Vietnam's cashback spending to reach $4.07 billion by 2029
Vietnam's cashback spending to reach $4.07 billion by 2029
Cashback spending in Vietnam is forecast to increase from $1.8 billion in 2023 to $4.07 billion by 2029, according to a report released by Research and Markets on October 17.
The report identifies that cashback spending is expected to experience significant growth in Vietnam, with a projected surge of 16.6 per cent annually.
The medium- to long-term outlook for cashback spending in the country remains robust, with adoption anticipated to increase steadily until 2029.
Cashback programmes in Vietnam are reshaping consumer behaviour and driving growth across various sectors. The trends indicate a shift towards digital payments and personalisation, compelling companies to adapt their strategies to meet evolving consumer expectations. Recent launches demonstrate a competitive landscape where innovation is key to attracting and retaining customers.
Prudential Vietnam has introduced the Pulse loyalty initiative, rewarding customers for engaging in healthy activities monitored through the Pulse app. Users can earn points by completing health challenges, which can be redeemed for discounts on insurance premiums or wellness products.
Meanwhile, VinID has expanded its cashback offerings across various retail sectors, allowing customers to earn rewards on groceries, dining, and online shopping. This initiative aims to attract a broader customer base while enhancing user engagement.
In addition, many cashback platforms are forming alliances with retailers to enhance their offerings. Partnerships between platforms like MoMo and local supermarkets allow consumers to earn exclusive cashback deals that drive traffic to partner stores.
"Cashback programmes are becoming increasingly significant in Vietnam. They influence consumer spending and drive growth in the retail and e-commerce sectors. As these programmes evolve, they reflect changing consumer preferences and technological advancements," says the report.
As regulatory considerations continue to play a vital role in shaping these programmes, businesses must remain vigilant in compliance while navigating tax implications and data privacy regulations. The future of cashback programmes looks promising, presenting opportunities for enhanced engagement through technology and data analytics. Companies can strategically position themselves within this evolving market landscape by understanding these dynamics.
