Vietnam sees ebullient growth in digital banking, payment channel: UOB report
![]() |
At the event to launch the “ASEAN Consumer Sentiment Study" on November 1 |
Every four among five consumers use e-wallet at least once a week and introduce the wallet to others. Momo was the most used e-wallet by Vietnamese, followed by ZaloPay and VNPay.
![]() |
There is an increasing preference for digital banking and new payment modes such as mobile banking apps, e-wallets and QR code-based payments among Vietnamese consumers. (Photo: VNA) |
Regarding the sentiment of the Vietnamese consumers, Paul Kim said strong economic growth has made them feel more upbeat about the current and future economic situation in the country.
Although rising inflation and increased expenses have fueled fears of an economic downturn across ASEAN, consumers in the region have given a warm welcome for a new era of digitalisation.
The UOB expert said Vietnamese consumers are more upbeat about the financial future than those in other countries. Some 76% of the respondents expect to be better off in June next year, while the figures in Indonesia and Thailand are 74% and 68%.
The report also said that eight out of 10 Vietnamese consumers are concerned about their finances. They are most worried about not being able to save, afford essential items, maintain their current lifestyle, and take care of their parents’ financial and healthcare needs. Therefore, they are more cautious about their investment.
Meanwhile, II Dong Kwon, the Vietnam lead at Boston Consulting Group, highlighted that with the boom of the Internet, Vietnam has posted a dramatic increase in online shopping and e-commerce which experience an annual growth of 41% in the past three years.
Online payment has surged as a result, he said, adding the trend will maintain and grow stronger in the time ahead.
See also

Initiatives proposed to develop sustainable financial policies
10:58 | 04/12/2023 Finance-Banking

Banks increase capital through paying dividends in shares
09:32 | 01/12/2023 Finance-Banking

New circular aims to improve stock market transparency
08:40 | 28/11/2023 Stock Market

Ministries, SBV requested to boost corporate bond, real estate markets: PM
09:15 | 25/11/2023 Finance-Banking

Green bond issuance makes positive initial steps
06:00 | 22/11/2023 Finance-Banking

Repayment pressure on corporate bonds to peak next year
11:04 | 20/11/2023 Finance-Banking
See more news

APEC Finance Ministers' Meeting deals with global, regional challenges
08:40 | 16/11/2023 Finance-Banking

Korean Woori Bank makes expansion to Can Tho city
08:45 | 13/11/2023 Finance-Banking

Higher credit growth expected for remaining months
06:00 | 05/11/2023 Finance-Banking

HCM City projected to experience 4-5% budget collection shortfall
16:18 | 02/11/2023 Finance-Banking

Central bank highly valued for flexible monetary policy governance
09:00 | 29/10/2023 Finance-Banking

Banking system’s bad debt ratio surges to 3.56%
09:12 | 26/10/2023 Finance-Banking

Enterprises’ mixed feeling driven by interest rates, exchange rates
06:00 | 23/10/2023 Finance-Banking

Vietnam’s top 1,000 corporate income taxpayers announced
10:41 | 19/10/2023 Finance-Banking

Corporate bond private placement doubles in September
08:51 | 16/10/2023 Stock Market

SMEs entitled to loans at preferential interest rate of 1.2% per year
09:26 | 13/10/2023 Finance-Banking

Kiên Giang strives for tourism to spearhead economy by 2030
16:23 | 04/12/2023 Tourism

HCM City seeks to build “film city”
16:09 | 04/12/2023 Lifestyle

Initiatives proposed to develop sustainable financial policies
10:58 | 04/12/2023 Finance-Banking

Lang Son province wants to attract Korean investors: official
09:02 | 04/12/2023 FDI

Vietnamese PM meets leaders of Cuba, WB, Sweden at COP28
08:46 | 04/12/2023 News and Events
Multimedia

Kiên Giang strives for tourism to spearhead economy by 2030
16:23 | 04/12/2023 Tourism

HCM City seeks to build “film city”
16:09 | 04/12/2023 Lifestyle

Agricultural products, rural tourism go hand-in-hand
06:00 | 01/12/2023 Tourism

Quảng Ninh welcomes first Chinese cruise ship tourists in 2023
06:00 | 29/11/2023 Tourism

