Vietnamese digital platforms, such as messaging apps and social networks like Zalo and the Cốc Cốc browser, are increasingly competing with major international tech companies, according to DecisionLab's Q3 2024 Connected Consumer report.
The report reveals that Facebook leads the social media sector in Vietnam with a 94% penetration rate, followed closely by Zalo at 90%. Zalo stands out as the only domestic platform in the top five, effectively challenging foreign competitors.
Despite not making the top five, Threads has seen slight growth in Vietnam, particularly among Gen Z users, who engage with an average of three social media apps daily. While Facebook remains popular among younger users, Zalo has a stronghold among older demographics, particularly Generation X.
Livestreaming is revolutionizing the e-commerce landscape, with Facebook capturing a 62% market share in this area, while TikTok is quickly gaining ground with a 53% penetration rate. TikTok also dominates the short video sector with a 64% penetration rate, followed by other platforms like YouTube and Instagram.
In the browser market, Cốc Cốc holds a significant position, ranking second among internet users with a 59% penetration rate, just behind Google Chrome at 83%. The local browser enjoys high user satisfaction, as indicated by its leading net promoter score.
In the digital finance sector, MoMo leads with a 69% penetration rate, followed by ZaloPay and various banking apps, with Gen Z driving the adoption of banking applications.
When it comes to news consumption, 61% of Vietnamese users rely on Facebook, while only 38% use domestic news sites, indicating a shift towards local media as they gain traction among younger generations.