DUBLIN--(BUSINESS WIRE)--The "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 - Q1 2022 Update" report has been added to ResearchAndMarkets.com's offering.
According to the Q4 2021 BNPL Survey, BNPL payments in Vietnam are expected to grow by 126.4% on annual basis to reach US$ 1,123.9 million in 2022.
The 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 45.2% during 2022-2028. The BNPL Gross Merchandise Value in the country will increase from US$ 496.4 million in 2021 to reach US$ 10,528.1 million by 2028.
BNPL products are gaining increasing traction among consumers in Vietnam as both startups as well as established corporates bet big on it. From local BNPL platforms to regional big players, the deferred payment market is expected to gain widespread adoption in the country.
With the sector expected to boom from the short to medium-term perspective in the country, the publisher expects the competition to further intensify among players in the time to come. While the absence of specific BNPL regulations in Vietnam continues to pose certain risks, the adoption of BNPL schemes has accelerated over the last four to eight quarters.
Strategic partnerships to launch new BNPL products are rising in Vietnam
There is a growing demand for BNPL schemes among consumers in the country. Consequently, firms are entering into strategic alliances to launch new BNPL products in Vietnam.
In October 2021, LOTTE Finance Vietnam, the subsidiary of LOTTE Card, announced the launch of its BNPL product in the country. The firm launched the new BNPL scheme in partnership with OpenWay. Moreover, LOTTE Finance is using the Way4 payment system offered by OpenWay for BNPL solution logic, which includes interest calculation, installment management, end-to-end transaction processing, and real-time integration with third parties.
In August 2021, Phoenix Holdings in Vietnam partnered with Indonesia-based BNPL platform Kredivo to launch BNPL services for consumers in the country. The company is looking to reduce the credit access gap while boosting the adoption of digital payments in the country through the launch of a new deferred payment service.
As the demand among consumers and merchants continues to grow in the country, the publisher expects more firms to enter into strategic alliances for launching new BNPL products and services in Vietnam. This will continue to support the growth of the industry from the short to medium-term perspective.
Regional BNPL platforms are expanding their presence in Vietnam
The BNPL industry has become one of the fastest-growing sectors in the Southeast Asia region. This trend is expected to continue from the short to medium-term perspective; as a result, regional players are considering to expand their footprints in Southeast Asia to further bolster their position in the BNPL market. With Vietnam expected to gain widespread adoption over the next few quarters, the country has become the prime market for regional BNPL platforms to expand their product offerings.
In November 2021, the Philippines-based BNPL platform, Plentina, announced that the firm is considering to expand its footprints in other Southeast Asian emerging markets, and Vietnam is the prime target for the firm. Notably, the announcement from the firm came after it raised a funding round of US$2.2 million.
The firm is planning another funding round in Q1 2022, to enter into strategic partnerships with major retailers across the country. In the Philippines, the firm has partnered with both online and in-store retailers such as 7-Eleven and Smart.
With the regional players in Southeast Asia expanding services in Vietnam shows the high-growth potential offered by the country. Consequently, the publisher expects more regional and global players to launch their services for consumers in the country over the next four to eight quarters.
Banking institutions are looking to ride on the growing BNPL trend in Vietnam
With rising demand for BNPL products, conventional banking institutions are also expanding their reach in this segment in Vietnam.
In October 2021, Standard Chartered bank announced that the firm is targeting the BNPL services through its partnership with Singapore-based fintech firm, Atome. Through the strategic partnership, Standard Chartered is aiming to grab a piece of the booming BNPL space in Asia, which has grown significantly during the global pandemic.
Scope
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
- Atome
- Finazar
- Fundiin
- Wowmelo
- Traveloka
- Agoda
- LITNOW
- Sacombank
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
For more information about this report visit https://www.researchandmarkets.com/r/cd9c3u
