Summary

According to PayNXT360, BNPL payments in the country are expected to grow by 41.8% on an annual basis to reach US$3,331.7 million in 2024.

The medium to long-term growth story of the BNPL industry in the country remains strong. BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 27.6% during 2024-2029. The BNPL gross merchandise value in the country will increase from US$2,349.8 million in 2023 to reach US$11,272.2 million by 2029.The buy now pay later market is thriving in Vietnam and the trend is projected to continue further in 2024. The rising consumption, coupled with low credit card penetration, is aiding the growth of the industry in Vietnam. To tap into the high-growth sector, not only domestic firms are competing but even regional players like Atome and Kredivo are seeking to scale their operations.

Domestic firms, on the other hand, are entering into strategic partnerships to widen the distribution of their BNPL product. The trend is projected to continue further over the medium term, supporting the competitive landscape in the Vietnamese BNPL industry in 2024. Overall, PayNXT360 maintains a positive growth outlook for the buy now pay later market over the next three to four years.

Rising consumption and low credit card penetration are driving adoption of BNPL in Vietnam

The consumption story is changing rapidly in Vietnam. The rising middle-income class, coupled with lifestyle changes, is driving consumption among Vietnamese households and this trend is supporting the uptake of innovative payment solutions like buy now pay later in the domestic market.

The BNPL growth is also supported by the low credit card penetration in the Vietnamese market. An increasing number of shoppers are utilizing BNPL to fund their purchases, as it provides easier access to credit and higher purchasing power. The trend is expected to continue further in Vietnam over the next three to four years, supporting the broader industry growth. With the market projected to grow, PayNXT360 also expects more regional and global players to expand their presence in the Vietnamese market from the short to medium-term perspective.

Firms are forging strategic alliances to widen the distribution of their BNPL product in Vietnam

The demand for credit products like buy now pay later schemes is growing rapidly among consumers in Vietnam. Consequently, to better serve the rising demand, firms are entering into strategic collaborations to widen the distribution of their products.
• Fundiin, in November 2023, entered into a strategic partnership with Pharmacity in Vietnam. Fundiin’s presence at Pharmacity, one of the leading retail pharmacy chains having approximately 1000 stores across the country, will enable the BNPL firm to tap into more customers. This will also drive the firm’s gross merchandise value and volume for the BNPL provider. In Vietnam, Fundiin is offering BNPL services across different industry verticals including cinema, fashion, cosmetics, and travel among many others.
• MoMo, a leading digital wallet and BNPL provider in Vietnam, also entered into a strategic partnership with Grab. The firm entered into a collaboration in November 2023. The partnership will enable MoMo users to make digital payments, including buy now pay later option, for making use of Grab services. With more than 31 million users, Grab stands to benefit significantly through this collaboration with MoMo in the Vietnamese market. MoMo, on the other hand, will also experience higher gross merchandise value and volume due to this collaboration, as Grab offers a wide range of services.

From the short to medium-term perspective, PayNXT360 expects more such strategic collaborations in the Vietnamese BNPL industry. This will support innovation and a competitive landscape in the fast-growing sector, thereby driving the growth of the industry over the next three to four years.

The BNPL payment industry in Vietnam has recorded strong growth over the last four quarters, supported by increased e-commerce penetration.

This report provides a detailed data-centric analysis of the Buy Now Pay Later (BNPL) industry, covering market opportunities and risks across a range of retail categories. With over 75 KPIs at the country level, this report provides a comprehensive understanding of BNPL market dynamics, market size and forecast, and market share statistics.

It breaks down market opportunities by type of business model, sales channels (offline and online), and distribution models. In addition, it provides a snapshot of consumer behaviour and retail spending dynamics. KPIs in both value and volume terms help in getting an in-depth understanding of end market dynamics.

PayNXT360’s research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view of emerging business and investment market opportunities.


• 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.

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Table of Contents

1 About this Report
1.1 Summary
1.2 Methodology
1.3 BNPL Definitions
1.4 Disclaimer

2 Vietnam Buy Now Pay Later Industry Attractiveness
2.1 Vietnam Buy Now Pay Later – Gross Merchandise Value Trend Analysis, 2020-2029
2.2 Vietnam Buy Now Pay Later – Average Value Per Transaction Trend Analysis, 2020-2029
2.3 Vietnam Buy Now Pay Later—Transaction Volume Trend Analysis, 2020-2029
2.4 Vietnam Buy Now Pay Later Market Share Analysis by Key Players

