Vietnam has one of the world’s fastest-growing economies, with a burgeoning ecommerce market powered by increasing internet penetration rate and changing consumer behavior.
The market grew by 46% in 2020, with nearly half of purchases made by first-time shoppers. Cross-border shopping accounts for 37% of total ecommerce in Vietnam, marking the country out as an exciting opportunity for international merchants.
Critically, 70% of the population is unbanked, making cash on delivery (26%) a popular payment method for ecommerce while digital wallet usage is also increasing. Digital wallet use is 42% among the banked and 17% among the unbanked. Adyen partner MoMo currently leads the mobile wallet space with 20 million users, followed by Moca and Zalo Pay. Cards continue to be the main way to pay online in Vietnam, taking a 31% market share. NAPAS is the Vietnamese domestic payment scheme and is the main debit card in the country.