Winning financial

consumers during
uncertain times
FINANCIAL TRENDS REPORT 2023

05/2023
Agenda

This report was reviewed and audited by the following

I. Introduction project team members. For further questions or inquires
please contact:
II. Key financial trends
1. AN INCREASE OF CAUTIOUS OPPORTUNITY-SEEKERS
2. LINES ARE BLURRING BETWEEN FINANCIAL PROVIDERS
THUE QUIST THOMASEN
3. IT IS BECOMING INCREASINGLY DIFFICULT TO RECRUIT CEO
CUSTOMERS tqt@decisionlab.co | +84 946 270 280

III. Call-to-action
TRAN MINH HOANG
Manager
tmh@decisionlab.co | +84 868 529 898

2
Introduction

The Vietnamese economy is facing significant challenges. COVID-19

and the war in Ukraine has directly impacted the rise in Consumer
Price Indices (CPI) and the business leaders skepticism in the
Vietnamese economical outlook. And, as seen globally, the rising
prices have contributed to the cost of living crisis in Vietnam too.

New Decision Lab data explores how the consumers‘ financial

behaviour has changed over the last 12 months and the outlook for
the year ahead. Our research delved into the way the astute
Vietnamese consumers have adapted their financial priorities and
activities to cope with the financial crisis, and whether that behavior is
going to stick in the future.

This study will help financial services marketers gain a better

understanding of consumer sentiment, behaviour, and attitudes
around the evolving financial landscape, to be able to meet the ever-
changing consumer demands and needs.
3
Methodology

The purpose of this survey is to collect the consumers’ opinions about

their current financial priorities, financial activity choices and the drivers &
motivations behind that behaviour to help the financial services marketers
identify any potential changes in the Vietnamese financial landscape.

The survey is conducted using an online questionnaire, scripted and

managed by YouGov’s surveying and data management platform, with
specifications as below:

• Sample size: N=1000+ (precisely N = 1,027)

• Tracking period: 4th April 2023 – 17th April 2023

• Population representation: Vietnam’s national online , aged 18+

4
Key highlights

1. 2. 3.
An increase of Lines are It is becoming
cautious blurring between increasingly
opportunity- financial difficult to
seekers providers recruit
customers
1. An increase of
cautious opportunity-
seekers

6
Continuous rise in CPI and business leaders’ skepticism in economy’s performance
indicate that the consumers’ financial status is still challenging.

CPI % change vs. SPLY Business Climate Index - Vietnam

5.00 80.0 73.9 73.0

4.41 68.6
4.50 4.18
70.0 62.2
61.0
4.00
3.32 60.0 Midpoint
3.50 2.96
3.00 2.67 50.0
2.51 45.8
2.50 40.0 48.0 48.0
1.89 1.92
2.00 30.0
1.50
20.0
1.00
10.0 18.3
0.50
0.30
0.00 0.0
Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23

Source: GSO Source: Eurocham Business Climate Index Q1 2023

7
 Amidst the skeptical economic outlook the consumers’ top financial priorities are
amplified: they want to ensure the financial safety for themselves and their family, but at the
same time they want to invest for a higher return in this uncertain time.
2021 2022 2023
Saving money for unexpected hardship 47% 41% 50%
Ensuring that I and my family are adequately 34% 33% 48%
protected in case of an emergency

Making money by investing 30% 31% 41%

Ensuring that I can meet my regular financial 16% 19% 30%
commitments (eg bills, rent etc)
Purchasing assets (car, furniture, computer, 22% 23% 29%
electronics, white goods, etc)

Purchasing a home/property 13% 18% 19%

Paying off my debts 18% 16% 19%

Focusing on saving enough money for 13% 15% 15%
retirement

Estate planning 11% 11% 14%

Redevelopment/renovation of my home 10% 8% 6%

Returning to pre-pandemic spending habits 6% 8% 5%

Moving home 9% 11% 4%

Q: Which, if any, of the following would you say are your TOP THREE financial priorities for the next 12 months?
8
Source: YouGov Decision Lab Finance Whitepaper Survey 2023
 In 2023 the need to
Investment objective: risk preference
increase funds has
100% pushed the
9%
90% 18% consumers to
80%
17% Take high to extreme risk to explore higher-risk
achieve high capital growth
15% opportunities, but
70%
23%
Take moderate to high risk to
achieve moderate to high capital
still within low to
60%
19% growth moderate risk
Take low to moderate risk to
50%
achieve low to moderate capital boundaries.
growth
40%
Take low risk to achieve returns
Extreme risk
32%
30%
28% above saving and time deposit
rates
options are unlikely
20%
Take no risk to get deposit returns to be taken upon.
10% 20% 19%

