“The Vietnamese gift card market is on a strong upward trajectory, projected to reach US$983.6 million in 2026 with a 13.9% annual growth rate. Building on a robust CAGR of 15.3% from 2021-2025, the sector continues to expand at around 13.1% through 2030, driven by digital transformation, rising corporate incentives, e-commerce integration, and a shift from physical to digital formats amid increasing consumer preference for flexible and convenient gifting options.”
Vietnam Gift Card Market Dynamics and Key Player Strategies in 2026
Vietnam’s gift card sector has matured into a vital component of the retail and corporate gifting landscape, reflecting broader economic trends such as rising disposable incomes, urbanization, and the push toward a cashless society. In 2026, the market stands at approximately US$983.6 million, marking a significant 13.9% increase from the previous year. This follows a strong historical performance with a 15.3% CAGR between 2021 and 2025, positioning the industry for sustained double-digit expansion projected at 13.1% CAGR from 2026 to 2030, potentially reaching around US$1.60 billion by the end of the decade.
The surge is largely attributed to the rapid adoption of digital gift cards, which offer instant delivery, easy redemption via mobile apps and online platforms, and seamless integration with digital wallets. Government initiatives promoting cashless payments have accelerated this transition, reducing reliance on physical cards while enhancing accessibility for both retail consumers and corporate users. Retail gift cards dominate, accounting for the majority of volume due to their use in everyday shopping, promotions, and loyalty programs, while corporate segments grow through employee incentives, rewards, and client appreciation efforts.
Key retail categories driving demand include supermarkets, electronics, jewelry, fashion, and children’s products, where gift cards serve as versatile tools for boosting foot traffic and average transaction values. Occasions such as Tet holiday, birthdays, weddings, and corporate events fuel seasonal spikes, with digital options gaining traction for their convenience in peer-to-peer and remote gifting scenarios.
Major players are leveraging their extensive store networks and brand strength to capture market share. Vincom, as a leading shopping mall operator with a vast portfolio of retail centers, integrates gift cards into its ecosystem to encourage spending across tenants, including fashion, dining, and entertainment outlets. These cards enhance customer loyalty and drive traffic during peak periods.
Mobile World Investment Corp (MWG), a dominant force in electronics and consumer goods retailing through chains like The Gioi Di Dong and Dien May Xanh, offers gift cards that appeal to tech-savvy consumers. These cards support flexible purchases in a high-growth category, aligning with MWG’s omni-channel strategy that combines physical stores with digital platforms.
WinCommerce, the retail arm behind VinMart and related supermarkets, focuses on everyday essentials. Gift cards here cater to family-oriented shopping, promotions, and bulk purchases, benefiting from the chain’s nationwide presence and emphasis on affordability.
Saigon Co.op and its Co.opmart banner remain staples in the supermarket segment, particularly in southern Vietnam. Co.opmart gift cards are popular for groceries and household items, often tied to member loyalty programs that reward repeat customers and encourage gifting for family occasions.
FPT Retail, operating electronics and appliances stores, positions gift cards as ideal for tech gifts, capitalizing on the booming demand for smartphones, gadgets, and home appliances amid digital adoption.
Phu Nhuan Jewelry (PNJ), a premium jewelry retailer, uses gift cards to tap into the luxury and occasion-based gifting market. These cards appeal to high-value purchases for weddings, anniversaries, and investments in gold and gemstones, reflecting cultural preferences for tangible, enduring gifts.
BRG/Hapro, involved in retail and distribution, offers gift cards across diverse product lines, including consumer goods and imported items, supporting broader market penetration in urban areas.
SATRA, managing various retail formats in Ho Chi Minh City, provides localized gift card solutions that integrate with community-focused shopping experiences.
Con Cung, specializing in maternity and children’s products, targets family demographics with gift cards for baby essentials, toys, and apparel, aligning with Vietnam’s growing young population and emphasis on child-centric spending.
The competitive landscape features a mix of closed-loop cards (redeemable only at specific retailers) and emerging open-loop options, though closed-loop dominates due to retailer control over redemption and data insights. Digital issuance through apps, emails, and partnerships with fintech platforms has lowered barriers to entry and expanded reach.
Market Segmentation Overview (2026 Estimates)
By Type : Digital/e-gift cards ~45-55% share (growing fastest); Physical cards remain relevant in traditional retail.
By Consumer Segment : Retail ~70% (consumer-driven gifting); Corporate ~30% (incentives and rewards, expanding rapidly).
By Retail Category : Supermarkets/grocery (Co.opmart, WinCommerce, SATRA) lead; Electronics (MWG, FPT Retail) and jewelry (PNJ) follow closely.
Retailers are innovating with personalized designs, reloadable features, and integration into loyalty apps to enhance user engagement. Challenges include regulatory compliance on unclaimed balances, fraud prevention in digital channels, and competition from direct mobile payments. However, opportunities abound in cross-border gifting, corporate tie-ups, and expansion into tier-2/3 cities as retail infrastructure develops.
The sector’s resilience stems from its adaptability to economic conditions, with gift cards serving as low-risk promotional tools for retailers facing competitive pressures. As Vietnam’s middle class expands and digital infrastructure improves, the gift card business is set to play an increasingly strategic role in retail monetization and customer retention strategies across these featured players.
Disclaimer : This is a news and analysis report based on market trends and available industry data. It does not constitute financial advice, investment recommendation, or solicitation to buy/sell securities.