Finance (Vietnam)

August 2023
Contents
Survey Outline
Profile of Respondents
1. Financial Products/Services Owned
2. Bank Accounts
3. Credit Card
4. Type of Insurance Products/Contracts Owned
5. Insurance Company
6. How to Make an Insurance Contract
7. e-Wallet Services
8. Type of Loan Services
9. Type of Investment Products
10. Interest in Fully Digitalized Procedures

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Survey Outline

Method: Respondent’s criteria of this report Sample size

Online survey Total N=1,527
In this report, respondents of below
criteria are aggregated and analyzed; Weighting:
Fieldwork period:
July 7th - 20th, 2023 - Male & Female, 16 - 49 years old The aggregation data is weighted according to
- Residents of Hanoi and Ho Chi Minh City the census population ratio (city x gender x age)
Country & Area:
Vietnam nationwide Number of respondents by quota (weighted)
Male and female, 16 y.o. or older
Male Female
TOTAL
Age 16 - 29 30 - 39 40 - 49 16 - 29 30 - 39 40 - 49

Hanoi 142 109 77 148 109 76 662

HCMC 190 133 102 195 142 104 865

Total 332 241 179 344 251 180 1,527

* Due to weight calculation and rounding, the total number of respondents may not match the sum of each category .
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Profile of Respondents (N=1,527)

Area Monthly Household Income

6% 7% Less than 7,500,000 VND

9%
15% 7,500,000 - 14,999,999 VND
Hanoi 15,000,000 - 29,999,999 VND
43%
22% 30,000,000 - 44,999,999 VND
57%
Ho Chi Minh City 45,000,000 - 74,999,999 VND

75,000,000 and more

40%

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Three out of four respondents use “e-wallet”, followed by “bank saving
account” and “credit card”. Among respondents of aged 30 or above,
more than half have an “Insurance contract”.
1. Financial Products/Services Owned

Male Male Male Female Female Female

16-29 30-39 40-49 16-29 30-39 40-49

Total (n=1,527) n= (332) (241) (179) (344) (251) (180)

Bank saving account 67% 58% 71% 73% 61% 77% 72%

Credit card 55% 53% 57% 65% 50% 58% 51%

Insurance contract 46% 33% 55% 65% 31% 54% 54%

e-wallet 75% 75% 77% 81% 76% 71% 66%

Loan 22% 20% 27% 32% 12% 26% 18%

Investment service 23% 24% 31% 28% 20% 22% 13%

Q. Do you currently have the following financial products/service under your name? (MA)
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In Hanoi, BIDV and Vietcombank has the highest share, followed by
MBBank, Vietinbank, Techcombank. In HCMC, Vietcombank is dominantly
high, followed by BIDV, Vietinbank, ACB Bank, etc.
2. Bank Accounts (Top 10 companies) *Base: Those who own bank saving accounts under their name.
Male Male Male Female Female Female
16-29 30-39 40-49 16-29 30-39 40-49
Total (n=1,029) Hanoi (n=459) HCMC (n=570) n= (194) (170) (130) (211) (193) (129)
29%
Vietcombank 27% 38% 23% 18% 32% 30% 25%
30%
20%
BIDV 28% 21% 21% 14% 22% 18% 23%
14%
17%
MBBank 23% 24% 17% 11% 23% 14% 7%
12%
17%
Vietinbank 21% 14% 22% 11% 18% 16% 20%
14%
15%
Techcombank 20% 14% 16% 11% 18% 19% 12%
11%
14%
Agribank 16% 19% 17% 12% 12% 14% 8%
13%
11%
VPBank 13% 7% 13% 14% 15% 10% 10%
10%
11%
ACB Bank 7% 8% 13% 12% 8% 12% 17%
14%
10%
Sacombank 7% 8% 14% 11% 6% 14% 9%
13%
8%
TPBank 10% 10% 6% 8% 10% 7% 7%
7%

