Vietnam's BNPL market expected to hit $1.1bln in 2022

Buy now pay later (BNPL) in Vietnam is expected an increase 126,6% annually to reach $1.12 billion in 2022, according to Research & Market.

Buy Now Pay Later (BNPL) is a way of spreading out your payments when you buy something, it's like an instalment plan.

Mr. Pham Nam Anh - Deputy CEO of HENO  -  HENO is a top BNPL (buy now pay later) brand in the Healthcare service section in Vietnam, said that BNPL is currently a trend in Vietnam's financial market from now on, as the total value of BNPL in the country will also increase more than 21 times, from $496.4 million in 2021 to $10.5 billion in 2028.

A series of brands like Shopee, MoMo, WowMelo, Atome, Fundiin, Kredivo, etc. have also provided BNPL models, and products are mainly retail products such as fashion, technological equipment, cosmetics, home appliances, health care, and beauty services, etc.

Experts say that, despite being one step behind the world, this model in Vietnam is forecasted to explode as the market starts at the right time, which is the impact of the Covid-19 pandemic. The trend of online shopping has grown strongly, “2020-2021 is the golden time of Generation Z.

Source: VnEconomy