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According to the ASEAN Consumer Sentiment Study (ACSS) released by the United Overseas Bank (UOB), Vietnamese consumers are showing a growing inclination to use digital banking and new payment methods like mobile banking apps, e-wallets, QR code-based payments, e-commerce payment platforms, and mobile wallet debit or credit cards.
According to an expert, with the increasing digital proficiency of Vietnamese consumers, there has been a notable surge in the use of mobile apps. 54% of the respondents to the ACSS reported an uptick in their usage of this channel over the past year. Nevertheless, for complex transactions like high-value transactions, restructuring of bank loans, and purchasing insurance, they tend to favour offline channels. Approximately four out of five consumers use e-wallets at least once a week and often recommend them to others.
Vietnam has observed a remarkable surge in online shopping and e-commerce, which has experienced an annual growth rate of 41% over the past three years. This increase has led to a higher number of online payments. This trend is expected to continue and strengthen in the future.
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.
In fact, Vietnamese consumers exhibit a more positive outlook on their financial future compared to those in other countries. Approximately 76% of the study’s respondents anticipate being in a better financial position by June next year, while 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.
In 2022, it is estimated that online retail sales of goods transactions accounted for roughly 8.5% of the total retail sales of consumer goods and services, amounting to VND 5,680 trillion (approximately US$ 231 billion). Specifically for the retailing of goods, the proportion of online retail sales against the total retail sales of goods was about 7.2% in the same year, which was higher than the rate of 6.7% recorded in 2021.
Vietnam has also experienced a surge in e-commerce exports, offering a lucrative opportunity for numerous micro, small, and medium-sized enterprises (MSMEs) to leverage the thriving e-commerce industry.
As recently reported on OpenGov Asia, business-to-consumer (B2C) e-commerce exports in the country were valued at US$ 3.5 billion, accounting for 1% of the total export revenue last year. If the MSMEs accelerate their adoption of e-commerce for exporting products and services, the country’s e-commerce export revenues could reach up to US$5.5 billion by 2027, with an anticipated annual growth rate of 7%.
Vietnamese businesses have teamed up with a privately-owned e-commerce export platform that established a dedicated team in Vietnam in 2019. This business support programme has successfully reached over 300 million consumers on the e-commerce platform, spanning more than 200 countries and territories around the globe.
