58 pct of Vietnamese digital consumers use fintech solutions for convenience: report-Xinhua

58 pct of Vietnamese digital consumers use fintech solutions for convenience: report

Source: Xinhua

Editor: huaxia

2022-10-25 18:52:15

HANOI, Oct. 25 (Xinhua) -- Vietnam is among the top markets in Southeast Asia in technology adoption, with 58 percent of digital consumers using fintech solutions including online banking solutions, e-wallets, money transfer applications and digital banking, local media reported on Tuesday.

Along with Indonesia and the Philippines, Vietnam is among the fastest-adopting markets in the region in adopting future technologies such as fintech and metaverse, local newspaper Vietnam News cited a recent report on digital consumers in Southeast Asia.

The use of digital technology in Vietnam is ripe and mainly driven by "functionality and convenience," according to the "SYNC Southeast Asia" report conducted by the U.S. social media giant Meta Platforms and the global management consulting firm Bain & Company.

Nearly 80 percent of Vietnam's population is represented as digital consumers and this is a period when they use more platforms than ever before, with the dominance of the e-commerce market accounting for 51 percent of online spending, said the report.

"In the context of digital consumption, Vietnamese users increase the number of platforms they use to find a better value, with 22 percent of online orders made on various e-commerce platforms," the newspaper cited Le Khoi, Country Director of Vietnam Market of Meta.

The number of online platforms Vietnamese consumers use will increase from eight in 2021 to 16 in 2022, he said.