Vietnam retail banking 2022 report
The Vietnam retail banking 2022 report explores retail banking customer perspectives and experiences.
With middle-class acceleration and lower birth rates, households are smaller and have become wealthier. Vietnam has experienced a rapid rise in modern retail trade and e-commerce which promote non-cash payments. Non-cash payment is growing at a rapid pace via online, mobile wallets, mobile banking and QR codes.
According to the State Bank*, in the first haft of 2022 compared to the same period of 2021, non-cash transactions increased 77% in volume and 30% in value. The same period experienced increases of; 63% (volume) and 32% (value) for internet banking, 98% (volume) and 84% (value) for mobile transactions and 86% (volume) and 127% (value) for QR code payments.
In 2021, retail loans accounted for 40-50% of bank loans. Retail banking is a trust-based customer-oriented business. Brand image, customer experience and customer journey play critical roles in any bank’s competitive position. Cimigo’s Vietnam retail banking 2022 report provides intelligence on banks’ competitive position. This is essential for both managing communications and driving operational improvements.
The survey included 2,055 interviews nationwide. The targeted respondents are aged 18 – 55 years and have a bank account. The sample covers key cities (Hanoi, HCMC, Danang, Hai Phong and Can Tho) and both urban and rural strata in other provinces with respondent profiles in proportion to the population’s demographic profile.
Vietnam retail banking 2022 report summary
The Vietnamese retail banking market is dominated by state-owned commercial banks. This is driven by physical accessibility, especially beyond the key cities of Hanoi, HCMC, Danang, Hai Phong and Can Tho. Retail banking in Vietnam has great growth potential and is experiencing dynamic competition with other non-bank financial firms.
The top banks in Vietnam deliver good customer experience whilst strong brand building is nascent. Techcombank performs strongly in both brand building and customer experience. The rise in non-cash payments, modern trade and e-commerce in Vietnam means that digital transformation will continue to change the shape of the Vietnamese retail banking sector. Improving Vietnamese customers’ digital experience and the ecosystem of digital products and services is key to future success.
The Vietnam retail banking 2022 report covers these topics;
- Vietnam retail banking landscape.
- Vietnam bank product penetration and opportunities.
- Vietnam retail banking customer experience.
- Vietnam retail bank brand momentum.
- Vietnam retail bank brand equity.
- Vietnam digital banking revolution.
Hy Vu - Head of Research Department
Steve Kretschmer - Executive Director
Joe Nelson - New Zealand Consulate General
York Spencer - Global Marketing Director
Laura Baines - Programmes Snr Manager
Mai Trang - Brand Manager of Romano
Hanh Dang - Product Marketing Manager
Luan Nguyen - Market Research Team Leader
Max Lee - Project Manager
Chris Elkin - Founder
Ronald Reagan - Deputy Group Head After Sales & CS Operation
Ha Dinh - Project Lead
Matt Thwaites - Commercial Director
Joyce - Pricing Manager
Dr. Jean-Marcel Guillon - Chief Executive Officer
Anya Nipper - Project Coordination Director
Janine Katzberg - Projects Director
Rick Reid - Creative Director
Private English Language Schools - Chief Executive Officer
Chad Ovel - Partner
Thanyachat Auttanukune - Board of Management
Thuy Le - Consumer Insight Manager
Kelly Vo - Founder & Host
Hamish Glendinning - Business Lead
Aashish Kapoor - Head of Marketing
Richard Willis - Director
Thu Phung - CTI Manager
Tania Desela - Senior Product Manager
Dennis Kurnia - Head of Consumer Insights
Aimee Shear - Senior Research Executive
Louise Knox - Consumer Technical Insights
Geert Heestermans - Marketing Director
Linda Yeoh - CMI Manager