3 Vietnam Buy Now Pay Later Operational KPIs
3.1 Buy Now Pay Later Revenues, 2020-2029
3.2 Buy Now Pay Later Share by Revenue Segments, 2020-2029
3.2.1 Buy Now Pay Later Revenue by Merchant Commission, 2020-2029
3.2.2 Buy Now Pay Later Revenue by Missed Payment Fee Revenue, 2020-2029
3.2.3 Buy Now Pay Later Revenue by Pay Now & Other Income, 2020-2029
3.3 Buy Now Pay Later Active Consumer Base, 2020-2029
3.4 Buy Now Pay Later Bad Debt, 2020 – 2024 – 2029

4 Buy Now Pay Later Spend Analysis by Business Model, 2020-2029
4.1 Buy Now Pay Later Two-Party Business Model, 2020-2029
4.2 Buy Now Pay Later Three-Party Business Model, 2020-2029

5 Buy Now Pay Later Spend Analysis by Purpose, 2020-2029
5.1 Buy Now Pay Later Convenience, 2020-2029
5.2 Buy Now Pay Later Credit, 2020-2029

6 Buy Now Pay Later Spend Analysis by Functional Attribute, 2020-2029
6.1 Buy Now Pay Later by Open Loop System, 2020-2029
6.2 Buy Now Pay Later by Closed Loop System, 2020-2029

7 Buy Now Pay Later Spend Analysis by Distribution Model, 2020-2029
7.1 Buy Now Pay Later by Standalone, 2020-2029
7.2 Buy Now Pay Later by Banks & Payment Service Providers, 2020-2029
7.3 Buy Now Pay Later by Marketplaces, 2020-2029

8 Vietnam Buy Now Pay Later Spend Analysis by Sales Channel
8.1 Buy Now Pay Later Market Share by Sales Channel, 2020-2029
8.2 Buy Now Pay Later Online Channel Market Size and Forecast, 2020-2029
8.3 Buy Now Pay Later POS Channel Market Size and Forecast, 2020-2029

9 Vietnam Buy Now Pay Later Snapshot by End-Use Sector, 2020-2029
9.1 Buy Now Pay Later Market Share by End-Use Sector, 2023
9.2 Buy Now Pay Later Sales Uplift by End-Use Segment, 2023

10 Vietnam Buy Now Pay Later in Retail Shopping: Market Size and Forecast, 2020-2029
10.1 Vietnam Buy Now Pay Later Retail Shopping – Gross Merchandise Value Trend Analysis, 2020-2029
10.2 Vietnam Buy Now Pay Later Retail Shopping – Average Value Per Transaction Trend Analysis, 2020-2029
10.3 Vietnam Buy Now Pay Later Retail Shopping – Transaction Volume Trend Analysis, 2020-2029

11 Vietnam Buy Now Pay Later Market Size and Forecast by Retail Product Categories
11.1 Buy Now Pay Later Share by Retail Product Category, 2023
11.2 Vietnam Buy Now Pay Later Retail Shopping - Apparel, Footwear & Accessories – Gross Merchandise Value Trend Analysis, 2020-2029
11.3 Vietnam Buy Now Pay Later Retail Shopping - Consumer Electronics – Gross Merchandise Value Trend Analysis, 2020-2029
11.5 Vietnam Buy Now Pay Later Retail Shopping - Toys, Kids, and Babies – Gross Merchandise Value Trend Analysis, 2020-2029
11.6 Vietnam Buy Now Pay Later Retail Shopping - Jewellery – Gross Merchandise Value Trend Analysis, 2020-2029
11.7 Vietnam Buy Now Pay Later Retail Shopping - Sporting Goods – Gross Merchandise Value Trend Analysis, 2020-2029
11.8 Vietnam Buy Now Pay Later Retail Shopping - Entertainment & Gaming – Gross Merchandise Value Trend Analysis, 2020-2029
11.9 Vietnam Buy Now Pay Later Retail Shopping - Others – Gross Merchandise Value Trend Analysis, 2020-2029

12 Vietnam Buy Now Pay Later in Home Improvement: Market Size and Forecast, 2020-2029
12.1 Vietnam Buy Now Pay Later Home Improvement – Gross Merchandise Value Trend Analysis, 2020-2029
12.2 Vietnam Buy Now Pay Later Home Improvement – Average Value Per Transaction Trend Analysis, 2020-2029
12.3 Vietnam Buy Now Pay Later Home Improvement – Transaction Volume Trend Analysis, 2020-2029

