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Vietnam International Remittance Business Prospects Report 2023: Firms are Forging Strategic Alliances to Open New Remittance Corridors – Forecasts to 2028

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DUBLIN–(BUSINESS WIRE)–The “Vietnam International Remittance Market Business and Investment Opportunities – Analysis by Transaction Value & Volume, Inbound and Outbound Transfers to and from Key States, Consumer Demographics – Q2 2023” report has been added to ResearchAndMarkets.com’s offering.

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International inbound remittance market in Vietnam has increased at 2.9% during 2022 to reach US$ 13.15 billion in 2023. Over the forecast period (2023-2028), market size is expected to record a CAGR of 2.3%, increasing from US$ 12.78 billion in 2022 to reach US$ 14.72 billion by 2028.

According to the publisher, the international outbound remittance market in Vietnam has increased at 3.1% during 2022 to reach US$149.5 million in 2023. Over the forecast period (2023-2028), market size is expected to record a CAGR of 2.5%, increasing from US$145.0 million in 2022 to reach US$169.4 million by 2028.

The Vietnamese remittance industry reported strong growth in H1 2023 and the trend is projected to further continue in H2 2023. The growth will be driven by year-end remittances in Vietnam. To tap into the high-growth market, global firms are also launching their remittance services in the domestic market, which is subsequently driving the competitive landscape.

Firms are also forging strategic alliances to open new remittance corridors. These strategic alliances with drive the overall value and volume of remittance inflows in Vietnam over the next three to four years. Overall, the publisher maintains a positive growth outlook for the industry and expects Vietnam to also aid the growth of the broader market in the Southeast Asian region.

Year-end remittance inflows to further aid the growth of the Vietnamese market in 2023

Throughout 2023, remittance inflows have been on an upward growth trajectory in Vietnam, and this trend is projected to further continue in Q4 2023. The majority share of remittance is from Asia, making up 53.1% of the total, which is also indicating the economic and political stability of the region.

To attract more remittances in the year-end period, banks need to focus on enhancing the quality of their services, and credit institutions should make an effort to promote and make more widely known their services for sending and receiving money transfers. According to the World Bank report, Vietnam is ranked among the top ten countries when it comes to remittances.

Firms are forging strategic alliances to open new remittance corridors to Vietnam in 2023

Millions of Vietnamese are residing overseas and these individuals are seeking ways to transfer remittances back home in a seamless manner. To provide services to these individuals, firms are entering into strategic collaborations to open new remittance corridors, subsequently aiding the industry’s growth.

Vietcombank Remittance, in July 2023, entered into a strategic partnership with EzyRemit Worldwide to bring remittances from Australia to Vietnam. The two firms have committed to improving user experiences when it comes to remittances and are seeking to derive value from this strategic partnership.

SBI Group, the Japanese conglomerate, entered into a strategic partnership with its international remittances arm SBI Remit, Ripple, and SBI Ripple Asia in September 2023. As part of the collaboration, the firm will provide an XRP-based remittance service to bank accounts in Vietnam, alongside other Southeast Asian countries such as Indonesia and the Philippines.

Going forward, PayNT360 expects more such strategic collaborations in the space, thereby driving the competitive landscape and innovation in the market. This will subsequently aid the industry growth from the short to medium-term perspective.

Remittances to Ho Chi Minh City has been on an accelerated growth trajectory in 2023

In the first nine months of 2023, money sent to Ho Chi Minh City through remittances has surged by 40%, reaching a new record of $6.6 billion. The State Bank of Vietnam reported that in the third quarter alone, the remittances to the city amounted to US$2.35 billion. It is expected that by the end of the year, the total figure will hit a record high of US$7 billion, reflecting a 7% increase from 2022.

To attract more remittances, the city plans to continue providing incentives such as tax and fee exemptions for recipients. They also aim to enhance the convenience of money transfer methods. Ho Chi Minh City has set a target of achieving a minimum annual growth rate of 10% through 2030. These initiatives, coupled with the growing Vietnamese population residing overseas, will keep aiding the growth of the broader remittance industry in Vietnam from the medium to long-term perspective.

This report provides a comprehensive analysis of the international inbound and outbound remittance market in Vietnam. It covers the market opportunity by transaction value, transaction volume, average value per transaction, key market players, market opportunity by channel, consumer profile, and by sending/receiving countries.

Key Attributes:

Report Attribute Details
No. of Pages 130
Forecast Period 2023 – 2028
Estimated Market Value (USD) in 2023 $13.2 Billion
Forecasted Market Value (USD) by 2028 $14.7 Billion
Compound Annual Growth Rate 2.3%
Regions Covered Vietnam

Scope

International Inbound Market Opportunity Trend Analysis in Vietnam

  • By Transaction Value
  • By Transaction Volume
  • By Average Value Per Transaction

Market Share of Key Players in Vietnam

International Inbound Market Opportunity Trend Analysis by Channel in Vietnam

  • Digital (transaction value, transaction volume, average value per transaction)
  • Mobile (transaction value, transaction volume, average value per transaction)
  • Non-Digital (transaction value, transaction volume, average value per transaction)

International Inbound Remittance Analysis of Consumer Profile in Vietnam

  • Analysis by age group of senders
  • Analysis by income of senders
  • Analysis by occupation of senders
  • Analysis by occupation of beneficiaries
  • Analysis by purpose

International Inbound Remittance Flow Analysis (Country to State/Region) in Vietnam

  • Market opportunity by key sending countries (transaction value, transaction volume, average value per transaction)
  • Market share by transfer channel by key state/regions

International Outbound Market Opportunity Trend Analysis in Vietnam

  • By Transaction Value
  • By Transaction Volume
  • By Average Value Per Transaction

International Outbound Market Opportunity Trend Analysis by Channel in Vietnam

  • Digital (transaction value, transaction volume, average value per transaction)
  • Mobile (transaction value, transaction volume, average value per transaction)
  • Non-Digital (transaction value, transaction volume, average value per transaction)

International Outbound Remittance Analysis of Consumer Profile in Vietnam

  • Analysis by age group of senders
  • Analysis by income of sender
  • Analysis by occupation of sender
  • Analysis by occupation of beneficiaries
  • Analysis by purpose

International Outbound Remittance Flow Analysis (State/Region to Country) in Vietnam

  • Market opportunity by key sending countries (transaction value, transaction volume, average value per transaction)
  • Market share by transfer channel by key state/regions

For more information about this report visit https://www.researchandmarkets.com/r/81su7c

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