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Vietnam Buy Now Pay Later Business and Investment Opportunities - 75+ KPIs on Buy Now Pay Later Trends by End-Use Sectors, Operational KPIs, Market Share, Retail Product Dynamics, and Consumer Demographics - Q3 2022 Update

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    Report

  • 50 Pages
  • August 2022
  • Region: Vietnam
  • PayNXT360
  • ID: 5304988
According to the publisher, BNPL payments in the country are expected to grow by 79.0% on an annual basis to reach US$2,092.2 million in 2022.

Medium to long term growth story of BNPL industry in Vietnam remains strong. BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 31.9% during 2022-2028. The BNPL Gross Merchandise Value in the country will increase from US$1,168.9 million in 2021 to reach US$11,001.9 million by 2028.

The Fintech ecosystem has been growing rapidly in Vietnam. Over the last two years, the buy now pay later (BNPL) industry has experienced significant growth, a trend that the publisher expects to grow further in the Southeast Asian market. Notably, the growth in the Vietnamese BNPL market is directly related to the rise in online shopping. During the global pandemic, millions of new consumers turned to digital sales channels to complete their purchases in the country.

One of the major factor that is expected to contribute significantly to the growth of the BNPL industry is the young population of Vietnam. Gen Z and millennial consumers have driven the growth of the e-commerce industry, and with the rising smartphone and internet penetration rate, the publisher expects them to accelerate the growth of the BNPL segment over the next three to four years in Vietnam.

Over the years, banks in Vietnam have been struggling to digitalize their systems. However, traditional banking players are now expected to introduce BNPL service to catch up on the race to acquire young customers and potential credit users and leverage their large customer base through credit-card installments. The entry of traditional banking institutions into the BNPL sector will, therefore, further boost competition in the Vietnamese market over the next three to four years.

Financial services firms are targeting the e-commerce industry to drive the growth of their BNPL product in Vietnam

The growth of the BNPL market in Vietnam has come in parallel with the growth of the e-commerce industry in the country over the last two years. Driven by the global pandemic outbreak, consumers increasingly turned to online shopping channels and, at the same time, also adopted digital payment methods, such as BNPL. It means that the e-commerce industry has been one of the major growth drivers for the BNPL market. Consequently, financial services firms are targeting the e-commerce industry to drive the growth of their BNPL product in Vietnam. For instance,
  • In July 2022, Home Credit, the Netherlands-based financial services firm, announced that the firm had entered into a strategic partnership with Tiki, one of the leading e-commerce platforms in Vietnam, to launch Home PayLater, a BNPL service, in the country. The pay later services launched by Home Credit will allow millions of Tiki customers to buy products of their choice. This partnership with Tiki will help Home Credit to accelerate its BNPL product adoption among Vietnamese, thereby boosting its transaction value and volume.
The publisher expects the financial services firm to further partner with more e-commerce marketplaces in the country as the online shopping trend continues to grow, especially among young generation shoppers, in Vietnam.

Banking institutions are launching credit card-linked BNPL services for young generation Vietnamese

In Vietnam, BNPL has grown into widespread popularity, especially among young generation consumers. While pure-play BNPL providers have been the initial beneficiary of the growing adoption of BNPL products among Vietnamese, banking institutions are also entering the BNPL landscape to benefit from the growing trend by leveraging their strong customer base. As a result, banking institutions in Vietnam are launching credit card-linked BNPL services targeted toward young generation consumers. For instance,
  • In April 2022, HSBC Bank (HSBC Vietnam) announced the launch of its LiveFree credit card, which is one of the first BNPL-focused credit cards in the market. Notably, the credit card is designed to target the need of young generation Vietnamese consumers. The bank is presenting the credit card to late millennials and early Gen Z consumers aged 23 to 30. Notably, consumers get up to 50% discount across categories, including shopping, beauty, traveling, and F&B, among others.
Over the next three to four years, the publisher expects more banking institutions to launch credit card-linked BNPL services for young generation shoppers, among whom the popularity of deferred payment options has been on a constant rise in Vietnam.

