Vietnam’s e-wallet app MoMo was the most popular fintech app in Vietnam in the first quarter of 2023, while Facebook remained the top social media platform and YouTube held its position as the biggest entertainment video app.
According to “The Connected Consumer Q1 2023” report compiled by Decision Lab, a local market researcher, MoMo led the e-wallet sector with a penetration rate of 68%, unchanged from Q4/2022. Other top apps were Zalopay with 53%, Viettelpay with 27%, and ShopeePay with 25%.
Decision Lab pointed out the brand favorability of MoMo grew by two percentage points from Q4/2022 to Q1/2023, reaching 48%.
On social media, Facebook stayed in pole position with a penetration rate of 95%, followed by local player Zalo with 93% and YouTube with 90%. Others included TikTok with 63% and Instagram with 48%.
Facebook was also the primary app among 48% of respondents, followed by Zalo with 28%, YouTube with 22%, and TikTok with 4%. Despite the biggest portion, Facebook did not lead among Gen X, or people born between 1965 and the early 1980s, with only 29%, while Zalo led the pack with 41%.
Nevertheless, Facebook’s figures were the highest for Gen Y (people born between the early 1980s and mid 1990s) and Gen Z (people born between the mid 1990s and early 2010s) with 43% and 49%, respectively.
Regarding entertainment videos, YouTube was the biggest platform with a penetration rate of 93%, followed by Facebook with 63%, TikTok with 50%, and Zalo with 24%. For short video entertainment, Facebook was the go-to with a penetration rate of 61%, followed by TikTok with 59% and YouTube with 55%. However, TikTok’s dominance was unchanged with a preference rate of 41%, above Facebook with 28% and YouTube with 25%.
For the ride-hailing industry, Singapore-headquartered Grab maintained its top ranking with a penetration rate of 70%. Mai Linh Taxi, the top taxi operator in Vietnam, came in second with 29%, followed by Indonesia-headquartered GoJek with 24%, and Be with 20%. Notably, traditional motorbike taxi figures were 21%, only behind Grab, Mai Linh Taxi, and GoJek.
Facebook was the top source for readers with a penetration rate of 67%, followed by Google with 43%, local sites with 35%, and YouTube with 41%. Facebook was the most-used source for Gen Y and Gen Z people with 35% and 49%, respectively. With a figure of 25%, Facebook came in second place for Gen X, behind local sites with 30%, and above Google with 24%.