Vietnam Buy Now Pay Later Business Report 2024: Increased Customer Consumption and Relatively Low Credit Card Penetration Rates Bodes Well for the Growing Sector – ResearchAndMarkets.com

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

The surge in the Buy Now Pay Later (BNPL) market in Vietnam continues to gain momentum, with growth leading to a market size of US$3.3 billion by 2024. This robust expansion is backed by several factors, including increased customer consumption and relatively low credit card penetration rates within the Vietnamese market.

A Promising Future for VNPL Services

The Buy Now Pay Later services are proving to be an attractive alternative to traditional credit, effectively empowering consumers with increased purchasing power. Expectations suggest that the growth trend for VNPL will follow a steady course, with a Compound Annual Growth Rate (CAGR) of 27.6% predicted from 2024 to 2029. Consequently, the Gross Merchandise Value is anticipated to ascend from US$2.34 billion in 2023 to a staggering US$11.27 billion by the end of the forecast period.

Strategic Partnerships Catalyze Distribution

In response to the increasing consumer demand for flexible payment solutions, domestic firms are strategically aligning with various partners to broaden the reach of their BNPL services. For instance, Fundiin has partnered with Pharmacity, enhancing its ability to cater to a larger customer base across the latter’s extensive store network. Similarly, MoMo’s collaboration with Grab within the same timeframe underscores the potential of partnerships in maximizing reach and capitalizing on the burgeoning market.

Insightful Market Analysis and Consumer Behavior

The growth of the BNPL market reflects not only in the figures concerning market size and value, but also through the shifts in consumer behavior and retail spending dynamics. A comprehensive analysis over a multitude of sectors has displayed how various elements such as operational KPIs, sales channels, and market share contribute to the evolving landscape of buy-now-pay-later services. Furthermore, the insights regarding consumer attitudes and behaviors, segmented by demographics like age, income, and gender, provide a deeper understanding of the market and its potential trajectory throughout the forecast period.

Vietnam’s commitment to embracing innovative financial solutions is manifesting as significant growth in the BNPL sector. The projected developments and strategic efforts by businesses are apt to contribute to the sustained upwards trend, positioning Vietnam as a key market for Buy Now Pay Later services in the coming years.

Reasons to buy

• Get a comprehensive understanding of market dynamics for Buy Now Pay Later: Identify market opportunities, major trends, and forecasting (2020-2029). Understand market trends through crucial KPIs like Gross Merchandise Value, Volume, and Average Value per Transaction, to stay ahead of the curve.
• Insights by end-use sectors: Evaluate new opportunities across multiple end-use sectors, and obtain market dynamics by end-use sectors in order to swiftly catch up with the latest and upcoming developments in BNPL markets.
• Market-specific strategies: Identify growth segments focused on specific opportunities, and analysing market-specific risks and important trends in the BNPL sector with our exclusive blend of quantitative forecasting and innovative insights.
• Gain knowledge of consumer attitudes and actions: This report identifies and interprets important Buy Now Pay Later KPIs, such as spend by age, gender, and income level, using data from a proprietary survey.
• Develop proactive and lucrative business strategies through market intelligence and forward-looking analysis of BNPL market spend and major opportunities in Vietnam.

Key Attributes:

For more information about this report visit https://www.researchandmarkets.com/r/kgcxhr

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