Vietnam Remittance Market Report 2023-2027: Strategic Alliances Emerge as Key Growth Accelerators

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Feb 01, 2024, 11:30 ET

DUBLIN, Feb. 1, 2024 /PRNewswire/ -- 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.

The global financial landscape witnesses a new milestone as the Vietnam international remittance market undergoes significant growth. Recent data indicates a steady rise in both inbound and outbound remittances, showcasing Vietnam's burgeoning role in the global economy.

Inbound remittance volumes to Vietnam have reached US$ 13.15 billion in 2023. The market is forecasted to exhibit a compounded annual growth rate (CAGR) of 2.3% from 2023 through 2028, with potential to escalate from the current figures to approximately US$ 14.72 billion by the end of the forecast period.

Concurrently, the international outbound remittance market from Vietnam has also expanded, with a growth rate of 3.1% throughout 2022, culminating in a total of US$149.5 million in 2023. Projections maintain a positive outlook, with a CAGR of 2.5% leading to an anticipated market size of US$169.4 million by 2028.

Historically, the latter half of any year tends to exhibit heightened remittance activity, and H2 2023 is expected to maintain this pattern. The Vietnamese market, in particular, is set to benefit from this seasonal uptick. New strategic partnerships are forming as global firms enter the market, adding dynamism to the competitive landscape and remittance infrastructure.

Strategic Alliances Emerge as Key Growth Accelerators

Strategic collaborations are proving crucial in fostering the expansion of remittance corridors, thereby enriching the Vietnamese market's growth trajectory. Notably, significant partnerships have been forged in 2023:

Leading financial institutions have undertaken strategic initiatives with international remittance firms.
Innovative remittance solutions involving cutting-edge technology, such as blockchain, are being utilized to streamline cross-border transactions.
Consumer convenience and experience continue to be the focal point of these progressive alliances.

Ho Chi Minh City, in particular, has witnessed an accelerated growth in remittance inflows with a substantial increase recorded in 2023. Propelled by government incentives and a robust target growth rate, the city's financial influx is reflective of Vietnam's overall upward remittance trend.

Understanding the Vietnam Remittance Market: In-Depth Analysis

The newly published report sheds light on multiple facets of the Vietnam international remittance market. It encompasses transaction environment, transfer methods, recipient demographics, and inflow/outflow distribution across various states and regions:

An intricate analysis of market opportunity by transaction value and volume.
A closer look at the consumer demographics influencing remittance trends.
Detailed insights into digital, mobile, and traditional transaction channels.
An overview of key players and their respective shares in the remittance market.

Focused on delivering robust and comprehensive data, the report serves as an essential resource for stakeholders identifying business opportunities, comprehending risks, and formulating strategic resolutions.

With Vietnam's remittance market poised for continued growth, these findings are pivotal for businesses and investors aiming to capitalize on emerging trends and ensure well-informed, data-driven decisions for future market endeavors.

Reasons to buy

Comprehensive and Up-to-Date Information: The report provides comprehensive and up-to-date information on the Vietnam international inbound and outbound remittance market, including market size, growth trends, transaction value, transaction volume, average value per transaction, and market share analysis by transfer channel, consumer demographics, and key countries.
Understand Competitive Landscape: Get a high-level view of competitive landscape through market share data on key players in the market.
Actionable Insights for Businesses and Investors: The report provides data centric analysis for businesses and investors operating in the Vietnam remittance market. It helps them identify new opportunities, assess risks, and make informed business decisions.
Forecasts for Future Market Growth: The report provides forecasts for future market growth, enabling businesses and investors to plan and strategize effectively.

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/gxyrgp

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