Most Southeast Asian economies are leapfrogging to digital banking, thanks to the rising internet and smartphone penetration. The digital banking space in Vietnam is thriving on the back of rapid FinTech adoption, a booming e-commerce industry, and COVID-19 impact. In Q2 2020, visits to e-commerce apps reached 12.7 billion. The e-commerce Gross Merchandise Value is expected to rise to $23 billion in 2025. Online payments increased by 76% in Q1 2020, with the total value rising to 129% compared to 2019.