Q. Which of the following banks do you currently have SAVING ACCOUNT under your name? (MA)
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Both in Hanoi & HCMC, Vietcombank has the highest share. Also, MBBank,
Vietinbank, BIDV and Techcombank rank high in Hanoi, while Sacombank,
Vietinbank, BIDV and VPbank rank high in HCMC.
3. Credit Card (Top 10 companies) *Base: Those who own credit cards under their name.
Male Male Male Female Female Female
16-29 30-39 40-49 16-29 30-39 40-49
Total (n=840) Hanoi (n=367) HCMC (n=473) n= (175) (139) (117) (173) (146) (92)
26%
Vietcombank 30% 35% 21% 17% 29% 24% 23%
23%
15%
Vietinbank 19% 22% 18% 9% 14% 16% 9%
12%
15%
MBBank 22% 23% 11% 9% 21% 10% 9%
10%
14%
BIDV 19% 19% 11% 11% 15% 10% 19%
11%
14%
Techcombank 19% 12% 13% 7% 13% 17% 23%
9%
13%
VPBank 15% 6% 14% 18% 13% 14% 15%
11%
10%
Sacombank 7% 9% 10% 13% 9% 11% 8%
13%
9%
Agribank 9% 13% 10% 5% 9% 8% 4%
9%
9%
TPBank 9% 14% 7% 7% 8% 7% 6%
8%
8%
ACB Bank 6% 8% 7% 11% 7% 10% 7%
10%
Q. Which of the following company do you currently have CREDIT CARD under your name? (MA)
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The most popular type of insurance products/contracts is “life insurance”,
followed by “medical insurance” and “car/motorcycle insurance”.

4. Type of Insurance Products/Contracts Owned *Base: Those who own an insurance product/contract under their name.

Male Male Male Female Female Female

16-29 30-39 40-49 16-29 30-39 40-49

Total (n=699) n= (109) (134) (117) (106) (136) (97)

Life insurance 85% 70% 85% 90% 74% 92% 95%

Medical insurance 76% 78% 78% 77% 83% 77% 62%

Education insurance 16% 21% 18% 18% 19% 12% 7%

Car/motorcycle insurance 76% 78% 85% 80% 76% 72% 61%

Property insurance 25% 39% 28% 23% 28% 22% 7%

Retirement insurance 21% 17% 25% 21% 24% 18% 19%

Pet insurance 7% 10% 7% 7% 10% 3% 2%

Q. Which of the following type of insurance do you currently have? (MA)

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In Hanoi, Manulife has the highest share, followed by Bao Vet, Prudential,
AIA and Dai-ichi. In HCMC, Bao Vet ranks highest, followed by Prudential,
Dai-ichi, Manulife, etc.
5. Insurance Company (Top 10 companies) *Base: Those who own insurance products/contracts under their name.
Male Male Male Female Female Female
16-29 30-39 40-49 16-29 30-39 40-49
Total (n=699) Hanoi (n=339) HCMC (n=360) n= (109) (134) (117) (106) (136) (97)
34%
Bao Viet 35% 38% 36% 39% 31% 32% 26%
33%
30%
Manulife 40% 28% 33% 19% 30% 40% 27%
20%
27%
Prudential 25% 26% 28% 33% 20% 25% 30%
29%
22%
Dai-Ichi 22% 20% 22% 27% 26% 20% 16%
21%
20%
AIA 23% 23% 22% 24% 15% 19% 17%
18%
17%
Government insurance 16% 30% 12% 15% 23% 11% 13%
17%
10%
FWD 9% 11% 9% 17% 11% 8% 2%
11%
9%
Generali 9% 10% 8% 14% 4% 8% 10%
9%
8%
Sun Life 8% 11% 7% 10% 9% 8% 0%
7%
4%
Muang Thai Life 6% 4% 2% 1% 7% 6% 4%
2%
Q. Which of the following insurance company do you currently have contract under your name? (MA)
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In “life insurance” and “medical insurance”, the ratio of [online] ways of
making a contract is under 30%, while the scores of [online] in other types
of insurance are higher, particularly in “education” and “pet” insurance.
6. How to Make an Insurance Contract *Base: Those who own each insurance product/contract under their name.

[Not online] [Not online] [Not online] [Online] On [Online] [Online] Total - Total -
Through Through an Directly at an an insurance Directly on an Other online
acquaintance insurance insurance agency insurance tools [Not [Online]
n= s/Family agency company website/app company online]
website/app

Life insurance (593) 30% 49% 26% 12% 12% 3% 91% 21%

Medical insurance (disease, cancer, etc.) (531) 18% 41% 34% 15% 10% 3% 81% 25%

Education insurance (111) 16% 44% 35% 35% 20% 9% 74% 53%

Car/motorcycle insurance (530) 17% 46% 23% 20% 15% 5% 74% 35%

Property insurance (174) 17% 39% 41% 26% 26% 7% 74% 47%

Retirement insurance (144) 15% 33% 53% 25% 18% 6% 79% 40%

Pet insurance (46) 26% 18% 43% 30% 28% 17% 65% 53%

Q. How did you make a contract each insurance below? (MA)

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In both Hanoi & HCMC, MoMo is the most used e-wallet service, followed
by Zalo Pay, Shopeepay.

