Mobile wallets have become essential for travelers, transforming how they pay for travel-related expenses. In Vietnam, the mobile wallet market is highly concentrated, dominated by several key players that shape user preferences and loyalty.

This blog highlights the most popular mobile wallet brands among Vietnamese travelers in 2024, based on data collected over the past 12 months. This ranking offers valuable insights into the current landscape, helping businesses understand consumer behavior and identify market opportunities.

The Current Mobile Wallet Landscape

Momo continues to be the dominant player in the Vietnam mobile wallet market, boasting a remarkable P12M rate of 89%, which reflects its extensive user base. This strong penetration is also evident in its consistently high BUMO rate, significantly surpassing its competitors. Momo’s frequent use in daily transactions – thanks to its wide range of services and reliable performance – solidifies its position as the preferred wallet for Vietnamese consumers.

ZaloPay holds a respectable second place with a P12M rate of 60%, showcasing its broad adoption among users. However, its BUMO rate is considerably lower than Momo’s, indicating that while many users have tried the service, fewer rely on it for regular transactions. ZaloPay’s growth potential lies in enhancing user retention and expanding its ecosystem to boost daily engagement.

ShopeePay, with its integration into the Shopee platform, secures a solid third position with a P12M rate of 46%. Its BUMO rate is relatively modest compared to the top two wallets, suggesting that its primary use is associated with online shopping rather than broader financial services. Expanding beyond e-commerce payments will be crucial for ShopeePay to increase its regular usage rate.

Viettel Money has a 12-month (P12M) adoption rate of 41%, indicating steady usage among a specific segment of users, particularly those familiar with Viettel’s telecom services. However, its BUMO rate is among the lowest in the market, suggesting limited daily usage. This presents an opportunity for Viettel Money to expand its service offerings and increase user engagement beyond telecom-related payments.

VNPay, with a P12M rate of 33%, shows a moderate presence in the market. Similar to Viettel Money, VNPay’s BUMO rate is relatively low. Unlike other wallets that focus on retail payments, VNPay thrives in providing a wide range of bill payment and banking-related services. To boost user engagement, VNPay could enhance the user experience and expand its service offerings to attract a wider audience beyond occasional users.

Domestic vs. Global Players

The Vietnamese mobile wallet market is primarily dominated by local brands such as Momo, ZaloPay, Viettel Money and VNPay, which consistently outperform global competitors. These domestic players have cultivated strong consumer trust and loyalty by offering localized services, frequent promotions, and cashback programs tailored specifically for Vietnamese users.

ShopeePay, although a regional player, has effectively positioned itself as a strong competitor by integrating with Shopee, one of Vietnam’s leading e-commerce platforms. This integration provides ShopeePay with high visibility and frequent usage, particularly during shopping promotions and major sales events. As a result, ShopeePay has managed to secure a significant share of the market and remain competitive with top domestic wallets.

Conclusion

The increasing popularity of mobile wallets is transforming the payment landscape for Vietnamese travelers. To take advantage of growth opportunities in 2025, businesses must understand consumer preferences and stay updated on the latest market data. Mobile wallets have evolved beyond mere payment tools; they are now strategic assets for both travelers and companies within the travel ecosystem.

For a comprehensive understanding of how Vietnamese travelers interact with these platforms, check out our newly released report, “Vietnam Travel Tech 2024.”

As Vietnamese travelers become more dependent on technology for planning their trips, online travel agents (OTAs) have established themselves as essential intermediaries in the travel ecosystem. This blog highlights the top OTA brands preferred by Vietnamese travelers, based on data from the Vietnam Travel-Focused Omnibus Survey. This monthly tracking model continuously gathers responses from over 4,500 Vietnamese travelers throughout 2024.

The ranking reveals the dominance of global players and the growing significance of localized experiences in influencing consumer behavior. The survey data measures brand awareness through two key indicators: P12M users—representing those who have interacted with the brand in the past 12 months—and total users, which reflects overall brand recognition. These metrics comprehensively show each brand’s market penetration and influence among Vietnamese travelers.

The Dominance of Global Players: Same Stage, Different Performance

Global OTAs dominate the Vietnamese travel market, but their success varies significantly in terms of brand awareness and usage. Traveloka, Booking.com, and Agoda lead the pack, yet each brand demonstrates a distinct level of familiarity among travelers. 

Traveloka holds the leading position, with 82% of respondents familiar with the brand over the past 12 months and 72% recognizing it overall. By tailoring services to the Vietnamese market—such as integrating local payment options and offering Vietnamese language support—Traveloka bridges the gap between a global platform and local needs, giving it a competitive edge over its global peers.

In second place, Booking.com has achieved significant recognition, with 81% of users aware of the brand over the past year and 73% aware in total. While its brand equity is comparable to Traveloka’s, Booking.com is perceived as a more international-centric platform, appealing especially to those seeking outbound travel experiences.

