Expanding to Vietnamese payment marketVietnam's retail payment market expansion strategy in Vietnam
Fortune 200 company seeking market insight and strategic guidance on its Vietnam growth plans.
The client was seeking to better understand the payment and retail market landscape in Vietnam to help shape its business expansion strategy. The client was already present in the market, providing both intermediary payment and e-commerce offerings but it needed to better understand how Vietnamese consumers pay for their shopping and what is driving retail market trends from traditional wet markets to modern retail including shopping malls & supermarkets to the emerging e-commerce space. The objective of the project was to analyze payment trends in Vietnam and how they would evolve over time with the advent of plastic cards and the introduction of online & mobile payments, as well as how would e-commerce grow factoring the rapid development of modern retail in Vietnam. The project output required Solidiance to analyze the current state of these markets and project how they would evolve, so that the client could position itself for rapid but sustainable market growth.
Solidiance developed in-depth market assessments of the payment and retail markets, analyzing economic, demographic, and urbanization trends, shifting consumer behaviour, and the impact of the regulatory environment. Additionally, Solidiance compiled in-depth profiles of key modern retail outlets as well as payment companies, providing insight into the leading players in each segment.
Solidiance placed a team composed of 1 Manager, 1 Consultants, and 2 Analysts on this project. The team conducted in-depth interviews with management at shopping malls, hypermarkets, supermarkets, mini-marts, convenience stores, e-commerce websites, payment companies, and other industry experts.
Our study was very well-received by the client, and has played a leading role in informing the company’s growth strategy, including identifying market trends and highlighting key emerging opportunities and how to capitalize on them. The client has adapted its market approach based on Solidiance’s findings.