Global Compliance

Vietnam Payment Landscape: Navigating a "Taking Off" Digital Economy

Waffo Team

Vietnam is often called the "Rising Star of Southeast Asia."

  • Economic Miracle: Since 1986, Vietnam has maintained an average annual GDP growth of 6.5%.

  • Digital Boom: The digital economy is growing at over 40% annually, leading the ASEAN region.

  • Payment Growth: The digital payment market is projected to reach $32.18 billion in 2024.

  • Cash Reliance: Cash remains dominant, accounting for nearly 30% of transactions.

  • E-wallet Surge: 4 out of 5 Vietnamese use e-wallets, with MoMo and ZaloPay leading the charge.

01. Overview: The New "World Factory"

Economic Vitality

Vietnam's manufacturing-centric economy draws comparisons to China 20 years ago.

  • Potential: Infrastructure, logistics, and mobile payments are in the early stages of rapid development, signaling massive potential for investors.

  • "Crossing the River": Vietnam's development path mirrors China's reform era, making it a familiar landscape for experienced entrepreneurs.

Infographic showing Vietnam's key stats: 103 million population (50% Gen Z/Millennials), $430 Billion GDP, and 5.05% growth rate.
Infographic showing Vietnam's key stats: 103 million population (50% Gen Z/Millennials), $430 Billion GDP, and 5.05% growth rate.

02. The Digital Economy

Vietnam's digital transformation is robust.

Statistics on Vietnam's digital behavior: 80% internet coverage, 58% digital payment penetration, and average daily online time of 8h 25min.
Statistics on Vietnam's digital behavior: 80% internet coverage, 58% digital payment penetration, and average daily online time of 8h 25min.

  • Growth: The digital economy accounted for 16.5% of GDP in 2023, rising to 18.5% in the first half of 2024.

  • Policy: The National Digital Transformation Index (DTI) shows steady progress in digital government, economy, and society.

Chart highlighting Vietnam's ranking as No.1 in Southeast Asia for digital economy growth for two consecutive years (2022, 2023).
Chart highlighting Vietnam's ranking as No.1 in Southeast Asia for digital economy growth for two consecutive years (2022, 2023).

03. The Payment Battlefield: Cash vs. Wallets

While traditional finance dominates, digital payments are expanding rapidly. The market is expected to grow at a CAGR of 8.95% (2024-2028).

Infographic showing Vietnam as No.1 in e-commerce growth in SE Asia, with a 52.9% year-over-year GMV increase.
Infographic showing Vietnam as No.1 in e-commerce growth in SE Asia, with a 52.9% year-over-year GMV increase.

1. Bank Transfers

  • The most common method, integrated with many platforms. Accounts for 36.5% of transactions in retail and F&B.

2. Cash Payments

  • Cash is still king in rural areas and small businesses, accounting for 29.8% of transactions.

3. E-Wallets (MoMo & ZaloPay)

Vietnam has one of the highest e-wallet adoption rates in Southeast Asia.

  • Market Share: Top players like ZaloPay, MoMo, and ViettelPay hold significant market share.

  • MoMo: The market leader with ~68% share and 30 million users. It is the go-to app for young people.

  • ZaloPay: Built into the "Super App" Zalo (Vietnam's WeChat), serving 90 million monthly active users.

ZaloPay Features Overview - English.png
ZaloPay Features Overview - English.png

4. QR Code Payments

  • QR payments account for 9.9% of transactions. Simple scanning replaces complex card entry, driving merchant adoption.

5. Credit & Debit Cards

  • Cards account for 8.5% of transactions, popular among the urban middle class. Credit cards are the top choice for "Buy Now, Pay Later" (BNPL).

6. GrabPay & ShopeePay

  • GrabPay: Originally for ride-hailing, now a comprehensive wallet with 10% market share.

  • ShopeePay: Integrated with Shopee, holding 26% market share as the second-largest wallet.

Conclusion: Seizing the Opportunity

Vietnam's rapid development mirrors China's past, offering huge potential for global businesses. However, "similar" does not mean "identical."

Waffo empowers your expansion

by providing a comprehensive payment solution that covers MoMo, ZaloPay, local cards, and bank transfers, ensuring you can serve every Vietnamese customer seamlessly.