Spend a day shopping in Ho Chi Minh City or cafe-hopping in Hanoi, and you’d think Vietnam has largely embraced digital payments. You’d be correct, but only if you look at these two urban centres.
The rural landscape presents a more nuanced picture. While more than 60% of consumers in Ho Chi Minh City and Hanoi use multiple e-wallets, those in rural and remote areas tend to use mobile money (a service that facilitates cashless transactions via telecommunications accounts instead of bank accounts).
But this urban-rural divide is rapidly narrowing, thanks to a growing economy, e-commerce adoption, and efforts by both private and public sectors to influence digital payment behaviours all over the country.
There were 25.11 million e-commerce shoppers recorded in Vietnam in 2023, with that number expected to grow to 35.99 million by 2029. More shoppers are adopting digital payment methods, driven by innovations like VietQR and digital wallets such as MoMo, ZaloPay, and ViettelPay. QR code systems and a robust national e-commerce growth master plan are also fast-tracking financial inclusion and drawing in more rural customers.
Vietnam has laid a strong foundation for bridging its urban-rural digital divide. With low-barrier-to-entry technologies tailored to rural needs, Vietnam’s digital transformation is advancing steadily, connecting more people across the country.
Opportunities for online merchants
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Vietnam’s gross domestic product (GDP) hit $429.7 billion in 2023, maintaining an impressive growth rate of over 5% annually (except during the pandemic). Building on its strong economic momentum, Vietnam’s GDP grew by 6.93% year-on-year in Q2 2024, exceeding expectations and reflecting the strength of its domestic market.
It also has a large consumer base with a generally positive economic outlook — 7 in 10 Vietnamese consumers feel good about the country’s current and future economic situation. In 2023, 70% of Vietnam’s 100-million-strong population was aged 15 to 64, representing a thriving workforce and prime consumer demand.
Vietnam is on a path of remarkable growth and transformation. With its strategic position as the “Asian Factory”, the country has become a magnet for foreign investments. In 2023, imports totalled $325.78 billion, with electrical and electronic equipment leading the way. Strong global partnerships continue to drive Vietnam’s international trade footprint, with China as the country’s largest trading partner in 2022.
These advantages set the stage for a digital transformation agenda that promises to modernise its economy, strengthen its global standing, and cement its position as one of Southeast Asia’s fastest-growing digital economies.
A key part of Vietnam’s digital transformation ambition is the growth of e-commerce for both local and cross-border transactions. Statista predicts a compound annual growth rate (CAGR) of 9.55% for the country’s e-commerce sector from 2024 to 2029.
Despite such growth, only 49% of the population were debit card holders in 2023 and credit card penetration remained low at just 4%, underscoring the substantial opportunities for accessible payment solutions to connect merchants with consumers.
Vietnam’s vision for a cashless futureAs the country embraces rapid digital transformation, Vietnam is committed to strengthening initiatives that fuel further economic growth and promote financial inclusion.
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Opportunities for online merchantsFor online merchants, Vietnam offers promising opportunities within its evolving consumer landscape, most especially for consumers in rural areas:
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Vietnam’s economic growth has beaten market expectations, with its domestic market remaining vibrant. The manufacturing industry registered a strong recovery, particularly in manufacturing and electricity production. Foreign trade continued to improve, resulting in a significant trade surplus, while foreign investment kept pouring in. Well-tamed inflation created ideal conditions for the sustained and healthy growth of the economy.
Data from the Ministry of Planning and Investment of Vietnam shows that:
In 2022, the average annual per capita income for urban and rural residents was VND 56.04 million (approx. $2,395.15), with wages being the primary source. Food, alcohol, and tobacco made up 49.7% of total household spending.
Vietnam’s retail sector is a key pillar of the country’s economy. Food products accounted for the largest market share in retail in 2022, generating annual sales of over VND 1.4 trillion (approx. $59.84 million). Rising incomes have stimulated demand for consumer goods — particularly electronics and household supplies. Modern shopping formats, including convenience stores, supermarkets, and department stores, are rapidly gaining ground as urbanisation accelerates. According to Mordor Intelligence, Vietnam's retail market size is projected to reach $309.67 billion by 2025, with a CAGR of 12.05% until 2030.
E-commerce has naturally emerged as an extension of retail growth, leading Vietnam’s digital transformation. Nielsen Vietnam reports that the majority of online shoppers in Hanoi, Ho Chi Minh City, Da Nang, and Hai Phong are young people, with an average age of 31, and 58% are women.
About 54% prefer shopping via smartphones and are motivated by value-added shopping experiences such as free shipping, discounts, and a seamless checkout process. In Q3 2023, over 54% of respondents reported shopping online weekly, showcasing strong engagement with e-commerce.
Another survey in January 2023 suggested that 21.26% of respondents shop online multiple times a week.
The top three reasons that drive Vietnamese consumers to shop online are free shipping, coupons and discounts, and convenient checkout. Meanwhile, 21% believe improving self-service checkout would further enhance their shopping experience.
The most frequently purchased categories are clothing, footwear, and cosmetics & skincare. Other notable behaviours among Vietnamese shoppers include:
Digital payments are gaining ground, with a penetration rate of 33.5% in 2023 and transaction values exceeding $27.83 billion. A survey in 2022 found that Vietnamese consumers used digital payments primarily for online shopping, transferring money to friends and family, and paying bills. These solutions have played a pivotal role in enabling a cashless economy, aligning with the country’s larger digital transformation goals.
However, rural areas — home to 70% of the country’s population — face slower adoption rates due to limited broadband access, lack of banking infrastructure, financial literacy gaps, and reliance on cash transactions. This highlights the challenges of extending e-commerce’s benefits across the nation and underscores the vast untapped potential in these regions.
