Vietnam Payments Market Share

Market Share of Vietnam Payments Industry

The Vietnam payments market is highly fragmented, with firms such as PayPal, MoMo, Samsung Pay, and others accounting for a majority of the market share. Furthermore, these companies are spending a lot of money on research and development in order to bring new payment technologies to the market. In Vietnam, strict government laws and policies will drive the market, making it more appealing and competitive. The following are some of the most significant market developments:

• January 2022 - The Vietnam Bank for Agriculture and Rural Development (Agribank) and FWD Vietnam Life Insurance Company Limited (FWD Vietnam) officially signed a cooperation agreement on insurance distribution through banks in order to better meet the financial and insurance needs of the people. The partnership between Agribank and FWD Vietnam combines Agribank's statewide and biggest distribution network with FWD Vietnam's expertise in designing insurance products fit for a diverse range of clients and digital platforms, resulting in a variety of FWD Vietnam customer experiences.
• June 2022 - The Maritime Commercial Joint Stock Bank of Vietnam (MSB) has chosen Temenos to modernize its main banking system. MSB said it will be able to bring creative new products to market faster and at a reduced cost using Temenos core banking solutions for retail and corporate banking, which include analytics, payments, and data lake capabilities.

Vietnam Payments Market Leaders

1. VietinBank Group

2. Vietnam Bank for Agriculture and Rural Development

3. Bank for Investment and Development of Vietnam

4. PayPal Pte. Ltd.

5. MoMo

*Disclaimer: Major Players sorted in no particular order