Residential property developers in Vietnam are launching a BNPL plan to boost sales in the country

Across industries, the adoption of the BNPL payment method has been on the rise. This trend is expected to accelerate further amid surging inflation and rising interest rates. In Vietnam, residential property developers are turning to BNPL schemes to entice investors and boost sales. For instance,
  • In June 2022, Singapore-based CapitaLand Development rolled out a BNPL scheme for a residential project in Vietnam amid the slowdown in residential sales in the country. The scheme, exclusively available for buyers in Hong Kong, is offering a 30:70 payment scheme to buyers at its Zenity residential project in Ho Chi Minh City.
The launch of the BNPL scheme came at the time when property sales in the country slumped 46% in Q1 2022 compared to the same period last year. With real estate developers struggling to raise funds through bank loans and corporate bonds due to increased supervision, the publisher expects more firms to launch such innovative BNPL schemes to drive sales in the country.

Scope

This report provides in-depth, data-centric analysis of Buy Now Pay Later industry in Vietnam. Below is a summary of key market segments:

Vietnam BNPL Market Size and Spending Pattern

  • Gross Merchandise Value Trend Analysis
  • Average Value Per Transaction Trend Analysis
  • Transaction Volume Trend Analysis

Vietnam Buy Now Pay Later Operational KPIs

  • Buy Now Pay Later Revenues, 2019 - 2028
  • Buy Now Pay Later Share by Revenue Segments
  • Buy Now Pay Later Merchant Commission, 2019 - 2028
  • Buy Now Pay Later Missed Payment Fee Revenue, 2019 - 2028
  • Buy Now Pay Later Pay Now & Other Income, 2019 - 2028
  • Buy Now Pay Later Accounts, 2019 - 2028
  • Buy Now Pay Later Bad Debt, 2019 - 2028

Vietnam Buy Now Pay Later Market Share Analysis by Key Players (Akulaku, Atome, Pinelabs, Fundiin, Paylater)

Vietnam Buy Now Pay Later Spend Analysis by Channel: Market Size and Forecast

  • Online Channel
  • POS Channel

Vietnam Buy Now Pay Later in Retail Shopping: Market Size and Forecast

  • Gross Merchandise Value Trend Analysis
  • Average Value Per Transaction Trend Analysis
  • Transaction Volume Trend Analysis

Vietnam Buy Now Pay Later in Home Improvement: Market Size and Forecast

  • Gross Merchandise Value Trend Analysis
  • Average Value Per Transaction Trend Analysis
  • Transaction Volume Trend Analysis

Vietnam Buy Now Pay Later in Leisure & Entertainment: Market Size and Forecast

  • Gross Merchandise Value Trend Analysis
  • Average Value Per Transaction Trend Analysis
  • Transaction Volume Trend Analysis

Vietnam Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast

  • Gross Merchandise Value Trend Analysis
  • Average Value Per Transaction Trend Analysis
  • Transaction Volume Trend Analysis

Vietnam Buy Now Pay Later in Other: Market Size and Forecast

  • Gross Merchandise Value Trend Analysis
  • Average Value Per Transaction Trend Analysis
  • Transaction Volume Trend Analysis

Vietnam Buy Now Pay Later Analysis by Consumer Attitude and Behaviour

  • Buy Now Pay Later Sales Uplift by Product Category
  • Buy Now Pay Later Spend Share by Age Group
  • Buy Now Pay Later Gross Merchandise Share by Income
  • Buy Now Pay Later Gross Merchandise Value Share by Gender
  • Buy Now Pay Later Adoption Rationale Gross Merchandise Value Analysis

Reasons to buy

  • In-depth Understanding of Buy Now Pay Later Market Dynamics: Understand market opportunities and key trends along with forecast (2019-2028). Understand market dynamics through essential KPIs such as Gross Merchandise Value, Volume, and Average Value Per Transaction.
  • Insights into Opportunity by end-use sectors - Get market dynamics by end-use sectors to assess emerging opportunity across various end-use sectors.
  • Develop Market Specific Strategies: Identify growth segments and target specific opportunities to formulate BNPL strategy; assess market specific key trends, drivers, and risks in the BNPL industry.
  • Get Insights into Consumer Attitude and Behaviour: Drawing from proprietary survey results, this report identifies and interprets key Buy Now Pay Later KPIs, including spend by age, gender, and income level.
  • Market Share by Key Players

