Vietnam's fintech app market shows impressive growth

July 24, 2023 | 17:22
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Vietnam's fintech app market has experienced substantial growth, presenting opportunities for innovation and expansion. April Tayson, Adjust's regional vice president for Southeast Asia and India, discussed with VIR's Le Luu how Adjust provides data-driven insights and solutions to empower fintech marketers while ensuring compliance with data protection regulations.
Vietnam's fintech app market shows impressive growth
April Tayson, Adjust's regional vice president for Southeast Asia and India

What factors make Vietnam an attractive business destination?

Adjust data shows that quarterly installs of fintech apps in Vietnam were up an impressive 141 per cent in Q1/2023 compared to the same period in 2022. Fintech app sessions in the country showed similar promise, with the quarterly figures increasing by 110 per cent on-year.

Fintech apps have also proven to be sticky. Stickiness in Vietnam was 18 per cent in Q4/2022, which equalled the average of the entire India and Southeast Asia (INSEA) region (18 per cent).

According to a recent report on the mobile app landscape by Adjust and Sensor Tower, Sensor Tower’s data shows that fintech app downloads in Vietnam increased by 15 per cent on-year from 2021 to 2022. In 2022, Vietnam experienced 149 million fintech app downloads, 61 per cent of which were Android apps and 39 per cent were for iOS.

Of all these downloads, 36 per cent were apps headquartered in Vietnam – displaying a great opportunity for fintech apps based in other countries to prosper in Vietnam’s app market.

What advantages and innovations does your firm bring to Vietnam’s financial sector?

In Vietnam’s rapidly evolving fintech app landscape, the ability to accurately attribute and measure campaign performance is essential to sustained growth. By leveraging the suite of solutions, technology companies and apps focused on the financial sector can gain in-depth insights into user behaviour, transaction patterns, usage trends, and which channels and campaigns are driving the highest-quality users to their apps.

Data analysis plays a crucial role in enabling informed decision-making and optimising business strategies for marketers growing their apps from early-stage to maturity. Adjust empowers them to make data-driven decisions that enhance the customer experience, improve product offerings, and increase operational efficiency, from attribution to analytics and beyond.

For example, Audience Builder is a valuable tool for segmenting audiences to produce more efficient and personalised offerings and communications. Vietnam's diverse population presents various demographic, socioeconomic and behavioural characteristics that influence financial needs and preferences.

This approach enhances customer satisfaction, increases conversion rates, and fosters long-term customer loyalty.

The most important factor to note in the current app landscape is how attribution has changed recently with the introduction of privacy-centric frameworks, most notably Apple’s SK AdNetwork and App Tracking Transparency.

With nearly 40 per cent of fintech app users in Vietnam relying on iOS devices, accurately measuring the performance and impact of marketing campaigns on this platform is essential.

Our iOS campaign measurement solutions enable fintech apps to understand the effectiveness of different marketing channels for iOS users, optimise user acquisition strategies, and allocate marketing budgets more effectively with the use of aggregated, rather than device-level, data.

By leveraging accurate and comprehensive campaign measurement data, fintech companies can refine their marketing strategies, maximise user engagement, and drive sustainable growth in the competitive Vietnamese market.

Based on your data, how would you describe the current competitive landscape between the Vietnamese and INSEA fintech markets?

Vietnam stands in a competitive position in comparison with the average of the INSEA region. While installs of fintech apps in Vietnam in Q1/2023 may have been 4 per cent below the INSEA average, sessions were a notable 89 per cent above the regional average.

A metric that shows great opportunity in the Vietnamese market is session lengths. In Q1/2023, the average session length of fintech apps in Vietnam was seven minutes and 16 seconds, compared to the INSEA average of 14 minutes and 23 seconds.

Utilising Adjust’s analytics and metrics tools will give fintech app developers and marketers the competitive advantage they need to increase opportunities by scaling up average session lengths in line with the region.

What changes or modifications will your firm need to undergo to align with Vietnam's personal data protection regulations such as Decree No.13/2023/ND-CP?

Adjust is committed to data privacy. We have a dedicated full-time security team that ensures that our customers can use our products in compliance with all the privacy laws.

Since 2020, Adjust has been accredited with ISO/IEC 27001 certification, and the company’s data security continues to be regularly audited. We continue to assess changing market requirements and update our policies accordingly.

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