13 Vietnam Buy Now Pay Later in Travel: Market Size and Forecast, 2020-2029
13.1 Vietnam Buy Now Pay Later Travel – Gross Merchandise Value Trend Analysis, 2020-2029
13.2 Vietnam Buy Now Pay Later Travel – Average Value Per Transaction Trend Analysis, 2020-2029
13.3 Vietnam Buy Now Pay Later Travel – Transaction Volume Trend Analysis, 2020-2029

14 Vietnam Buy Now Pay Later in Media and Entertainment: Market Size and Forecast, 2020-2029
14.1 Vietnam Buy Now Pay Later Media and Entertainment – Gross Merchandise Value Trend Analysis, 2020-2029
14.2 Vietnam Buy Now Pay Later Media and Entertainment – Average Value Per Transaction Trend Analysis, 2020-2029
14.3 Vietnam Buy Now Pay Later Media and Entertainment – Transaction Volume Trend Analysis, 2020-2029

15 Vietnam Buy Now Pay Later in Service: Market Size and Forecast, 2020-2029
15.1 Vietnam Buy Now Pay Later Service – Gross Merchandise Value Trend Analysis, 2020-2029
15.2 Vietnam Buy Now Pay Later Service – Average Value Per Transaction Trend Analysis, 2020-2029
15.3 Vietnam Buy Now Pay Later Service – Transaction Volume Trend Analysis, 2020-2029

16 Vietnam Buy Now Pay Later in Automotive: Market Size and Forecast, 2020-2029
16.1 Vietnam Buy Now Pay Later Automotive – Gross Merchandise Value Trend Analysis, 2020-2029
16.2 Vietnam Buy Now Pay Later Automotive – Average Value Per Transaction Trend Analysis, 2020-2029
16.3 Vietnam Buy Now Pay Later Automotive – Transaction Volume Trend Analysis, 2020-2029

17 Vietnam Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast, 2020-2029
17.1 Vietnam Buy Now Pay Later Healthcare and Wellness – Gross Merchandise Value Trend Analysis, 2020-2029
17.2 Vietnam Buy Now Pay Later Healthcare and Wellness – Average Value Per Transaction Trend Analysis, 2020-2029
17.3 Vietnam Buy Now Pay Later Healthcare and Wellness – Transaction Volume Trend Analysis, 2020-2029

18 Vietnam Buy Now Pay Later in Others: Market Size and Forecast, 2020-2029
18.1 Vietnam Buy Now Pay Later Others – Gross Merchandise Value Trend Analysis, 2020-2029
18.2 Vietnam Buy Now Pay Later Others – Average Value Per Transaction Trend Analysis, 2020-2029
18.3 Vietnam Buy Now Pay Later Others – Transaction Volume Trend Analysis, 2020-2029

19 Vietnam Buy Now Pay Later Analysis by Consumer Attitude and Behaviour, 2020-2029
19.1 Buy Now Pay Later Spend Share by Age Group, 2023
19.1.1 Vietnam Buy Now Pay Later by Age Group – Gen Z (15-27) – Gross Merchandise Value Trend Analysis, 2020-2029
19.1.2 Vietnam Buy Now Pay Later by Age Group – Millennials (28–44) – Gross Merchandise Value Trend Analysis, 2020-2029
19.1.3 Vietnam Buy Now Pay Later by Age Group – Gen X (45 – 60) – Gross Merchandise Value Trend Analysis, 2020-2029
19.1.4 Vietnam Buy Now Pay Later by Age Group – Baby Boomers (60+) – Gross Merchandise Value Trend Analysis, 2020-2029
19.2 Buy Now Pay Later Spend Share by Default Rate by Age Group, 2023
19.3 Buy Now Pay Later Share by Income, 2023
19.3.1 Vietnam Buy Now Pay Later by Income Level – Tier 1 – Gross Merchandise Value Trend Analysis, 2020-2029
19.3.2 Vietnam Buy Now Pay Later by Income Level – Tier 2 – Gross Merchandise Value Trend Analysis, 2020-2029
19.3.3 Vietnam Buy Now Pay Later by Income Level – Tier 3 – Gross Merchandise Value Trend Analysis, 2020-2029
19.4 Buy Now Pay Later Gross Merchandise Value Share by Gender, 2023
19.5 Buy Now Pay Later Adoption Rationale, 2023
19.6 Vietnam Buy Now Pay Later Market – Spend by Average Monthly Expense Segments, 2023

