E-Commerce and Digital Financial Services During COVID-19 and Potential for Expansion in Post-pandemic: Insights from Vietnamese Consumer Behaviors

Despite the COVID-19 pandemic’s negative and irreversible consequences on the global economy, e-commerce platforms and digital financial services seem to come out of the health crisis stronger. E-commerce and digital financial services in Vietnam have surged significantly during the pandemic and continued to expand in the post-pandemic economy. To understand how these changes translate into long-term industry reconfigurations and the potential for expansion in a new normal of contactless and convenience, this chapter focuses on analyzing the changes in consumer behaviors in this growing industry. Applying the content analysis to a qualitative survey collected across 5 major cities, we examine whether and how consumer behavior changes during the pandemic impact digital transformation in the retail sector. We show that there are promising signs of consumer interest in e-commerce can be sustained in post-pandemic and even potential for substantial growth. The preference for cashless transactions also helps to accelerate digital financial services. Thus, these are positive indicators for accelerating digital transformation in Vietnam.