Illustration. Source: NLD.
According to Decision Lab’s Q2 2024 report “The Connected Consumer”, there have been significant shifts in the social media habits of Vietnamese users, notably the rise of Threads, a platform developed by Meta. Alongside this is the undeniable popularity of TikTok.
After a stagnant period in the previous quarter, TikTok rebounded with a record-high penetration rate of 68% in Q2 2024. Out of the top five social media platforms in Vietnam, TikTok was the only application to witness growth in the past quarter, underscoring its potential and appeal in the market.
Market penetration rates of social media platforms in Vietnam.
In this quarter’s report, Decision Lab utilized the “Most Important App” index to gauge the social media platforms that Vietnamese users deem essential in their daily lives. Per the data, Facebook, Zalo, and YouTube remain the top three indispensable platforms for Vietnamese consumers.
However, since Q1 2023, Facebook and YouTube have shown a declining trend in their perceived necessity among Vietnamese users. Conversely, Zalo experienced a slight growth in this regard. Nonetheless, when comparing Q2 2024 to the previous quarter, all three platforms witnessed a decline in their perceived necessity, with variations depending on age groups.
Amidst these fluctuations, TikTok stands out with its ever-increasing essentiality, reaching 11% in Q2 2024. Notably, TikTok registered growth across all three generations in 2024, including Gen X (born 1965-1980), Gen Y (born 1981-1996), and Gen Z (born 1997-2012).
The essentiality of social media platforms for Vietnamese users.
“This achievement once again cements TikTok’s position and growing influence in the social media landscape in Vietnam. Simultaneously, it underscores the platform’s robust development potential in a dynamic and competitive market,” Decision Lab commented.
On the other hand, the veteran video-sharing platform YouTube is facing challenges in the Vietnamese market. In Q2 2024, the application witnessed a significant decline in content consumption. The proportion of users watching long and short entertainment videos decreased. Simultaneously, the appeal of categories like movies, music, and TV shows also waned.
Compared to the previous quarter, YouTube’s market penetration dropped by 2 to 5 percentage points in these categories, reflecting a distinct shift in user preferences.
Notably, the platform’s usage for music and entertainment videos—a pillar of YouTube’s success in Vietnam—decreased by 4 percentage points, bringing the penetration rate down to 82% in Q2 2024.
On a positive note, YouTube maintained its strength in attracting users who browse the web without a specific purpose. The preference for this activity increased by 3%, particularly among Gen Z and Y users.
“This presents a favorable opportunity for brands to reach their target audience, as users tend to be more receptive to exploring and engaging with novel content and ideas when browsing the web without a defined goal,” Decision Lab pointed out.
The most extensive bribery case ever in Thanh Hoa: Numerous suspects prosecuted for “Giving and Receiving Bribes”
The Provincial Security Investigation Agency (PSIA) of Thanh Hoa province announced on January 31st that it has made the decision to initiate a prosecution against 23 individuals in connection with the offenses of “Accepting bribes” and “Giving bribes” as stipulated in Article 354(3) and Article 364(2) of the Criminal Code.
Accelerating disbursement of the 120 trillion VND credit package for social housing
Deputy Prime Minister Trần Hồng Hà has recently issued directives regarding the implementation of the 120,000 billion VND credit package for investors and buyers of social housing, workers’ housing, and projects for the renovation and construction of apartment buildings.
“Prosecution of government officials, land registration officers, and tax department employees in the largest bribery case ever”
The Thanh Hoa Police Investigative Agency has initiated legal proceedings against 23 individuals involved in the crimes of “Bribery” and “Receiving bribes”. This is the largest bribery case in terms of the number of suspects ever discovered and apprehended by the Thanh Hoa Police.
Mobile World achieves revenue of VND118,000 trillion: TVs, tablets, and phones all decrease by 10% – 50%, while one product grows in both quantity and revenue.
Mobile World Investment Corporation (MWG) has recently announced its 2023 business results. According to the report, the company’s consolidated revenue reached over 118 trillion Vietnamese dong, equivalent to 89% of the revenue in 2022.
Vietnam’s Irresistible ‘Specialty’ That China Desperately Wants to Revive: Highly Popular from the US to Asia, Bringing in Millions of Dollars
Vietnam is one of the largest exporting countries in the world, along with China and the Philippines.
