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The Vietnam mobile payment market reached approximately USD 37.80 billion in 2023. The market is projected to grow at a CAGR of 9.6% between 2024 and 2032, reaching a value of around USD 86.26 billion by 2032.
Vietnam Mobile Payment Market Report Summary | Description | Value |
Base Year | USD Billion | 2023 |
Historical Period | USD Billion | 2018-2023 |
Forecast Period | USD Billion | 2024-2032 |
Market Size 2023 | USD Billion | 37.80 |
Market Size 2032 | USD Billion | 86.26 |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 9.6% |
CAGR 2024-2032 - Market by Region | Southeast | 10.6% |
CAGR 2024-2032 - Market by Region | South Central Coast | 9.3% |
CAGR 2024-2032 - Market by Transaction Mode | Near Field Communication | 10.4% |
CAGR 2024-2032 - Market by End Use | Personal | 8.7% |
Market Share by Region | Red River Delta | 27.3% |
Vietnam's adoption of smartphones has significantly increased as a result of their widespread affordability. Moreover, the National Digital Transformation Programme, which will be implemented by 2025, aims to quicken the nation's digital transition. By the end of 2025, it is anticipated that Vietnam's digital commerce will generate transaction values of $19.5 million, leading to the expansion of Vietnam's mobile and online payment transactions.
In Vietnam, rising card payments and QR Code transfers are driving the trend toward cashless transactions. Notable developments in digital payment services and infrastructure are facilitating this transition successfully. The nation's financial institutions are making significant efforts to ensure security and encourage digital payments. For instance, in June 2024, the State Bank of Vietnam instructed commercial banks to make a mandatory biometric verification policy. Starting on July 1st 2024, biometric verification of facial recognition is necessary for completing online banking transactions of 10 million VND (USD 391) or more, in accordance with the policy on implementing security solutions in online payments and bank card payments. The State Bank of Vietnam reported that 60 financial institutions adopted customer verification through in-branch chip-based ID cards, 49 through mobile apps, and 22 through the VNeID electronic identity application.
“Vietnam Mobile Payment Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
CAGR 2024-2032 - Market by | Transaction Mode |
Near Field Communication | 10.4% |
SMS Direct Carrier Billing | 9.1% |
Mobile Web Payments | XX% |
Others | XX% |
Market Breakup by Transaction Mode
Market Breakup by Purchase Type
Market Breakup by Application
CAGR 2024-2032 - Market by | End Use |
Personal | 8.7% |
Business | XX% |
Market Breakup by End Use
CAGR 2024-2032 - Market by | Region |
Southeast | 10.6% |
South Central Coast | 9.3% |
Red River Delta | XX% |
Mekong River Delta | XX% |
Others | XX% |
Market Share by | Region |
Red River Delta | 27.3% |
Southeast | XX% |
Mekong River Delta | XX% |
South Central Coast | XX% |
Others | XX% |
Market Breakup by Region
Based on transaction mode, the market is segmented into mobile web payments, near field communication, and SMS direct carrier billing, among others. The near field communication type is projected to grow at a CAGR of 10.4% during the forecast period of 2024-2032. Short-range wireless communication between two devices is made possible by the technology of near field communication, or NFC.
