Visa Vietnam has just released a new report that states that due to the Covid-19 pandemic, Vietnamese are making an average of 30 million online purchases on a daily basis. Visa notes that their new findings emphasize the importance of e-commerce transformation to many retail companies.
The report notes that as consumers are increasing their use of electronic payment methods, small and medium size businesses – especially online retailers need to quickly seize the opportunity to meet the demand for online payment.
Small and medium-sized enterprises (SME’s) face challenges in making their names known to consumers, so Visa is launching a marketing program called ‘Gia tri suc mua cua ban’ (The value of your purchasing power) as a part of its strategy to support SME’s.
Dang Tuyet Dung, Visa’s Country Manager for Vietnam and Laos discussed the new marketing program and says that it has two major objectives. The first objective is to help customers identify and connect with businesses across the country. The second objective is to help businesses participating in the program to attract new customers, be part of the evolving e-commerce and payment trends, and maximize their profitability.
The State Bank of Vietnam’s Payment Department has also released statistics that show that in the previous COVID-19 wave, the country saw a boom in internet banking and mobile banking users, with an average of 15 people using internet banking and mobile banking each month, and 30 million online payments made every day.
Vietnam’s master plan for national e-commerce development for the 2021-25 period envisions 55% of the population shopping online by 2025, with average consumer spending rising to $600 USD per person per year.