Decision Lab has released the latest edition of the renowned quarterly report, The Connected Consumer, for Q3 2024, shedding light on significant trends in Vietnam’s evolving digital landscape. This report offers crucial insights for brands aiming to engage Vietnamese consumers more effectively and capitalise on emerging opportunities in digital media, live commerce, and financial services.
Live commerce booms as Vietnamese shoppers seek engagement and entertainment
Livestreaming continues to revolutionise the online shopping experience in Vietnam, with live commerce platforms witnessing remarkable growth in Q3 2024. Facebook remains the leader in penetration, with a 62% share of the livestreaming market. However, TikTok is rapidly closing the gap, increasing its penetration rate to 53%, up significantly from the previous quarter.
Download the full Connected Consumer Q3 2024 report.
More importantly, TikTok has become the most preferred platform for livestreaming, with a 33% user preference, marking a 6-point rise, while Facebook saw a 6-point decline to 32%. The seamless integration of TikTok’s and Facebook’s core features, such as short-form video and live interaction, has positioned them as multifaceted entertainment hubs that resonate strongly with Vietnamese consumers. This shift presents an exciting opportunity for brands to leverage live commerce, offering interactive, engaging shopping experiences that drive higher engagement and sales. 
Coc Coc, a local browser, remains a top 3 choice for internet browsing alongside global giants
Local browser Coc Coc continues to dominate alongside global giants like Google Chrome and Safari, maintaining a strong position in Vietnam’s internet browsing landscape. Coc Coc proves its solid presence as a domestic browser by ranking second in PC usage with a 59% penetration rate, only behind Google Chrome at 83%, and far surpassing other browsers. For mobile usage, Coc Coc maintains a notable 21% share, following Chrome and Safari, with 75% and 30%, respectively.
Coc Coc’s performance does not just shine in usage statistics; it also stands out in terms of user recommendations. Research from Decision Lab shows that the browser has garnered a Net Promoter Score (NPS) of 53 on PC, securing the second position behind Chrome. Interestingly, despite lower usage on mobile compared to Chrome and Safari, Coc Coc has the highest NPS score of 66 on mobile. This level of willingness to recommend, as indicated by NPS scores, highlights Coc Coc’s strong connection with its user base, reinforcing its credibility and trustworthiness in a competitive market.
According to Thue Quist Thomasen, CEO of Decision Lab, “Coc Coc’s ability to innovate and offer user-centric features has enabled it to rapidly close the gap with global competitors.” This growing trend highlights Coc Coc’s potential to capture a larger share of Vietnam’s tech-savvy younger audience.
Bank-owned apps lead the charge in digital finance, fuelled by Gen Z
In the digital finance sector, bank-owned apps have experienced a strong resurgence in Q3 2024, seeing a 10-point increase in usage, while MoMo is maintaining its leadership position at 69% penetration.
Notably, bank-owned apps have gained momentum across all generations, with Gen Z driving this trend due to their preference for secure, integrated financial services. A 5-point rise in user preference for bank-owned apps among Gen Z reflects the growing importance of security and convenience in digital finance. This shift signals an opportunity for brands to collaborate with these platforms, offering seamless, trusted financial solutions that cater to the needs of younger consumers.