0%
2022 2023

Q: Which, if any, of the following best describes your investment objective N=1027

Source: YouGov Decision Lab Finance Whitepaper Survey 2023 9

 Last year younger generations were more willing to explore high risk investments to ride
the post-COVID surging wave in economical outlook. This year the temptations are much
more controlled, almost on par with Gen X.

Gen Z (1997 – 2009) Millennials (1981 - 1996) Gen X (1965 – 1980)

10% 10% 14% 10%

20% Take high to extreme 19% Take high to extreme Take high to extreme
risk to achieve high risk to achieve high risk to achieve high
17% capital growth 18% capital growth 13% capital growth
13%
16% Take moderate to high 15% Take moderate to high Take moderate to high
risk to achieve risk to achieve 18% risk to achieve
27%
moderate to high
23% moderate to high 18% moderate to high
capital growth capital growth capital growth
20% Take low to moderate
20% Take low to moderate Take low to moderate
risk to achieve low to risk to achieve low to risk to achieve low to
moderate capital moderate capital moderate capital
growth growth 25% 36% growth

28% 33%
Take low risk to
28% 32% Take low risk to Take low risk to
achieve returns above achieve returns above achieve returns above
saving and time saving and time saving and time
deposit rates deposit rates deposit rates
Take no risk to get Take no risk to get 29% 23%
Take no risk to get
deposit returns deposit returns deposit returns
17% 14% 18% 18%

2022 2023 2022 2023 2022 2023

Q: Which, if any, of the following best describes Q: Which, if any, of the following best describes Q: Which, if any, of the following best describes
your investment objective N=297 your investment objective N=550 your investment objective N=145

Source: YouGov Decision Lab Finance Whitepaper Survey 2023 10

 Risk-averse
Current investment product ownership
investments, like
savings and gold,
62%
have soared in the
past 12 months.
Higher-yield
37% 36% investments with
33%
high liquidity like
27%
25%
21%
25% securities have also
20% 20%20% 20%
15% been explored more.
12%

Savings Gold Securities Real estate Life Insurance Cryptocurrency Investment

accounts/time funds
deposits
2022 2023

Q: Which, if any, of the following investment products do you own? N=1027

Source: YouGov Decision Lab Finance Whitepaper Survey 2023 11

 In the past 12
Financial activities in the past 12 months: Investments into securities
months Vietnamese
45% investors have been
40% 42% actively involved in
the stock market, at a
35%
higher rate than
30% Indonesia and China.
25% 26%
Democratization of
investing in Vietnam
20% 21% 21%
is growing fast.
18%
15% 16% 16%

10%

5%

0%
Global Hong Kong Singapore Vietnam India China Indonesia
Q: Which, if any, of the following have you done in the past 12 months:
N=1027
making investments into stocks, bonds, shares, index funds, CFDs...?

Source: YouGov Decision Lab Finance Whitepaper Survey 2023; YouGov Global Financial Services Outlook Whitepaper 2023 12
 In the next 12 months
Investment expectations in the next 12 months
the general risk-averse
behaviour will still
prevail: savings, time Savings 54% 26% 20%

deposits & gold are

Cryptocurrency 53% 23% 24%
expected to be
invested in further. Gold 52% 27% 21%

Securities 50% 23% 27%

The market for
securities products Certificate of deposit 49% 30% 21%

will grow as well even

Investment funds 37% 29% 34%
with current market
fluctuations. Real estate 32% 39% 29%

Life insurance 28% 56% 16%

Cryptocurrency,
interestingly enough, 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

is seen as the risk Invest more Invest the same Invest less

worth gambling for Q: In the next 12 months, do you think you are likely to invest more, less, or about the same in the following? N=1027

Vietnamese investors.