20 Further Reading
20.1 About PayNXT360
20.2 Related Research

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List of Tables/Graphs

Table 1: Vietnam Buy Now Pay Later – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 2: Vietnam Buy Now Pay Later – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 3: Vietnam Buy Now Pay Later – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 4: Vietnam Buy Now Pay Later – Revenues (US$ Million), 2020-2029
Table 5: Vietnam Buy Now Pay Later – Merchant Commission (US$ Million), 2020-2029
Table 6: Vietnam Buy Now Pay Later – Missed Payment Fee Revenue (US$ Million), 2020-2029
Table 7: Vietnam Buy Now Pay Later Pay Now – Other Income (US$ Million), 2020-2029
Table 8: Vietnam Buy Now Pay Later – Active Consumer Base (Thousand), 2020-2029
Table 9: Vietnam Buy Now Pay Later – Bad Debt (US$ Million), 2022-2024-2029
Table 10: Vietnam Buy Now Pay Later – Two-Party Business Model (US$ Million), 2020-2029
Table 11: Vietnam Buy Now Pay Later – Three-Party Business Model (US$ Million), 2020-2029
Table 12: Vietnam Buy Now Pay Later – Convenience (US$ Million), 2020-2029
Table 13: Vietnam Buy Now Pay Later – Credit (US$ Million), 2020-2029
Table 14: Vietnam Buy Now Pay Later – Open Loop System (US$ Million), 2020-2029
Table 15: Vietnam Buy Now Pay Later – Closed Loop System (US$ Million), 2020-2029
Table 16: Vietnam Buy Now Pay Later – Standalone (US$ Million), 2020-2029
Table 17: Vietnam Buy Now Pay Later – Banks & Payment Service Providers (US$ Million), 2020-2029
Table 18: Vietnam Buy Now Pay Later – Marketplaces (US$ Million), 2020-2029
Table 19: Vietnam Buy Now Pay Later – Gross Merchandise Value by Online Channel (US$ Million), 2020-2029
Table 20: Vietnam Buy Now Pay Later – Gross Merchandise Value by POS Channel (US$ Million), 2020-2029
Table 21: Vietnam Buy Now Pay Later Retail Shopping – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 22: Vietnam Buy Now Pay Later Retail Shopping – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 23: Vietnam Buy Now Pay Later Retail Shopping – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 24: Vietnam Buy Now Pay Later Retail Shopping - Apparel, Footwear & Accessories – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 25: Vietnam Buy Now Pay Later Retail Shopping - Consumer Electronics – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 26: Vietnam Buy Now Pay Later Retail Shopping - Toys, Kids, and Babies – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 27: Vietnam Buy Now Pay Later Retail Shopping - Jewellery – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 28: Vietnam Buy Now Pay Later Retail Shopping - Sporting Goods – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 29: Vietnam Buy Now Pay Later Retail Shopping - Entertainment & Gaming – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 30: Vietnam Buy Now Pay Later Retail Shopping - Others – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 31: Vietnam Buy Now Pay Later Home Improvement – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 32: Vietnam Buy Now Pay Later Home Improvement – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 33: Vietnam Buy Now Pay Later Retail Shopping Home Improvement – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 34: Vietnam Buy Now Pay Later Travel – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 35: Vietnam Buy Now Pay Later Travel – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 36: Vietnam Buy Now Pay Later Travel – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 37: Vietnam Buy Now Pay Later Media and Entertainment – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 38: Vietnam Buy Now Pay Later Media and Entertainment – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 39: Vietnam Buy Now Pay Later Media and Entertainment – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 40: Vietnam Buy Now Pay Later Service – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 41: Vietnam Buy Now Pay Later Service– Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 42: Vietnam Buy Now Pay Later Service – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 43: Vietnam Buy Now Pay Later Automotive – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 44: Vietnam Buy Now Pay Later Automotive – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 45: Vietnam Buy Now Pay Later Automotive – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 46: Vietnam Buy Now Pay Later Healthcare and Wellness – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 47: Vietnam Buy Now Pay Later Healthcare and Wellness – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 48: Vietnam Buy Now Pay Later Healthcare and Wellness – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 49: Vietnam Buy Now Pay Later Others – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 50: Vietnam Buy Now Pay Later Others – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 51: Vietnam Buy Now Pay Later Others – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 52: Vietnam Buy Now Pay Later by Age Group – Gen Z (15-27) – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 53: Vietnam Buy Now Pay Later by Age Group – Millennials (28–44) – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 54: Vietnam Buy Now Pay Later by Age Group – Gen X (45 – 60) – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 55: Vietnam Buy Now Pay Later by Age Group – Baby Boomers (60+) – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 56: Vietnam Buy Now Pay Later by Income Level – Tier 1 – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 57: Vietnam Buy Now Pay Later by Income Level – Tier 2 – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 58: Vietnam Buy Now Pay Later by Income Level – Tier 3 – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029