, along with Indonesia and the Philippines. Currently, 58 percent of digital consumers in Vietnam have used fintech solutions such as online banking, e-wallets, money transfer applications and omnipotent digital banking.

It also said that the use of digital technology in Việt Nam is mature and mainly driven by functionality and convenience, adding that 7 out of 10 digital consumers in the country used metaverse technologies such as cryptocurrencies, augmented reality, virtual reality, virtual world and NFTs in 2022. In particular, Việt Nam has the highest share of VR applications among Southeast Asian countries, at 29 percent. — VNS