To bridge the digital divide, the Vietnamese government approved the national e-commerce development master plan, prioritising the expansion of broadband infrastructure, digital literacy programs, and mobile-friendly payment systems. These efforts aim to ensure that rural communities are not left behind as e-commerce reshapes the country’s consumer landscape.
Inclusive payment solutions play a critical role in empowering more Vietnamese to participate in the digital economy. With innovations such as digital wallets, mobile money, and the nationwide VietQR system, Vietnam is steadily building a robust cashless ecosystem — one that drives convenience, trust, and accessibility for consumers and businesses alike.
Opportunities for online merchantsFor businesses looking to thrive in Vietnam’s digital payment landscape, there are several opportunities to stand out and connect with key markets, particularly the growing rural market.
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While many consumers are still inclined to traditional cash payments, Vietnam is facilitating a shift by embracing digital payment methods designed to overcome barriers that have historically limited adoption in rural areas. The government’s goal is to reduce cash transactions to less than 10% of total payments.
The rapid development of 4G infrastructure has lowered mobile internet costs, pushing the number of smartphone users beyond 100 million. These advancements create favourable conditions for digital payment adoption, driving transactions worth over $36.7 billion.
The mobile money pilot program is a game-changer in Vietnam, particularly in rural areas where access to banking services is scarce. Unlike traditional e-wallets, users can make cashless transactions using basic mobile phones, even without internet access. Payments are tied to mobile accounts rather than bank accounts.
For rural areas, mobile money bridges the gap created by limited banking infrastructure and varying financial literacy levels, encouraging broader participation in the digital economy. According to the Ministry of Information and Communications (MIC), the service has seen significant adoption in rural areas, with over 6.3 million users, accounting for 72% of the total user base in May 2024.
Bank transfers facilitated by the NAPAS are a foundation of Vietnam’s digital payment ecosystem. Thanks to the popularity of smartphones, data from the State Bank of Vietnam show that 1.5 billion payments were made via mobile banking in Q1 2023.
In 2021, NAPAS launched VietQR, a unified QR code system, further expanding real-time payment scenarios. In the first half of 2023, QR code transactions rose by 152% in volume and 301% in value year-on-year, making it the fastest-growing cashless payment method. VietQR’s integration with over 50 banks ensures accessibility for users across urban and rural demographics.
Digital wallets have surged in popularity, driven by e-commerce expansion. Reports from Vietnam's leading financial data institution FiinGroup show that digital wallet transaction volume and value saw massive growth between 2018 and 2023, up by 80.4% and 83.5% annually, respectively.
MoMo, the market leader with a 62% penetration rate as of Q2 2024 according to Statista, stands out for its flexibility. Unlike most e-wallets that require a linked bank account, MoMo allows users to load cash directly into their MoMo Wallet, overcoming a key barrier for many. This accessibility makes digital wallets vital for including rural users and strengthening Vietnam’s cashless push. Other widely used digital wallets among users in Vietnam include ZaloPay and ViettelPay.
Vietnam's card penetration rate is low. According to GlobalData, as of October 2023, Vietnam had over 113 million domestic cards and 32.81 million international cards. The government and regulatory authorities are working proactively to expand the coverage of banking services. With a series of measures such as enforcing chip-encrypted cards, streamlining online account opening, promoting digital payment education and improving payment acceptance infrastructure, card payment is gradually recognised by more consumers.
A 2022 survey found that 70% of Vietnamese online shoppers opted for COD at checkout. Due to poor digital payment infrastructure, particularly in rural areas, COD remains a go-to payment method for e-commerce shopping. As of 2023, 44% of the population in Vietnam had no bank accounts, and 70% lived in rural or remote areas.
BNPL is fast gaining popularity in Vietnam thanks to collaborations between payment service providers and major e-commerce platforms. A survey on consumer behaviours by Visa in 2022 revealed that 53% of Vietnamese respondents had used BNPL to buy electronics, while 41% had used it for purchasing health and beauty products.
By addressing rural challenges through mobile-friendly, low-barrier solutions like mobile money and QR codes, Vietnam is steadily bridging the digital divide and reaching more consumers in rural areas. With providers like Antom offering seamless access to Vietnam’s leading payment methods, businesses can connect with diverse demographics and contribute to building an inclusive, cashless future.
Vietnam’s journey towards a cashless economy highlights how digital innovation and inclusive strategies can bridge the gap between urban and rural communities and ultimately empower consumers to actively participate in the economy. The growing use of e-commerce only highlights the country’s robust consumer demand and underscores the importance of digital payments as the backbone of this new era.
Once one of Southeast Asia’s most cash-dependent countries, Vietnam is now embracing solutions such as mobile money, QR code systems, and digital wallets. Its National Digital Transformation Program and e-commerce master plan will carry that momentum forward, offering immense opportunities for businesses that want to tap its market through optimised payment solutions.
Vietnam’s digital transformation journey offers opportunities for businesses to connect with the country’s expanding market. For online merchants looking to tap into this potential, partnerships with trusted payment providers are critical. Antom simplifies access to Vietnam’s top digital payment solutions, including MoMo, ZaloPay, and ViettelPay, through its comprehensive platform. Businesses can effortlessly integrate payment methods, streamline checkout experiences, and connect with a diverse range of Vietnamese consumers with Antom’s services.
According to a user survey by Decision Lab, Vietnamese consumers favour these three wallets for their ease of use and wide applications. Antom offers businesses access to the three digital wallets.
Antom empowers merchants to unlock Vietnam’s digital potential, connect business with millions of consumers across the country — wherever they are. By partnering with Antom, businesses are not just accessing a payment solution, they are taking the next steps toward growth in one of Southeast Asia’s most thriving markets.
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