DUBLIN–(BUSINESS WIRE)–The “Vietnam Buy Now Pay Later Business and Investment Opportunities Databook – 75+ KPIs on BNPL Market Size, End-Use Sectors, Market Share, Product Analysis, Business Model, Demographics – Q1 2024 Update” report has been added to ResearchAndMarkets.com’s offering.
BNPL payments in the country are expected to grow by 41.8% on an annual basis to reach US$3.33 billion in 2024.
This report provides a detailed data-centric analysis of the Buy Now Pay Later (BNPL) industry, covering market opportunities and risks across a range of retail categories. With over 75 KPIs at the country level, this report provides a comprehensive understanding of BNPL market dynamics, market size and forecast, and market share statistics.
The medium to long-term growth story of the BNPL industry in the country remains strong. BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 27.6% during 2024-2029.
It breaks down market opportunities by type of business model, sales channels (offline and online), and distribution models. In addition, it provides a snapshot of consumer behaviour and retail spending dynamics. KPIs in both value and volume terms help in getting an in-depth understanding of end market dynamics.
The BNPL gross merchandise value in the country will increase from US$2.34 billion in 2023 to reach US$11.27 billion by 2029. The buy now pay later market is thriving in Vietnam and the trend is projected to continue further in 2024. The rising consumption, coupled with low credit card penetration, is aiding the growth of the industry in Vietnam. To tap into the high-growth sector, not only domestic firms are competing but even regional players like Atome and Kredivo are seeking to scale their operations.
Domestic firms, on the other hand, are entering into strategic partnerships to widen the distribution of their BNPL product. The trend is projected to continue further over the medium term, supporting the competitive landscape in the Vietnamese BNPL industry in 2024. Overall, the publisher maintains a positive growth outlook for the buy now pay later market over the next three to four years.
Rising consumption and low credit card penetration are driving adoption of BNPL in Vietnam
The consumption story is changing rapidly in Vietnam. The rising middle-income class, coupled with lifestyle changes, is driving consumption among Vietnamese households and this trend is supporting the uptake of innovative payment solutions like buy now pay later in the domestic market.
The BNPL growth is also supported by the low credit card penetration in the Vietnamese market. An increasing number of shoppers are utilizing BNPL to fund their purchases, as it provides easier access to credit and higher purchasing power. The trend is expected to continue further in Vietnam over the next three to four years, supporting the broader industry growth. With the market projected to grow, the publisher also expects more regional and global players to expand their presence in the Vietnamese market from the short to medium-term perspective.
Firms are forging strategic alliances to widen the distribution of their BNPL product in Vietnam
The demand for credit products like buy now pay later schemes is growing rapidly among consumers in Vietnam. Consequently, to better serve the rising demand, firms are entering into strategic collaborations to widen the distribution of their products.
Fundiin, in November 2023, entered into a strategic partnership with Pharmacity in Vietnam. Fundiin’s presence at Pharmacity, one of the leading retail pharmacy chains having approximately 1,000 stores across the country, will enable the BNPL firm to tap into more customers. This will also drive the firm’s gross merchandise value and volume for the BNPL provider. In Vietnam, Fundiin is offering BNPL services across different industry verticals including cinema, fashion, cosmetics, and travel among many others.
MoMo, a leading digital wallet and BNPL provider in Vietnam, also entered into a strategic partnership with Grab. The firm entered into a collaboration in November 2023. The partnership will enable MoMo users to make digital payments, including buy now pay later option, for making use of Grab services. With more than 31 million users, Grab stands to benefit significantly through this collaboration with MoMo in the Vietnamese market. MoMo, on the other hand, will also experience higher gross merchandise value and volume due to this collaboration, as Grab offers a wide range of services.
From the short to medium-term perspective, the publisher expects more such strategic collaborations in the Vietnamese BNPL industry. This will support innovation and a competitive landscape in the fast-growing sector, thereby driving the growth of the industry over the next three to four years.
The BNPL payment industry in Vietnam has recorded strong growth over the last four quarters, supported by increased e-commerce penetration.
Reasons to buy
Key Attributes:
Report Attribute | Details |
No. of Pages | 88 |
Forecast Period | 2024 – 2029 |
Estimated Market Value (USD) in 2024 | $3.3 Billion |
Forecasted Market Value (USD) by 2029 | $11.3 Billion |
Compound Annual Growth Rate | 27.6% |
Regions Covered | Vietnam |
Scope
Vietnam BNPL Market Size and Spending Pattern, 2020-2029
Vietnam Buy Now Pay Later Revenue Analysis, 2020-2029
Vietnam Buy Now Pay Later Operational KPIs & Statistics, 2020-2029
Vietnam BNPL by Purpose, 2020-2029
Vietnam BNPL by Business Model, 2020-2029
Vietnam BNPL by Merchant Ecosystem, 2020-2029
Vietnam BNPL by Distribution Model Analysis, 2020-2029
Vietnam BNPL Analysis by Channel, 2020-2029
Vietnam Buy Now Pay Later in Retail Shopping: Market Size and Forecast, 2020-2029
Vietnam Buy Now Pay Later in Home Improvement: Market Size and Forecast, 2020-2029
Vietnam Buy Now Pay Later in Travel: Market Size and Forecast, 2020-2029
Vietnam Buy Now Pay Later in Media and Entertainment: Market Size and Forecast, 2020-2029
Vietnam Buy Now Pay Later in Services: Market Size and Forecast, 2020-2029
Vietnam Buy Now Pay Later in Automotive: Market Size and Forecast, 2020-2029
Vietnam Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast, 2020-2029
Vietnam Buy Now Pay Later in Others: Market Size and Forecast
Vietnam Buy Now Pay Later Analysis by Consumer Attitude and Behaviour
For more information about this report visit https://www.researchandmarkets.com/r/d9cynq
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