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The government has released a resolution that extends the pilot period for the use of telecom payment accounts for small-value goods and services until 31 December 2024. Accordingly, the State Bank of Vietnam has been tasked with collaborating with the Ministry of Information and Communications (MIC), the Ministry of Public Security, the Ministry of Justice, and relevant agencies to assess and submit legal documents regulating Mobile-Money services to the central government before May 2024.
In 2021, the Prime Minister approved the two-year nationwide pilot of Mobile-Money services, starting in March 2021. The service enables customers to use their telecom accounts for transactions like payments for small-value goods and services, money transfers, direct deposits, and withdrawals at telecom provider outlets and transaction points throughout the country without needing a bank account, a smartphone, or an internet connection.
MIC reported that as of early May 2023, the number of customers using the Mobile-Money service had surpassed 3.9 million, marking a threefold increase compared to the same period last year. Of this figure, the number of clients situated in rural, remote, and mountainous areas exceeded 2.7 million, constituting 69% of the overall total.
Nationwide, there were 9,953 Mobile Money service points, reflecting a 12% increase since March, MIC informed. Additionally, there were 15,326 units accepting payments via Mobile Money, experiencing a slight 0.2% uptick. The total number of withdrawals, transfers, and payments conducted through Mobile Money exceeded 26.1 million, with a combined value of approximately VND 1.683 trillion (US$ 70.1 million).
As per the ASEAN Consumer Sentiment Study (ACSS) unveiled by the United Overseas Bank (UOB), Vietnamese consumers are increasingly favouring the adoption of digital banking and emerging payment methods such as mobile banking apps, e-wallets, QR code-based payments, e-commerce payment platforms, and debit or credit cards linked to mobile wallets.
Further, with the growing digital proficiency among Vietnamese consumers, there has been a significant rise in the use of mobile apps. According to the ACSS, 54% of respondents noted an increase in their usage of this channel over the past year.
As OpenGov Asia reported, Vietnam has witnessed a notable surge in online shopping and e-commerce, with an impressive annual growth rate of 41% over the last three years. This surge has resulted in an increased volume of online payments.
The study showed that the strong economic growth in Vietnam has contributed to a more positive sentiment among Vietnamese consumers, making them feel more optimistic about both the current and future economic conditions in the country. Despite the rising inflation and increased expenses that have raised fears of an economic downturn across ASEAN, consumers in the region have embraced the advent of digitalisation with enthusiasm.
Vietnamese consumers demonstrate a notably optimistic outlook on their financial future compared to counterparts in other countries. Around 76% of respondents in the study anticipate an improved financial position by June of the following year. In comparison, the corresponding figures for Indonesia and Thailand are 74% and 68%, respectively.
Regarding their concerns, Vietnamese consumers worry about their ability to save and afford essential items, maintain their current lifestyle, and provide for their parents’ financial and healthcare needs. Consequently, they are more cautious when investing.
