How young consumers could shape Vietnam’s banks

Vietnam has one of Asia’s hottest economies, after only China and India, and retail banking is expected to grow quickly from a very small base: less than 10 percent of the Vietnamese have any formal relationship with a bank. McKinsey research suggests that young adults—21 to 29 years old—will play a large role in shaping this attractive market.
These young adults are more open to new banking styles (such as internet banking) and to foreign banks than are older Vietnamese. In fact, the generation gap in attitudes toward banking is wider in Vietnam than in any other Asian country in a McKinsey study—good news for any bank that can tap into this youthful enthusiasm.

Exhibit 1: Vietnamese consumers 21 to 29 years old are more likely to use remote-banking channels.
Exhibit 2: Young adults in Vietnam are more open to borrowing than are their counterparts in China and India.
Exhibit 3: The survey also revealed clear regional differences between consumers in Ho Chi Minh City and in Hanoi.