Agoda ranks third, with 78% of users familiar with the brand in the past 12 months and 64% overall recognition. Agoda’s focus on hotel bookings, particularly in Asia, resonates well with price-sensitive Vietnamese travelers. Through promotional campaigns and flexible booking options, Agoda has cultivated a loyal customer base among frequent travelers.

Interestingly, Trip.com—an international OTA with growing regional influence—occupies a space somewhere between global and local players. With 39% P12M awareness and 32% total awareness, Trip.com’s success stems from its ability to position itself as a hub for both regional and global travel, especially within Asia-Pacific. Its appeal lies in combining global inventory with regional expertise, catering to Vietnamese tourists increasingly interested in short-haul international trip

Domestic Players vs. Global Giants: Finding Strength in Localization

While global OTAs dominate the market, local brands are carving out space by offering more personalized and relevant experiences for Vietnamese travelers.  Mytour.vn stands out as the leading domestic player with 43% P12M awareness and 38% total awareness. Mytour.vn focuses on promoting domestic destinations, offering localized content, and providing customer service tailored to Vietnamese preferences. This localized approach allows Mytour.vn to compete not by matching the scale of global OTAs but by offering a deeply familiar and culturally relevant user experience.

Comparing global and domestic OTAs reveals that while international players leverage scale and global connectivity, local OTAs focus on cultural relevance and customer proximity, which remains a powerful differentiator for travelers prioritizing domestic experiences.

For businesses and destinations, these insights highlight clear opportunities to refine strategies in a highly competitive market. International Online Travel Agencies (OTAs) should continue investing in localized content and services to stay relevant, while domestic players should focus on enhancing the customer experience and addressing underserved segments, such as niche travel or emerging destinations. Furthermore, partnerships between OTAs and destinations can enhance visibility and improve the traveler experience, creating a mutually beneficial ecosystem. 

As we move deeper into an increasingly digital world, the competition for consumer attention will intensify. Both global and local brands must prioritize innovation, personalization, and collaboration to win over Vietnamese travelers in 2024 and beyond. Although the landscape is competitive, it also presents numerous opportunities for those willing to adapt and evolve.

To deeply understand how Vietnamese travelers engage with these platforms, stay tuned to our new report Vietnam Travel Tech 2024 – to be released soon this February!

The Outbox Company has officially released the Most Loved Ranking 2024, which highlights the “Top 10 Domestic and Outbound Destinations of the Year by Vietnamese Travelers.”

This ranking was compiled using data from the monthly tracking model called the “Vietnam Travel-Focused Omnibus Survey.” This survey involved direct interviews with over 4,500 Vietnamese tourists conducted continuously throughout 2024. The ranking presents a list of domestic and outbound destinations based on the preferences of Vietnamese travelers. It aims to provide insights into the tastes and trends in destination selection among Vietnamese travelers, serving as a useful resource for businesses and destination managers to enhance their strategies for 2025.

Top 10 Domestic Destinations: Major Tourist Centers Continue to Lead

Domestic tourism plays a significant role in Vietnam travel industry, with a positive outlook for local vacations for Vietnamese travelers in 2024. The list of the top 10 most popular destinations among Vietnamese travelers last year indicates a continued focus on renowned locations, particularly suited for short getaways.

Da Nang: The Most Favored Destination for Vietnamese travelers in 2024

Da Nang has emerged as the standout destination in the domestic tourism market for 2024, with a preference rate of 21.6% among travelers—nearly three times higher than other popular destinations like Hanoi and Da Lat. This premier beach and event location in the Central region has consistently ranked at the top each month throughout 2024. Investments in brand communication and engaging tourism events by Da Nang City have yielded positive results over the past year.

Vietnamese travelers Favor Nearby Destinations for Relaxation

The travelers continue to prefer destinations near Vietnam’s two largest domestic tourism markets, Ho Chi Minh City and Hanoi, especially considering that last year’s demand was largely geared toward resorts, with few new distinguished locations emerging. With convenient travel connections and the ability to meet short-term vacation demands, popular destinations like Ba Ria-Vung Tau, Nha Trang-Khanh Hoa, and Da Lat-Lam Dong in the south, and Sapa-Lao Cai, Ha Long-Quang Ninh, and Ha Giang in the north are among the top choices for Vietnamese travelers in the past year.

Big potential for Hanoi and Ho Chi Minh City tourism in the domestic market

In addition to serving as source markets for the domestic travel industry, the Most Loved Ranking for 2024 reveals that both Hanoi and Ho Chi Minh City have the potential to become leading favorite destinations. This ranking provides a foundation for tourism management agencies in both cities to enhance policies aimed at developing the domestic market and leveraging their unique competitive advantages.

Particularly in 2024, Hanoi is experiencing significant growth in attracting domestic travelers, aided by innovative strategies in product development, festival events, and effective partnerships. Hanoi has surpassed many traditional tourist destinations to become the second-most preferred domestic location for Vietnamese travelers.

