The Crowdfunding market in Vietnam has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.
Customer preferences: Vietnamese customers are increasingly turning to crowdfunding as a means to support innovative projects and startups. Crowdfunding platforms provide an accessible way for individuals to contribute to projects they believe in, and to have a direct impact on the success of these ventures. The ability to choose from a wide range of projects and contribute small amounts of money appeals to many Vietnamese customers who are looking for opportunities to support local entrepreneurs and businesses.
Trends in the market: One of the key trends in the crowdfunding market in Vietnam is the rise of social cause crowdfunding. Vietnamese customers are increasingly interested in supporting projects that have a positive social or environmental impact. This trend is driven by a growing awareness of social issues and a desire to make a difference in the community. As a result, crowdfunding platforms that focus on social causes, such as projects related to education, healthcare, and environmental sustainability, are gaining popularity in Vietnam. Another trend in the market is the emergence of crowdfunding platforms that cater to specific industries or sectors. For example, there are crowdfunding platforms in Vietnam that focus exclusively on supporting startups in the technology sector. These specialized platforms provide a targeted approach to crowdfunding, allowing investors and backers to connect with projects that align with their interests and expertise.
Local special circumstances: Vietnam's rapidly growing startup ecosystem is a key driver of the crowdfunding market in the country. The government has implemented various initiatives to support entrepreneurship and innovation, including the establishment of startup incubators and funding programs. This has created a favorable environment for startups to thrive and has increased the demand for crowdfunding as a means of raising capital. Furthermore, the lack of traditional financing options for startups in Vietnam has also contributed to the growth of crowdfunding. Many startups struggle to secure funding from banks or venture capitalists, making crowdfunding an attractive alternative. Crowdfunding allows startups to access capital quickly and easily, without the need for collateral or an extensive track record.
Underlying macroeconomic factors: Vietnam's strong economic growth and rising disposable incomes have also played a role in the development of the crowdfunding market. As the economy continues to expand, more individuals have the financial means to contribute to crowdfunding projects. Additionally, the increasing prevalence of internet access and smartphone usage in Vietnam has made it easier for individuals to discover and participate in crowdfunding campaigns. In conclusion, the crowdfunding market in Vietnam is experiencing growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. Vietnamese customers are increasingly interested in supporting innovative projects and startups, particularly those with a social or environmental focus. The country's growing startup ecosystem and lack of traditional financing options have also contributed to the rise of crowdfunding. As Vietnam's economy continues to grow and more individuals gain access to the internet, the crowdfunding market is expected to further expand in the coming years.
Data coverage:
The data encompasses B2C enterprises. Figures are based on transaction values / revenues / assets under management and user data of relevant services and products offered within the FinTech market.Modeling approach / Market size:
Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, publicly available databases, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, population, internet penetration, smartphone penetration, credit card penetration, and online banking penetration. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.Additional notes:
The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.
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