Source: YouGov Decision Lab Finance Whitepaper Survey 2023 13

Summary
Key takeaways
• Consumers are prioritising financial
safety and monetary protection in this
uncertain economy
• However, they are actively seeking
investment opportunities to get higher
returns, but within low & moderate risk
level.
Implications
• When it comes to financial products,
the providers must make the consumer
feel safe: trust, security & transparency
are the key factors for 2023.
• Savings, time deposits, gold &
securities are the key investment
products in the next 12 months.
14
Case Study: HSBC & Fidelity FundsNetwork new SIPP
THE ISSUE
In 2015 the pension freedoms
legislation came into force, allowing
savers to flexibly access their
defined contribution pension from the
age of 55 and use the funds for a
wider range of options, including
cash withdrawal, retirement income
products or a combination of the two.
By 2020 HSBC UK had
approximately 1.22 million clients
approaching retirement age, and it
wanted to target the ones who are
looking for greater flexibility with
retirement planning.
THE APPROACH
In April 2020 HSBC UK partnered
with Fildelity FundsNetwork, a
retirement solutions provider, to
launch a new SIPP (self-investment
pension plan).
SIPP customers can invest their
pension in a choice of funds
including seven HSBC world
selection multi asset funds, two
HSBC sustainable multi-asset funds,
and five third-party multi asset funds.
THE IMPACT
The partnership with Fidelity and the
launch of the SIPP means that now
HSBC can provide retirement advice
to a wider pool of customers and
offer them more value and choices
than a traditional pension plan.
With SIPP HSBC customers could
take control of their pension with
advisory support from the bank and
aim for higher returns for their
pension plans without introducing
much more risk, which is an
opportunity that was not available
before.
15
2. Lines are blurring
between financial
providers

16
 In their quests to find the most lucrative deal available, consumers are considering more
choices. Banking industry is becoming a very competitive market.

On average, a customer is On average, a customer On average, a customer

aware of considers uses

12.2 2.87 2.61

banks in Q1 2023 banks in Q1 2023 banks in Q1 2023

Compared to Compared to Compared to

10.8 2.74 2.45

banks in Q1 2022 banks in Q1 2022 banks in Q1 2022

Base: YouGov BrandIndex - All bank users (nationwide)

Time range: 01 April 2021 – 31 March 2023 17
 Consumers are also starting to consider multiple types of financial providers for their
monetary funds. Savings & time deposits do not go to just traditional banks anymore. For
Gen Z the top option is actually digital wallets.

On average, a customer Type of institutions used to keep savings/time deposits

uses
57%
Traditional bank 76%
87%
61%
Digital wallet 41%

1.86
35%
45%
Digital bank 44%
38%
15%
Securities 17%
12%
11%
Retail investing platforms 10%
institution types 10%

Other

to put savings or time Gen Z (1997 - 2009) Millennials (1981 - 1996) Gen X (1965 - 1980)
deposits in
Q: In which type of institutions do you currently keep your savings/time deposits? N=634

Source: YouGov Decision Lab Finance Whitepaper Survey 2023 18

 Securities companies are still the go-to platforms for trading, however younger generations
are starting to use the alternative options too, like digital wallets & retail investing
platforms.
Type of institutions used to trade securities (stocks, bonds, index funds, ETFs,
On average, a customer investment packages...)
uses
71%
Securities 76%
84%

1.46
44%
Digital wallet 44%
21%
41%
Retail investing platforms 26%
19%
institution types
Other

to trade & invest in Gen Z (1997 - 2009) Millennials (1981 - 1996) Gen X (1965 - 1980)
securities products
Q: In which type of institutions do you currently trade stocks, bonds, index funds/ETF...? N=342

Source: YouGov Decision Lab Finance Whitepaper Survey 2023 20

 The ‘search for the best available opportunity on the market’ behaviour has moved towards
other financial activities too: cashless payments & transactions are now conducted across
multiple providers with a growing preference for digital, app-based platforms.
Financial activities done in the past 12 months & expected to do in the next 12
On average, a customer months
uses
84% 82%

2.18
48% 48%
44%
38%
30% 30%

cashless methods
Digital wallet payment/ Credit/Debit card Payment/transaction Payment/transaction
transaction payment/transaction using traditional bank using digital-only bank
account account
to make payments & P12M N12M
conduct transactions Q: Which, if any, of the following have you done in the past 12 months?; Which, if any, of the following are you likely to do in the
next 12 months? N=1027

Source: YouGov Decision Lab Finance Whitepaper Survey 2023 22

 The competition for the control of the consumers’ monetary flow is getting fiercer across
providerss. It’s getting harder to become the top choice for the consumers, because they
just simply don’t use only one option anymore.

