Vietnam’s mobile wallet industry was valued at US$782.4 million in 2024 and is forecast to reach US$12.37 billion by 2033, growing at a compound annual growth rate (CAGR) of 35.9 percent from 2025 to 2033, according to IMARC Group.
Key trends and drivers listed in the report include:
- Rapid digital payment adoption: Rising smartphone penetration and a young, tech-savvy population are fuelling the uptake of mobile wallets like MoMo, ZaloPay, and ViettelPay.
- Fintech partnerships: Collaborations with merchants, banks, and telecom firms are expanding ecosystems and accelerating user adoption.
- Competitive landscape: Local players are competing with international entrants like GrabPay, leveraging user experience, loyalty programmes, and bundled services to build market share.
- Government support: Regulatory sandboxes and cashless economy initiatives under Vietnam’s National Digital Transformation Programme are enabling fintech innovation and fostering trust.
- Financial inclusion: Mobile wallets are bridging the gap for unbanked populations, especially in rural areas, by providing digital payment access, microloans, and basic financial services.
Vietnam’s mobile wallet sector is a cornerstone of the country’s broader digital transformation strategy. Its rapid expansion not only signals growing fintech maturity but also reflects a push for a more inclusive, cashless economy. As the market diversifies and competition intensifies, user-centric innovation and policy alignment will be critical to sustaining momentum.
See also: Technology in Vietnam: Industry Overview