Finance - Vietnam

Vietnam

The Finance market in Vietnam is expected to witness a significant increase in total revenue, reaching an estimated value of US$1.92m by 2022.
This projection indicates a promising growth potential in the country's financial sector.
Furthermore, the market is anticipated to display a Compound Annual Growth Rate (CAGR) of 11.28% from 2022 to 2027, resulting in a projected market volume of US$3.39m by the end of the forecast period.
Within the Finance market, In-app purchase (IAP) revenue is projected to reach US$0.55m in 2022, demonstrating the increasing popularity of digital transactions and financial services in Vietnam.
Additionally, paid app revenue is expected to reach US$0.32m in the same year, indicating a growing market for paid financial applications.
Moreover, advertising revenue within the Finance market is projected to reach US$1.05m in 2022, highlighting the significance of advertisement-based revenue streams in the country's financial sector.
The Finance market in Vietnam is also anticipated to witness a substantial increase in the number of downloads, with projections indicating a figure of 24.29m downloads by 2022.
This surge in downloads can be attributed to the growing demand for financial applications and services in the country.
Furthermore, the average revenue per download is expected to amount to US$0.08, reflecting the monetization potential of the Finance market in Vietnam.
In a global context, in the United States leads the Finance market, generating the highest revenue in 2022 with an estimated value of US$580.10m.
This comparison emphasizes the economic significance and competitive landscape of the Finance market, showcasing the potential for growth and development in Vietnam's financial sector.

Key regions: India, Europe, Japan, China, Germany

Market

Region

Region comparison

Currency

Analyst Opinion

Since the start of Apple, Inc.'s App Store in 2008 with around 500 apps, mobile apps have come to dominate the digital economy and have quickly outpaced the demand for desktop applications. As of 2021, the Apple App Store and Google Play Store had more than 5 million apps combined. Because many apps from the West are not available in China, many new app stores have emerged there. Digital lifestyles around the world now depend on adopting mobile apps, especially when it comes to social networking. The games industry has also been thoroughly transformed by the app revolution and is demonstrated by the fact that the games category is the largest and highest-grossing app category.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenue from in-app purchases, revenue from the purchase of apps, and revenue from advertising, as well as the number of downloads for each app category.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use market data from independent databases and third-party sources, current trends, and reported performance indicators of top market players. In addition, we use relevant key market indicators and data from country-specific associations, such as smartphone users and mobile broadband connections. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward apps.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year in case market dynamics change.