As of the growing download and use more phone applications from COVID-19 pandemic, MoMo e-wallet has reached more than 20 million users, becoming the largest e-wallet in Vietnam. (Photo courtesy of MoMo) Appota's annual series of mobile market reports, released on May 11, said TikTokboomed with 16 million downloads in 2020, making short video applications a newentertainment trend in Vietnam.
The report forecast the market for short videos will grow further in 2021with the entrance of Instagram and YouTube.
The report also said the smartphone market was still led by Samsungand Apple while the mobile game market received a 40 percent growth compared to2019, reaching 168 million USD in revenue and is expected to grow another22 percent to reach 205 million USD in revenue by the end of 2021.
In addition, mobile e-sport games also showed signs of sudden growth amid thepandemic. Appota’s survey found that 80 percent of players said they spent moretime using e-sports content during the social distancing period. On average,players spent 2 hours and 55 minutes a day playing e-sports games, whilethe average amount of time they spend watching livestreams or e-sportstournaments and related content is 2 hours and 10 minutes.
At the same time, food delivery applications also became more popular duringthe pandemic as the rate of food ordering from such apps grew from 58 percentin 2018 to 82 percent now.
The report also announced GrabFood, Now.vn, Go-Food, Bea Min as main players ofthe food order apps.
According to Appota, the e-wallet and e-commerce markets have also been aidedby the pandemic.
In 2020, there were 121 start-ups operating in the fintech sector in thecountry, of which the e-payment sector had the largest number ofstart-ups, accounting for 31 percent, twice as many as the peer-to-peer lendingsector at 16 percent.
The report found the pandemic and the push for cashlesspayments from the Government in 2020 resulted in a strong increase ofe-wallet users, benefiting local firms.
The nation's largest e-wallet firm MoMo has reached more than 20 millionusers while VNPAY is valued at more than 1 billion USD, becoming thesecond “unicorn” in Vietnam.
The business to customer e-commerce industry grew 18 percent, reaching 11.8million USD in revenue while mobile e-commerce enjoyed rapid growth,forecasting 7 billion USD in revenue for the year 2021 and likely to overtakedesktop platforms in the next few years, said the report./.
VNA