7. e-Wallet Services (Top 8 brands) *Base: Those who use e-wallet services under their name.

Male Male Male Female Female Female

16-29 30-39 40-49 16-29 30-39 40-49
Total (n=1,138) Hanoi (n=511) HCMC (n=627) n= (249) (185) (144) (263) (177) (119)
80%
MoMo 73% 83% 82% 77% 83% 80% 70%
86%
66%
Zalo Pay 66% 66% 64% 61% 75% 65% 56%
66%
51%
Shopeepay 55% 51% 42% 31% 70% 55% 38%
47%
36%
Viettel Pay 46% 38% 45% 28% 36% 31% 36%
28%
34%
Paypal 33% 38% 38% 39% 29% 30% 26%
34%
21%
VN pay 27% 21% 21% 20% 28% 19% 14%
17%
14%
GrabPay 11% 8% 15% 13% 18% 20% 13%
17%
14%
VinID 20% 11% 12% 12% 17% 15% 19%
9%
Q. Which of the following e-wallet brands have you used in the past 3 months? (MA)
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The most popular type of loan services is “personal loan”. Also, “property
loan”, “business loan” and “car loan” are widely used.

8. Type of Loan Services *Base: Those who use loan services under their name.

Male Male Male Female Female Female

16-29 30-39 40-49 16-29 30-39 40-49

Total (n=329) n= (67) (66) (57) (40) (65) (33)

Personal loan 65% 62% 62% 73% 60% 63% 74%

Property loan 35% 39% 41% 28% 41% 36% 16%

Car loan 30% 30% 34% 43% 24% 23% 16%

Motorcycle loan 24% 36% 30% 17% 24% 15% 17%

Education loan 16% 25% 15% 19% 19% 9% 5%

Business loan 34% 40% 37% 37% 28% 18% 45%

Q. Which of the following type of loan do you currently have? (MA)

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Among the investment product owners, more than 40% own “stocks”,
“gold or precious metals”, “property”, “land” and “cryptocurrencies”.

9. Type of Investment Products *Base: Those who own investment products under their name.

Male Male Male Female Female Female

16-29 30-39 40-49 16-29 30-39 40-49
Total (n=355) n= (81) (76) (50) (68) (56) (24)
Stock market 45% 35% 39% 55% 42% 47% 77%
Bond 24% 26% 26% 26% 21% 21% 14%
Unit trust / mutual fund 22% 24% 16% 28% 26% 17% 21%
Cryptocurrencies 40% 48% 44% 44% 38% 36% 14%
Gold or other precious metals 44% 44% 43% 47% 41% 49% 42%
Jewellery 17% 19% 21% 14% 16% 12% 14%
Collectibles 16% 16% 15% 24% 13% 13% 14%
Antique automobile 8% 12% 3% 12% 6% 4% 7%
Business 32% 34% 25% 40% 34% 35% 21%
Property 41% 39% 40% 49% 36% 49% 23%
Land 41% 39% 40% 39% 30% 48% 63%
Premium/high-end edition fashion items 15% 23% 17% 11% 16% 10% 0%

Q. Which of the following type of investment do you currently have? (MA)

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Half of respondents show interest in “savings / investments” and “making
payments when purchasing goods at physical stores” if these processes
are fully digitalized.
10. Interest in Fully Digitalized Procedures

Male Male Male Female Female Female

16-29 30-39 40-49 16-29 30-39 40-49

Total (n=1,527) n= (332) (241) (179) (344) (251) (180)

Account opening / closing 44% 43% 41% 43% 47% 43% 42%

Applying for loans / loans approvals 35% 38% 41% 27% 35% 36% 29%

Savings / investments 52% 50% 55% 56% 50% 58% 47%

Making payments when purchasing

goods at physical stores 51% 50% 50% 46% 50% 51% 62%

None of the above 4% 2% 3% 9% 3% 4% 5%

Q. Which of the following will you be more interested in, if each of the process is fully digitalized and no need of offline procedure? (MA)
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