Top 10 Outbound Destinations: Intra-region Travel Remains the Main Trend

In addition to a growing interest in short-term domestic vacations, Vietnamese travelers are increasingly returning to outbound travel with greater frequency and volume. The list of the top 10 most popular outbound destinations for Vietnamese travelers in 2024 indicates that their preference for outbound travel aligns closely with global travel trends, primarily favoring nearby destinations in Asia and focusing on familiar, traditional locations.

Japan: The Most Popular Outbound Destination in 2024

Japan stands out as a leading destination in the global tourism industry for 2024. Similar to travelers from other countries, Vietnamese travelers are prioritizing Japan for their outbound trips this year, with 36.1% choosing it as their preferred destination. This preference is attributed to Japan’s attractive offerings, high service quality, and competitive costs compared to previous years.

China’s Rising Popularity Among Vietnamese Travelers

China has emerged as a top destination for Vietnamese travelers. The trend of prioritizing travel to China began in late 2023 and is expected to gain momentum throughout 2024. The allure of China’s landscapes, diverse attractions, and proactive measures to attract Vietnamese visitors have led to an increasing number of Vietnamese travelers selecting China for their next vacation. As a result, China has secured its place as the third most popular international destination for Vietnamese travelers in 2024, surpassing traditional Southeast Asian favorites like Thailand and Singapore, and only trailing behind Japan and South Korea.

Nearby Destinations Remain Vietnamese travelers’ Top Priority

Traditional nearby destinations in Asia, such as Thailand, Singapore, Malaysia, Indonesia, Taiwan, and Hong Kong, continue to be favored by Vietnamese travelers in 2024, maintaining their stability from previous years. While these destinations may not see significant growth, they align with the current and future travel trends, where travelers increasingly prioritize short-term trips within the region to optimize travel time and costs. This trend explains why 9 out of the 10 most popular destinations for Vietnamese travelers are located in Asia. The United States stands out as the only long-haul destination in the top 10 favorites for Vietnamese travelers.

HCMC, April 20, 2023 – The Outbox Company announced its Most Loved Ranking, the first-ever ranking of tourism brands based on the preference and awareness of Vietnamese travelers in Q1/2023. The ranking features top 5 from 6 categories including top domestic destinations, outbound destinations, airlines, online travel agents (OTAs), travel agents/tour operators (TAs/TOs), and most known international hotels.

Introduction

The ranking is generally considered as a benchmark reflecting the thoughts and feelings of consumers, helping brands know and partly affirm their position in the market. Most Loved Ranking was born to become a ranking exclusively for brands in the tourism industry, expressing the voice of direct consumers – travelers. Most Loved Ranking is built from the Vietnam Travel Market Tracker model. It supports businesses in tracking and understanding Vietnamese travelers throughout a year and will be updated by each quarter Similarly, Most Loved Ranking will also be updated at the beginning of each quarter, showing the most loved and recognized brands by Vietnamese travelers in the previous quarter.

Outbox’s principle for the Most Loved Ranking is transparency and independent data, just like we have always done with all of our research reports and solutions. Therefore, brands can rest assured that Outbox will not affect the order of the ranking due to any commercial deal.

Key content

In Q1 this year, Ba Ria – Vung Tau was the most favorite domestic destination for Vietnamese travelers with 13.6%, followed by their top destinations in recent years including Da Nang, Hanoi, Da Lat and Ho Chi Minh City, respectively. Regarding top outbound destinations, South Korea and Japan are sharing the 1st rank, followed by Singapore, and Thailand. The UK is the only non-Asian destination in the top 5 outbound destinations for Vietnamese travelers. It once again affirmed the preference of Vietnamese tourists with nearby destinations in the region as in the past years.

Vietnam Airlines, the Vietnamese flag carrier, dominating the ranking is chosen by 42.6% Vietnamese travelers. The low-cost airline Vietjet Air ranks second, followed by Bamboo Airways. Although Vietravel Airlines was just founded in February 2019, and affected by the pandemic, it is still ranked 4th.

In top travel agents/tour operators (TAs/TOs), Vietnam’s travel market is still led by Vietravel and Saigontourist, accounting for nearly 50% of the market share chosen by Vietnamese travelers. Vietravel maintains its position as the leading travel brand in Vietnam at the moment, accounting for one-thirds of the market share according to the choice of tourists. In addition to Hanoitourist and Vietnam Tourism, which are familiar names, the Q1 ranking recorded the unexpected appearance of the Vietnam Booking.

Top online travel agents (OTAs) in Q1 feature international brands in the travel sector, including Traveloka, Booking.com, Agoda, Expedia, and Trip.com. There is no domestic OTAs platform in the top choices of Vietnamese travelers. Traveloka has shown its tremendous growth thanks to effective campaigns during Tet 2023, with more than 40% of travelers selecting in Q1, 10% more than second rank, Booking.com.

In Q1/2023, Novotel was the most recognized international hotel brand by Vietnamese travelers with more than 10%, followed by JW Marriott, Sheraton, InterContinental, and Pullman. Regarding the top 5 international hotels most known by Vietnamese tourists, two famous hotel management groups, Accor and Marriott, each have two brands in the ranking. The remaining position is under IHG Group.