e-Commerce and Payments in Vietnam
One of the world's fastest-growing economies
The Vietnamese e-commerce business has not yet seriously threatened traditional brick-and-mortar sales. However, with a young population that is embracing mobile commerce quickly and a double-digit sales growth. It is a market that merchants looking for emerging e-commerce markets shouldn’t neglect.
Market Overview
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Population
98.8 million
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Online Population
70.9 million
-
Currency
VND
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e-Commerce Market Value
$12.10 billion
-
GDP
$368 billion
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GDP per Capita
$3,875
Available Local Payment Method
VN Bank Transfer
Type
Bank Transfer
Regions
Asia Pacific
MomoPay
Type
e-Wallet
Regions
Asia Pacific
Viet QR
Type
QR Code
Regions
Asia Pacific
Viettel Pay
Type
e-Wallet
Regions
Asia Pacific
Zalo Pay
Type
e-Wallet
Regions
Asia Pacific
Key Takeaways
- Although there are many different ways to pay in Vietnam, cards are the most widely used method by Vietnamese online shoppers.
- With over a third of all e-commerce spending in Vietnam going toward foreign purchases, the Vietnamese also show a willingness to shop internationally.
- The majority of foreign investment into Vietnam’s e-commerce market comes from other countries, particularly south east Asian e-commerce merchants like Lazada and its parent company Alibaba. This is because Vietnam is an attractive emerging economy.
- Western e-commerce players are starting to pay attention as well. When Amazon announced a partnership with the Vietnam E-commerce Association in 2018, it was seen as a sign that the company intended to increase its presence there.