Major players are focusing on the adoption of advanced technologies to gain a competitive edge in the market.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Transaction Mode |
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Breakup by Purchase Type |
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Breakup by Application |
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Breakup by End Use |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Vietnam Mobile Payment Market Size
Vietnam Mobile Payment Market Growth
Vietnam Mobile Payment Market Share
Vietnam Mobile Payment Companies
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific Mobile Payment Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Mobile Payment Historical Market (2018-2023)
8.3 Asia Pacific Mobile Payment Market Forecast (2024-2032)
9 Vietnam Mobile Payment Market Overview
9.1 Key Industry Highlights
9.2 Vietnam Mobile Payment Historical Market (2018-2023)
9.3 Vietnam Mobile Payment Market Forecast (2024-2032)
10 Vietnam Mobile Payment Market by Transaction Mode
10.1 Mobile Web Payments
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Near Field Communication
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 SMS Direct Carrier Billing
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Others
11 Vietnam Mobile Payment Market by Purchase Type
11.1 Airtime Transfer and Top Ups
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Money Transfers and Bill Payments
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Merchandise and Coupons
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Travel and Ticketing
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Others
12 Vietnam Mobile Payment Market by Application
12.1 Media and Entertainment
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Energy and Utilities
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Healthcare
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Retail
12.4.1 Historical Trend (2018-2023)
12.4.2 Forecast Trend (2024-2032)
12.5 Hospitality and Transportation
12.5.1 Historical Trend (2018-2023)
12.5.2 Forecast Trend (2024-2032)
12.6 Others
13 Vietnam Mobile Payment Market by End Use
13.1 Personal
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Business
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
14 Vietnam Mobile Payment Market by Region
14.1 Southeast
14.1.1 Historical Trend (2018-2023)
14.1.2 Forecast Trend (2024-2032)
14.2 Red River Delta
14.2.1 Historical Trend (2018-2023)
14.2.2 Forecast Trend (2024-2032)
14.3 Mekong River Delta
14.3.1 Historical Trend (2018-2023)
14.3.2 Forecast Trend (2024-2032)
14.4 South Central Coast
14.4.1 Historical Trend (2018-2023)
14.4.2 Forecast Trend (2024-2032)
14.5 Others
15 Market Dynamics
15.1 SWOT Analysis
15.1.1 Strengths
15.1.2 Weaknesses
15.1.3 Opportunities
15.1.4 Threats
15.2 Porter’s Five Forces Analysis
15.2.1 Supplier’s Power
15.2.2 Buyer’s Power
15.2.3 Threat of New Entrants
15.2.4 Degree of Rivalry
15.2.5 Threat of Substitutes
15.3 Key Indicators for Demand
15.4 Key Indicators for Price
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 ONLINE MOBILE SERVICES JOINT STOCK COMPANY
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 ZION Joint Stock Company
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Moca Inc.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 VNPAY
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Viettel Digital
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Mobile Payment Market: Key Industry Highlights, 2018 and 2032
2. Vietnam Mobile Payment Market: Key Industry Highlights, 2018 and 2032
3. Vietnam Mobile Payment Historical Market: Breakup by Transaction Mode (USD Billion), 2018-2023
4. Vietnam Mobile Payment Market Forecast: Breakup by Transaction Mode (USD Billion), 2024-2032
5. Vietnam Mobile Payment Historical Market: Breakup by Purchase Type (USD Billion), 2018-2023
6. Vietnam Mobile Payment Market Forecast: Breakup by Purchase Type (USD Billion), 2024-2032
7. Vietnam Mobile Payment Historical Market: Breakup by Application (USD Billion), 2018-2023
8. Vietnam Mobile Payment Market Forecast: Breakup by Application (USD Billion), 2024-2032
9. Vietnam Mobile Payment Historical Market: Breakup by End Use (USD Billion), 2018-2023
10. Vietnam Mobile Payment Market Forecast: Breakup by End Use (USD Billion), 2024-2032
11. Vietnam Mobile Payment Historical Market: Breakup by Region (USD Billion), 2018-2023
12. Vietnam Mobile Payment Market Forecast: Breakup by Region (USD Billion), 2024-2032
13. Vietnam Mobile Payment Market Structure
In 2023, the market reached an approximate value of USD 37.80 billion.
The market is estimated to grow at a CAGR of 9.6% between 2024 and 2032.
The market is estimated to witness a healthy growth during 2024-2032 to reach around USD 86.26 billion by 2032.
The market is being driven by increased smartphone penetration and growing digital literacy.
The key trends aiding the mobile payment market in Vietnam include rising financial inclusion in the economy and rapid digitalisation.
The major regions considered in the market are Southeast, Red River Delta, Mekong River Delta, and South Central Coast, among others.
The different end uses of mobile payment include personal and business.
The major players in the market are ONLINE MOBILE SERVICES JOINT STOCK COMPANY, ZION Joint Stock Company, Moca Inc., VNPAY, and Viettel Digital, among others.
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