On average, a customer made On average, a customer made On average, a customer made

payments/transactions through payments/transactions through payments/transactions through

3.06 2.71 1.49

digital wallets traditional banks digital banks

in the past 12 months in the past 12 months in the past 12 months

Base: among all traditional bank users nationwide
*Including iBanking, over-the-counter and credit/debit card
Base: among all digital wallet users nationwide transactions Base: among all digital bank users nationwide

Source: YouGov Decision Lab Finance Whitepaper Survey 2023 23

 The growing need for asset purchasing means that the Vietnamese consumers are now
adopting new consumer financing options, like buy-now-pay-later (BNPL) plans.

BNPL activities in the past 12 months Short-term borrowing activities in the past 12 months

30% 25%

25% 26% 26% 20%

20%
20%
17% 17%
19%
15% 16%
15% 17%
16% 16% 13%
12%
10% 11%
10% 12%

5%
5%

0% 0%
Global India China Indonesia Vietnam Hong Singapore Global India China Indonesia Vietnam Hong Singapore
Kong Kong
Q: Which, if any, of the following have you done in the past 12 months: make a Q: Which, if any, of the following have you done in the past 12 months: use a short-
N=1027 N=1027
purchase using a BNPL plan? term borrowing (consumer credit loans, pawnshop loans)

Source: YouGov Decision Lab Finance Whitepaper Survey 2023; YouGov Global Financial Services Outlook Whitepaper 2023 25
 The competition for the brand with strongest values is now between multiple types of
financial providers
Ranking analysis: Brand Index (Total)

TOP Financial Services Brands by Brand Index

Rank Brand Name Q2 2022 – Q1 2023 Q2 2021 – Q1 2022 Change in Score Change in Rank

1 MoMo 33.4 31.7 1.8 -

2 Vietcombank 29.2 31.5 -2.3 -

3 MB 24.6 18.0 6.7 ▲5

4 ZaloPay 24.0 22.9 1.1 ▲1

5 BIDV 23.1 24.3 -1.2 ▼2

6 VietinBank 19.6 20.7 -1.1 ▲1

7 Techcombank 18.9 23.2 -4.3 ▼3

8 Viettel Money 17.2 21.4 -4.1 ▼2

9 ShopeePay 16.0 15.3 0.7 ▲2

10 Visa 15.2 16.6 -1.3 ▼1

Base: YouGov BrandIndex - All respondents (nationwide) Brand Index = average of 6 brand health metrics: Impression (Net), Quality
Time range: 01 April 2021 – 31 March 2023 (Net), Value (Net), Reputation (Net), Satisfaction (Net), Recommend (Net) 27
Summary
Key takeaways
• Searching for the best deal means
consideration of all options available for
the financial need, making the
competition fiercer within & across the
categories.
• The defined role of a financial service
provider is getting blurry: consumers will
use the brand that will serve their need
the best, period.
Implications
• The competition now is based on the
financial needs, not on the type of
institution. Devise a solution that can
satisfy the consumer’s need with your
institution’s strengths.
• There is a big opportunity for all players
to introduce new financial products that
cross over financial segments.
28
Case Study: Mastercard’s BNPL service
THE ISSUE
BNPL use is on the rise. In the
United States, the number of users
is expected to increase from 45.1
million this year to 76.6 million in
2025, posing a significant threat to
card volume due its relatively simple
model of operation.
The newcomers like Affirm, Afterpay
& Klarna have become the market
leaders in the BNPL space. Even
though their financial reputation is
not yet settled in the market,
younger generations have been
welcoming the new financing model.
THE APPROACH
In late 2021 Mastercard launched its
own BNPL service, Mastercard
Installments. By using its huge global
acceptance network and the
strengths of its existing credit card
user base, it created a seamless
BNPL experience between the
consumers, Mastercard, the banks,
the lenders & the merchants.
And because Mastercard’s usage of
an established “open loop” network,
where it is just a transaction
facilitator between the parties
involved, it doesn’t exposes exposes
itself to consumer credit risk like
other pure-play BNPL companies.
THE IMPACT
Mastercard Installments is currently
thriving with more and more partners
connecting its financial service to
Mastercard’s platform: SoFi,
Synchrony, Marqeta, HSBC, J.P.
Morgan, Natwest and etc. In its first
year it has expanded from US to UK,
Australia and even Saudi Arabia.
Mastercard’s global acceptance
network allows it to reap benefits
from scale, acquire users with ease
and enlist BNPL to its service
portfolio without worrying that the
rise of BNPL at the expense of card
spending can affect the company’s
revenue.
29
3. It is becoming
increasingly difficult
to recruit customers