Table of Contents

1. About this Report
1.1 Summary
1.2 Methodology
1.3 Disclaimer
2. Vietnam BNPL Market Size and Future Growth Dynamics
2.1 Consumer Behavior
2.2 Competitive Landscape and Growth Strategies
2.3 Market Share
2.4 Regulatory Trends
3. Vietnam Buy Now Pay Later Industry Attractiveness
3.1 Vietnam Buy Now Pay Later - Gross Merchandise Value Trend Analysis, 2019-2028
3.2 Vietnam Buy Now Pay Later - Average Value Per Transaction Trend Analysis, 2019-2028
3.3 Vietnam Buy Now Pay Later - Transaction Volume Trend Analysis, 2019-2028
4. Vietnam Buy Now Pay Later Operational KPIs
4.1 Buy Now Pay Later Revenues, 2019 - 2028
4.2 Buy Now Pay Later Share by Revenue Segments
4.3 Buy Now Pay Later Merchant Commission, 2019 - 2028
4.4 Buy Now Pay Later Missed Payment Fee Revenue, 2019 - 2028
4.5 Buy Now Pay Later Pay Now & Other Income, 2019 - 2028
4.6 Buy Now Pay Later Accounts, 2019 - 2028
4.7 Buy Now Pay Later Bad Debt, 2019 - 2028
5. Vietnam Buy Now Pay Later Spend Analysis by Channel
5.1 Buy Now Pay Later Market Share by Channel, 2019 - 2028
5.2 Buy Now Pay Later Online Channel Market Size and Forecast, 2019 - 2028
5.3 Buy Now Pay Later POS Channel Market Size and Forecast, 2019 - 2028
6. Vietnam Buy Now Pay Later Snapshot by End-Use Sector
6.1 Buy Now Pay Later Market Share by End-Use Sector - Emerging Avenues and Future Growth Prospects
6.2 Buy Now Pay Later Sales Uplift by End-Use Sector
6.3 Buy Now Pay Later Share by Retail Product Category
7. Vietnam Buy Now Pay Later in Retail Shopping: Market Size and Forecast, 2019 - 2028
7.1 Vietnam Buy Now Pay Later Retail Shopping - Gross Merchandise Value Trend Analysis, 2019-2028
7.2 Vietnam Buy Now Pay Later Retail Shopping - Average Value Per Transaction Trend Analysis, 2019-2028
7.3 Vietnam Buy Now Pay Later Retail Shopping - Transaction Volume Trend Analysis, 2019-2028
8. Vietnam Buy Now Pay Later in Home Improvement: Market Size and Forecast, 2019 - 2028
8.1 Vietnam Buy Now Pay Later Home Improvement - Gross Merchandise Value Trend Analysis, 2019-2028
8.2 Vietnam Buy Now Pay Later Home Improvement - Average Value Per Transaction Trend Analysis, 2019-2028
8.3 Vietnam Buy Now Pay Later Home Improvement - Transaction Volume Trend Analysis, 2019-2028
9. Vietnam Buy Now Pay Later in Leisure & Entertainment: Market Size and Forecast, 2019 - 2028
9.1 Vietnam Buy Now Pay Later Leisure & Entertainment - Gross Merchandise Value Trend Analysis, 2019-2028
9.2 Vietnam Buy Now Pay Later Leisure & Entertainment - Average Value Per Transaction Trend Analysis, 2019-2028
9.3 Vietnam Buy Now Pay Later Leisure & Entertainment - Transaction Volume Trend Analysis, 2019-2028
10. Vietnam Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast, 2019 - 2028
10.1 Vietnam Buy Now Pay Later Healthcare and Wellness - Gross Merchandise Value Trend Analysis, 2019-2028
10.2 Vietnam Buy Now Pay Later Healthcare and Wellness - Average Value Per Transaction Trend Analysis, 2019-2028
10.3 Vietnam Buy Now Pay Later Healthcare and Wellness - Transaction Volume Trend Analysis, 2019-2028
11. Vietnam Buy Now Pay Later in Other Segment: Market Size and Forecast, 2019 - 2028
11.1 Vietnam Buy Now Pay Later Other Segment - Gross Merchandise Value Trend Analysis, 2019-2028
11.2 Vietnam Buy Now Pay Later Other Segment - Average Value Per Transaction Trend Analysis, 2019-2028
11.3 Vietnam Buy Now Pay Later Other Segment - Transaction Volume Trend Analysis, 2019-2028
12. Vietnam Buy Now Pay Later Analysis by Consumer Attitude and Behaviour
