Vietnamese consumers are now more tech-savvy than ever. Due to the impact of the pandemic, ordering groceries through ride-hailing services, paying bills via e-wallets, and working or studying from home have become the new normal for Vietnamese people. As a result, some businesses are significantly accelerating the digital transformation to keep up with the market trends.
To help your brand capitalize on these emerging consumption habits next year, here are the top 5 Vietnamese market trends to watch out for in 2022.
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The boom of TikTok
According to a recent survey by Q & Me, 71% of Vietnamese people of the Gen-Z generation currently spend their free time on TikTok.
Popular social media. Image Source: Q&Me
Creating fun, engaging, and educational content has become the key to unlocking Vietnam’s Generation Z community. That’s exactly how Vietnam’s Ministry of Health rose to TikTok stardom, garnering 272k followers through engaging safety tips and COVID-19 related news.
If brands target Vietnamese youth, then TikTok is a tool not to be missed
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E-commerce and online shopping
In the face of this new trend, small businesses turning to e-commerce has completely changed the game, significantly reducing the financial burden of maintaining brick-and-mortar stores. Meanwhile, big brands are also enjoying this pace of change through platforms like ShopeeMall and LazMall. These official stores give a higher reputation than resellers, thus attracting more customers.
To keep up with this trend in 2022, brands should invest in building an online ecosystem for their consumers.
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Vietnam’s Fintech battleground heats up
In a recent Fintech in ASEAN report released by UOB, PwC, and SFA, Vietnam ranked 3rd in Fintech funding, just behind Singapore and Indonesia. Nextrans, a Korean venture capital fund, estimates that the value of Digital Services will grow from 0.5 billion USD to 3.8 billion in the next four years, with online payments projected to grow 15% year-on-year until 2025.
Fintech in Vietnam is still in its early stages of development, making it an immensely promising sector for newcomers in 2022. On the other hand, brands and service providers should be aware of consumers’ changing payment preferences.
Vietnam Fintech Ecosystem. Image Source: iDautu.com
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Vietnam enters the Metaverse
According to Ngo Van Cuong, Chief Technology Officer of Meta Spatial, creating a genuine metaverse requires a combination of virtual reality (VR), augmented reality (AR), and blockchain technology. This means that full-fledged metaverse experiences won’t be cropping up in Vietnam overnight.
Even so, forward-thinking brands should be aware of this mid to long-term trend and embrace various aspects of the “metaverse experience” in the interim.
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Vietnam loves influencer marketing
According to 7Sat’s State of Influencer Marketing in Vietnam report, while only 30% of Vietnamese consumers trust advertisements, 90% trust influencers’ recommendations. Influencer marketing may be a fairly new format abroad, but it’s already considered a tried and true strategy in Vietnam.
Businesses can book micro-influencers to show up at launch events, share products on their social media pages, or feature in branded marketing campaigns. The cost of securing a micro-influencer will vary depending on the scope of work, but with so many options to choose from, there’s almost always someone right.
The real key with any kind of influencer marketing is to find a candidate who will genuinely click with your intended consumer base.
Choosing the right influencer can make or break the success of any brand’s marketing campaign in Vietnam, so picking the right personality is crucial.
to be continued…
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