30
 The list of consideration factors is getting bigger. Savings is not just about trustworthiness
and high interest rate anymore. Its process must be fast and present online: burdening
consumers with time-consuming paperwork offline means losing your competitive edge.
Top 5 factors considered when choosing an institution to open a savings/time deposit account

Savings/time deposit financial institution

(N=634)

Trustworthy, established brand 72%

High interest rate 56%

Quick process to withdraw the fundings 54%

Cybersecurity 47%

Online access to the savings/time deposit

account 39%

Q: What factors do you value the most when you consider an institution to input your savings/make a time deposit?
Source: YouGov Decision Lab Finance Whitepaper Survey 2023 31
 Intangible factors’ importance is rising too. For investment institutions transparency has
surfaced as a crucial factor. The financial literacy in Vietnam is still low, so players who can
provide clarity to the investors is bound to win their trust & the market in the long run.
Top 5 factors considered when choosing an institution to trade securities

Securities trading/investment institution

(N=342)

Cybersecurity 50%

Low platform/trading fees 45%

Trustworthy, established brand 38%

Transparent transaction process 36%

Fee transparency 34%

Q; What factors do you value the most when you consider an institution to to trade stocks, bonds, index funds/ETF... with?
Source: YouGov Decision Lab Finance Whitepaper Survey 2023 32
 To be competitive in the payment market a brand needs to strike a balance between the
trustworthy reputation, digital presence & functionality with an excellence in customer
service. Meeting the customers’ expectations for your category only won’t be enough.
Top 5 factors considered when choosing a financial provider to make payments/transactions with

Digital Wallet Traditional Bank Digital Bank

(N=858) (N=686) (N=310)

Easy to register & connect with

the bank account 67% Trustworthy, established brand 65% No transaction fees 68%

Availability of multiple financial

services 65% Cybersecurity 55% Cybersecurity 66%

No transaction fees 60% Low account fees 52% Trustworthy, established brand 56%

Cybersecurity 50% Fast & attentive customer service 46% Fast & attentive customer service 44%

Benefits, discounts & promotions 44% No transaction fees 40% Good user experience on the app 38%

Q: What factors do you value the most when you consider a brand of a traditional bank/ digital bank/ digital wallet/ credit card provider to make payments/make transactions with?
33
Source: YouGov Decision Lab Finance Whitepaper Survey 2023
 In short-term financing, the provider will need an aggregate effort of both brand and
product marketing to achieve the image of a trustworthy, transparent brand that serves all
customer’s needs at a fast speed.
Top 5 factors considered when choosing a BNPL or short-term borrowing provider

BNPL & Short-term borrowing provider

(N=285)

Transparency of terms & fees 72%

Easy & quick payment processing 61%

Flexible payment structure 55%

Trustworthy, established brand 50%

Availability with many products on the market 45%

Q: What factors do you value the most when you consider a BNPL/ short-term borrowing provider brand to use?
35
Source: YouGov Decision Lab Finance Whitepaper Survey 2023
Summary

Key takeaways Implications

• The standards are getting higher: • Financial providers will need to
consumers will consider multiple showcase their holistic brand
aspects of the brand for their final experience to win the consumer’s
selection interest.

• Just meeting the criteria list of your • Utilize the customer-centric thinking
financial category is not enough to and solve customer issues from their
survive the competition. point of view.