New points in Vietnam's visa policy for foreigners
09:25 | 24/11/2023 Infographic

Ministry of Finance issues Circular 69 for reorganisation of securities market
08:39 | 27/11/2023 Policy

New legal documents in first half of November 2023
06:00 | 25/11/2023 Policy

Ministry proposes continued tax and fee cuts to promote economic growth
06:00 | 23/11/2023 Policy

Việt Nam issues national strategy on antimicrobial resistance prevention and control
09:58 | 21/11/2023 Policy

VIMEXPO 2023 promotes connections for development
06:00 | 04/12/2023 Support industries

Footwear industry strives for new standards
06:00 | 01/12/2023 Industry

Developing the carbon market is key to green transition
06:00 | 30/11/2023 Industry

Development framework needed for wind power sales
09:17 | 28/11/2023 Energy

Lang Son province wants to attract Korean investors: official
09:02 | 04/12/2023 FDI

FDI flows into Vietnam go up 14.8% in 11 months
09:21 | 30/11/2023 FDI

PM sets target of disbursing at least 95% of public investment capital this year
08:50 | 28/11/2023 Investment

RoK seeks to strengthen investment in central localities
10:02 | 26/11/2023 FDI

Initiatives proposed to develop sustainable financial policies
10:58 | 04/12/2023 Finance-Banking

Banks increase capital through paying dividends in shares
09:32 | 01/12/2023 Finance-Banking

New circular aims to improve stock market transparency
08:40 | 28/11/2023 Stock Market

Ministries, SBV requested to boost corporate bond, real estate markets: PM
09:15 | 25/11/2023 Finance-Banking

HCM City speeds up relocation of houses along canals
06:00 | 30/11/2023 Environment

Power Generation Corporation 1 pushes for green slag dumps
06:00 | 28/11/2023 Environment

Project helps put forth biodiversity conservation in Da Nang
06:00 | 28/11/2023 Environment

Environmental protection efforts augmented in Ha Long Bay
06:00 | 26/11/2023 Environment

Startup, innovation must be crucial political task PM
06:00 | 04/12/2023 Science - Technology

Only 27% of organisations in Vietnam fully prepared to deploy AI
06:00 | 02/12/2023 Science - Technology

Australia shares experience in innovation with Vietnam
06:00 | 30/11/2023 Science - Technology

Engineer Do Hong Quang – idea initiator of BSR
06:00 | 29/11/2023 Science - Technology

Nestlé Vietnam joins hands to build image of Vietnamese women in new era
16:20 | 28/11/2023 Society

Bình Dương takes steps to become centrally-run city by 2030
09:24 | 28/11/2023 Province

Co-operation between member countries key to Mekong sub-region sustainability: forum
08:35 | 27/11/2023 Society

V-SCOPE project enhances coffee and pepper value chains
14:00 | 25/11/2023 Society

Nui Beo: The biggest raw coal miner of VINACOMIN
14:00 | 29/11/2023 Companies

Dramatic transformation seen in Vinacomin-Materials Trading JSC
14:00 | 28/11/2023 Companies

Pioneer in mining technology research and application
14:00 | 27/11/2023 Companies

Great efforts to overcome difficulties
14:00 | 26/11/2023 Companies

HCM City seeks to build “film city”
16:09 | 04/12/2023 Lifestyle

Phú Yên pioneers in building film production index
06:00 | 29/11/2023 Lifestyle

Snail delicacies make Hà Nội unforgettable
06:00 | 27/11/2023 Lifestyle

Bắc Giang historical festival recognised as national heritage
06:00 | 25/11/2023 Lifestyle

Kiên Giang strives for tourism to spearhead economy by 2030
16:23 | 04/12/2023 Tourism

Agricultural products, rural tourism go hand-in-hand
06:00 | 01/12/2023 Tourism

Hon Thom Cable Car: A must-visit attraction in Phu Quoc, endorsed by international media
15:12 | 29/11/2023 Tourism

Quảng Ninh welcomes first Chinese cruise ship tourists in 2023
06:00 | 29/11/2023 Tourism