12.1 Buy Now Pay Later Spend Share by Age Group
12.2 Buy Now Pay Later Gross Merchandise Share by Income
12.3 Buy Now Pay Later Gross Merchandise Value Share by Gender
12.4 Buy Now Pay Later Adoption Rationale
13. Further Reading
13.1 About the Publisher
13.2 Related Research
List of Figures
Figure 1: The Methodology Framework
Figure 2: Vietnam Buy Now Pay Later - GMV and Adoption Rationale
Figure 3: Vietnam Buy Now Pay Later - Share by Gender and Age Group
Figure 4: Vietnam Buy Now Pay Later - Market Share Analysis by Key Players (%)
Figure 5: Vietnam Buy Now Pay Later - Gross Merchandise Value Trend Analysis (US$ Million), 2019-2028
Figure 6: Vietnam Buy Now Pay Later - Average Value Per Transaction Trend Analysis (US$), 2019-2028
Figure 7: Vietnam Buy Now Pay Later - Transaction Volume Trend Analysis (Thousand), 2019-2028
Figure 8: Vietnam Buy Now Pay Later - Revenues (US$ Million), 2019-2028
Figure 9: Buy Now Pay Later Share by Revenue Segments
Figure 10: Vietnam Buy Now Pay Later - Merchant Commission (US$ Million), 2019-2028
Figure 11: Vietnam Buy Now Pay Later - Missed Payment Fee Revenue (US$ Million), 2019-2028
Figure 12: Vietnam Buy Now Pay Later Pay Now & Other Income (US$ Million), 2019-2028
Figure 13: Vietnam Buy Now Pay Later - Accounts (Thousand), 2019-2028
Figure 14: Vietnam Buy Now Pay Later - Bad Debt (US$ Million), 2019-2028
Figure 15: Vietnam Buy Now Pay Later - Gross Merchandise Value Market Share by Channel (%), 2019-2028
Figure 16: Vietnam Buy Now Pay Later - Gross Merchandise Value by Online Channel (US$ Million), 2019-2028
Figure 17: Vietnam Buy Now Pay Later - Gross Merchandise Value by POS Channel (US$ Million), 2019-2028
Figure 18: Vietnam Buy Now Pay Later - Market Share by End-Use Sector, 2021 Vs. 2028
Figure 19: Vietnam Buy Now Pay Later - Market Share by End-Use Segment, 2021
Figure 20: Vietnam Buy Now Pay Later - Market Share by Retail Product Category, 2021
Figure 21: Vietnam Buy Now Pay Later Retail Shopping - Gross Merchandise Value Trend Analysis (US$ Million), 2019-2028
Figure 22: Vietnam Buy Now Pay Later Retail Shopping - Average Value Per Transaction Trend Analysis (US$), 2019-2028
Figure 23: Vietnam Buy Now Pay Later Retail Shopping - Transaction Volume Trend Analysis (Thousand), 2019-2028
Figure 24: Vietnam Buy Now Pay Later Home Improvement - Gross Merchandise Value Trend Analysis (US$ Million), 2019-2028
Figure 25: Vietnam Buy Now Pay Later Home Improvement - Average Value Per Transaction Trend Analysis (US$), 2019-2028
Figure 26: Vietnam Buy Now Pay Later Home Improvement - Transaction Volume Trend Analysis (Thousand), 2019-2028
Figure 27: Vietnam Buy Now Pay Later Leisure & Entertainment - Gross Merchandise Value Trend Analysis (US$ Million), 2019-2028
Figure 28: Vietnam Buy Now Pay Later Leisure & Entertainment - Average Value Per Transaction Trend Analysis (US$), 2019-2028
Figure 29: Vietnam Buy Now Pay Later Leisure & Entertainment - Transaction Volume Trend Analysis (Thousand), 2019-2028
Figure 30: Vietnam Buy Now Pay Later Healthcare and Wellness - Gross Merchandise Value Trend Analysis (US$ Million), 2019-2028
Figure 31: Vietnam Buy Now Pay Later Healthcare and Wellness - Average Value Per Transaction Trend Analysis (US$), 2019-2028
Figure 32: Vietnam Buy Now Pay Later Healthcare and Wellness - Transaction Volume Trend Analysis (Thousand), 2019-2028
Figure 33: Vietnam Buy Now Pay Later Other Segment - Gross Merchandise Value Trend Analysis (US$ Million), 2019-2028