36
Case Study: Charles Schwab’s subscription-based pricing model
THE ISSUE
In the financial advisory industry, the
most popular billing method is
assets-under-management (AUM)
fee, which is based on a percentage
of the funds under management of
the advisor.
While its concept does sound fair in
terms of aligning investments with
compensation, this pricing model
may discourage the advisor to spend
and invest the money for lucrative
opportunities to keep the balance
high. Moreover, the AUM-based fee
can get expensive with growth of the
funds, and at some point the investor
will question if the advisory quality is
worth the big fee.
THE APPROACH
Charles Schwab disrupted the retail
investing market by simplifying the
pricing model of its automated
investing service, Schwab Intelligent
Portfolios, into a subscription-based
model.
By providing a holistic account
package (unlimited 1:1 guidance
from a certified financial planner &
provision of an in-depth financial
plan) for a flat subscription fee,
Charles Schwab aimed to meet the
consumer expectations for simplicity,
transparency and value by breaking
the cost & complexity barriers.
THE IMPACT
Subscription-based model with a flat
fee allowed Charles Schwab to
deliver the message of serving the
high-quality professional service to
all consumers, no matter how big
their funds are, and also encourage
new investors to try the service and
help Charles Schwab expand their
customer base.
3 months after launch of the new fee
model Charles Schwab attracted $1
billion in new assets under
management, achieved a 25%
increase in account openings, a 40%
increase in average household
assets enrolled and a 37% rise in
new enrollments. 37
How does Decision
Lab help clients to
navigate the market?

We give clients deep insight into consumer behavior and

market trends, helping them make the right decisions.

38
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39
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Attention

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Buzz
Overall Ad Awareness

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BI-WEEKLY SINCE 2016

Frequency of the update Years of historical data Funnel
Aided Awareness Former Customer
18+ 7-10 MINUTES What brands are people
Consideration
Online representative Questionnaire length planning to use or using
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42
Monitor your performance against the market TOP Consumer Financing
Brands by Brand Index
over time Brand Current Rank
Rank
Name Score ▲▼
Brand C’s
New Product
Brand Index (Total) Launch
1 Brand A 6.7 -
16.0

14.0
2 Brand B 5.5 -
12.0

10.0 3 Brand C 5.3 ▲2

8.0

6.0 4 Brand D 4.9 ▼1

4.0

2.0 5 Brand E 4.0 ▼1

0.0
Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23
6 Brand F 3.0 ▲1
Brand A Brand B Brand C Brand D

43
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Helping Track and evaluate Benchmark Home Helping HSBC

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49
Business case for
ZaloPay

50
 Marketing efforts has resulted in ZaloPay’s top 3 placement in terms of awareness among
all financial services providers in Vietnam.
Ranking analysis: Aided Awareness (%Yes) and Ad Awareness (%Yes)

TOP Financial Services Brands by Awareness (Aided) TOP Financial Services Brands by Ad Awareness
Current Previous Change in Change in Current Previous Change in Change in
Rank Brand Name Rank Brand Name
Score Score Score Rank Score Score Score Rank

1 MoMo 63.6 66.7 -3.1 ▲1 1 MoMo 40.3 43.8 -3.5 -

2 Vietcombank 61.9 69.9 -8.0 ▼1 2 ZaloPay 31.6 36.3 -4.7 -

3 ZaloPay 60.0 64.5 -4.4 ▲3 3 Vietcombank 25.4 30.8 -5.3 -

4 BIDV 59.4 66.6 -7.2 ▼1 4 MB 24.4 19.8 4.7 ▲6

5 Agribank 58.5 65.8 -7.2 ▼1 5 BIDV 23.1 25.5 -2.4 -

6 MB 57.9 45.5 12.4 ▲10 6 ShopeePay 22.9 24.5 -1.6 -

7 VietinBank 56.3 64.6 -8.2 ▼2 7 Viettel Money 21.9 29.4 -7.5 ▼3

8 Techcombank 54.8 61.5 -6.8 ▼1 8 Techcombank 18.3 22.2 -3.9 ▼1

9 Sacombank 50.8 58.7 -7.9 - 9 VietinBank 18.2 21.2 -3.1 ▼1

10 Viettel Money 50.0 59.8 -9.8 ▼2 10 VPBank 17.0 18.1 -1.1 ▲1

Base: YouGov BrandIndex - All respondents (nationwide)

Time range: 01 April 2021 – 31 March 2023 51
In the past 12 months the net buzz about ZaloPay was consistently positive on par with
other top 5 financial brands in the market.
Over time analysis: Net Buzz (Total)