Figure 34: Vietnam Buy Now Pay Later Other Segment - Average Value Per Transaction Trend Analysis (US$), 2019-2028
Figure 35: Vietnam Buy Now Pay Later Other Segment - Transaction Volume Trend Analysis (Thousand), 2019-2028
Figure 36: Vietnam Buy Now Pay Later - Share by Age Group in Gross Merchandise Value Terms
Figure 37: Vietnam Buy Now Pay Later - Share by Income Group in Value Terms
Figure 38: Vietnam Buy Now Pay Later - Share by Gender in Value Terms
Figure 39: Buy Now Pay Later - Adoption Rationale Gross Merchandise Value Analysis
List of Tables
Table 1: Vietnam Buy Now Pay Later - Gross Merchandise Value Trend Analysis (US$ Million), 2019-2028
Table 2: Vietnam Buy Now Pay Later - Average Value Per Transaction Trend Analysis (US$), 2019-2028
Table 3: Vietnam Buy Now Pay Later - Transaction Volume Trend Analysis (Thousand), 2019-2028
Table 4: Vietnam Buy Now Pay Later - Revenues (US$ Million), 2019-2028
Table 5: Vietnam Buy Now Pay Later - Merchant Commission (US$ Million), 2019-2028
Table 6: Vietnam Buy Now Pay Later - Missed Payment Fee Revenue (US$ Million), 2019-2028
Table 7: Vietnam Buy Now Pay Later Pay Now & Other Income (US$ Million), 2019-2028
Table 8: Vietnam Buy Now Pay Later - Accounts (Thousand), 2019-2028
Table 9: Vietnam Buy Now Pay Later - Bad Debt (US$ Million), 2019-2028
Table 10: Vietnam Buy Now Pay Later - Gross Merchandise Value by Online Channel (US$ Million), 2019-2028
Table 11: Vietnam Buy Now Pay Later - Gross Merchandise Value by POS Channel (US$ Million), 2019-2028
Table 12: Vietnam Buy Now Pay Later Retail Shopping - Gross Merchandise Value Trend Analysis (US$ Million), 2019-2028
Table 13: Vietnam Buy Now Pay Later Retail Shopping - Average Value Per Transaction Trend Analysis (US$), 2019-2028
Table 14: Vietnam Buy Now Pay Later Retail Shopping - Transaction Volume Trend Analysis (Thousand), 2019-2028
Table 15: Vietnam Buy Now Pay Later Home Improvement - Gross Merchandise Value Trend Analysis (US$ Million), 2019-2028
Table 16: Vietnam Buy Now Pay Later Home Improvement - Average Value Per Transaction Trend Analysis (US$), 2019-2028
Table 17: Vietnam Buy Now Pay Later Retail Shopping Home Improvement - Transaction Volume Trend Analysis (Thousand), 2019-2028
Table 18: Vietnam Buy Now Pay Later Leisure & Entertainment - Gross Merchandise Value Trend Analysis (US$ Million), 2019-2028
Table 19: Vietnam Buy Now Pay Later Leisure & Entertainment - Average Value Per Transaction Trend Analysis (US$), 2019-2028
Table 20: Vietnam Buy Now Pay Later Leisure & Entertainment - Transaction Volume Trend Analysis (Thousand), 2019-2028
Table 21: Vietnam Buy Now Pay Later Healthcare and Wellness - Gross Merchandise Value Trend Analysis (US$ Million), 2019-2028
Table 22: Vietnam Buy Now Pay Later Healthcare and Wellness - Average Value Per Transaction Trend Analysis (US$), 2019-2028
Table 23: Vietnam Buy Now Pay Later Healthcare and Wellness - Transaction Volume Trend Analysis (Thousand), 2019-2028
Table 24: Vietnam Buy Now Pay Later Other Segment - Gross Merchandise Value Trend Analysis (US$ Million), 2019-2028
Table 25: Vietnam Buy Now Pay Later Other Segment - Average Value Per Transaction Trend Analysis (US$), 2019-2028
Table 26: Vietnam Buy Now Pay Later Other Segment - Transaction Volume Trend Analysis (Thousand), 2019-2028

Companies Mentioned

  • Atome
  • Finazar
  • Fundiin
  • Wowmelo
  • Traveloka
  • Agoda
  • LITNOW
  • Sacombank

Methodology

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