Net Buzz (Total)

40.0

35.0

30.0

25.0

20.0

15.0

10.0
Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23
Momo Vietcombank ZaloPay MB BIDV

Base: YouGov BrandIndex - All respondents (nationwide) Net Buzz = % Positive Buzz - % Negative Buzz
52
Time range: 01 April 2022 – 31 March 2023
 And in terms of brand health, measured by the YouGov Brand Index, ZaloPay has jumped
into 4th place, overtaking big names like BIDV, VietinBank & Techcombank.
Ranking analysis: Brand Index (Total)

TOP Financial Services Brands by Brand Index

Rank Brand Name Current Score Previous Score Change in Score Change in Rank

1 MoMo 33.4 31.7 1.8 -

2 Vietcombank 29.2 31.5 -2.3 -

3 MB 24.6 18.0 6.7 ▲5

4 ZaloPay 24.0 22.9 1.1 ▲1

5 BIDV 23.1 24.3 -1.2 ▼2

6 VietinBank 19.6 20.7 -1.1 ▲1

7 Techcombank 18.9 23.2 -4.3 ▼3

8 Viettel Money 17.2 21.4 -4.1 ▼2

9 ShopeePay 16.0 15.3 0.7 ▲2

10 Visa 15.2 16.6 -1.3 ▼1

Base: YouGov BrandIndex - All respondents (nationwide) Brand Index = average of 6 brand health metrics: Impression (Net), Quality
Time range: 01 April 2021 – 31 March 2023 (Net), Value (Net), Reputation (Net), Satisfaction (Net), Recommend (Net) 53
Over the past 12 months ZaloPay’s brand index stayed relatively stable and competitive,
however Momo & Vietcombank are trying to pull away from the rest of the players.
Over time analysis: Brand Index (Total)

Brand Index (Total)

40.0

35.0

30.0

25.0

20.0

15.0

10.0
Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23
Momo Vietcombank ZaloPay MB BIDV

Base: YouGov BrandIndex - All respondents (nationwide) Brand Index = average of 6 brand health metrics: Impression (Net), Quality (Net),
54
Time range: 01 April 2022 – 31 March 2023 Value (Net), Reputation (Net), Satisfaction (Net), Recommend (Net)
 ZaloPay’s key weakness lies within brand’s health perception of its current customers.
Proving the brand’s worth to its own customer pool is crucial to maintaining the overall
brand index score.
Ranking analysis: Brand Index (Current Customers Only)

TOP Financial Services Brands by Brand Index (Current Customers Only)

Rank Brand Name Current Score Previous Score Change in Score Change in Rank
1 Vietcombank 76.4 72.4 4.1 ▲2
2 MB 75.1 76.3 -1.2 -
3 BaoViet Life 74.1 66.6 7.5 ▲13
4 BIDV 73.9 69.2 4.7 ▲4
5 VietinBank 73.3 69.7 3.6 ▲2
6 Techcombank 72.8 77.2 -4.4 ▼5
7 FWD 72.5 66.9 5.6 ▲7
8 Visa 72.3 68.4 4.0 ▲2
9 MoMo 72.0 68.7 3.3 -
10 Standard Chartered Bank 71.8 65.3 6.5 ▲11
... ... ... ... ... ...
31 ZaloPay 64.2 61.8 2.4 ▼1

Base: YouGov BrandIndex - All respondents (nationwide) Brand Index = average of 6 brand health metrics: Impression (Net), Quality
Time range: 01 April 2021 – 31 March 2023 (Net), Value (Net), Reputation (Net), Satisfaction (Net), Recommend (Net) 55
 ZaloPay will need to find a way to enhance the perception of the key brand health factors
among the current customers, especially Reputation, Quality & Value.
Snapshot analysis: 6 Brand Health Metrics (Current Customers Only)

Impression
85
80
75
70
Recommend 65 Quality
60
55 Momo
50 Vietcombank
45 ZaloPay
MB
BIDV

Satisfaction Value

Reputation

Base: YouGov BrandIndex - All respondents (nationwide) Brand Index = average of 6 brand health metrics: Impression (Net), Quality
Time range: 01 April 2022 – 31 March 2023 (Net), Value (Net), Reputation (Net), Satisfaction (Net), Recommend (Net) 56
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