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《Forex Trading and User Research Report In Vietnam, 2019》

《Forex Trading and User Research Report In Vietnam, 2019》

Vietnam is a young and vibrant country. With the sustained release of economic potential and the accelerated influx of global capital...


Vietnam is a young and vibrant country. With the sustained release of economic potential and the accelerated influx of global capital, the development achievements of Vietnam in recent years have drawn the attention of the world. At present, dozens of global forex brokers have entered Vietnam. There are also many domestic brokers bourgeoning in Vietnam which have attracted considerable amount of Vietnamese local investors

In view of the huge potential and opportunities in the Vietnam’s market, WikiFX, as a professional media and data platform of global foreign exchange, aims to show the industry's internal and external environment of Vietnam’s forex market and analyze the status of Vietnam’s forex brokers through market research and user questionnaires, to understand the structure and needs of Vietnam’s forex investors, and then provide professional market advice and decision support for the entry and operation strategies of the Vietnam’s market

During this market research, WikiFX visited and surveyed more than 20 foreign exchange brokers in Vietnam and collected more than 1,000 forex investor questionnaires. Here, we would like to express our sincere gratitude to all the companies and investors interviewed for their contributions to this report

This research is the first one of the "Global Forex Trading Market and User Research" series produced by WikiFX Market Research Center, as well as an important sign that WikiFX has established a professional market research department to provide professional capabilities and think tank support to global forex brokers and practitioners. In the future, WikiFX will accelerate the pace of globalization and become the world's leading professional media and data platform for the forex industry

Definition of Terms

    Investors open investment accounts by signing contracts with specific designated banks, depositing a fund (margin) as an undertaking, and accepting the credit operation quota set by bank (or broker). Investors can freely trade spot foreign exchange of the same value within the quota


    Forex brokers are intermediaries that introduce transactions in forex transactions, acting as intermediaries for forex supply and demand, and earning


    Introduce Brokers help introduce the client to the broker platforms to open accounts, and then receive a certain rebate from the platforms as a commission for the introduction service


    To deposit is to saving funds into an account after opening an account. To withdraw is to take out the remaining funds to the personal account after the investment is over


    Market Maker means that the forex exchange rate quoted for retail investors in this platform is provided by the only market maker. In general, this market maker is the forex broker where the retail investor's trading account is opened


    STP, namely Straight Through Processing. STP brokers send the investors' orders to the bank via the straight through processing system and conduct real-time transactions at the price of the bank close to the investors' setting price

  • Part 1 Overview of Forex Industry Development in Vietnam

    1.1History of Forex Industry Development in Vietnam

    1.2Environmental Factors of Forex Industry Development in Vietnam

    1.3Comparisons Between Vietnam and Other Southeast Asia Countries

  • Part 2Status of Forex Industry and Brokers Development in Vietnam

  • Part 3Research on Forex Investors in Vietnam

  • Part 4Summary and Prospect of Forex Industry in Vietnam

1.1 History of Forex Industry Development in Vietnam
  • Forex trading has been in the world for nearly 30 years, but the development of it in Vietnam is mainly from 2013 onwards. This period is divided into two phases from 2013 to 2017 and 2017 to the present. After 2017, global brokers are fully aware of Vietnam's economic development and dividend trends of individual and wealth growth. Many of them have set up branches in Ho Chi Minh City and Hanoi, Vietnam. At the same time, Vietnam also has a considerable number of companies to provide various forex products for clients. These features have jointly formed the current development momentum of the forex industry in Vietnam

  • WikiFX – Development Stages of Forex Industry in Vietnam

    A very small number of professional investors in Vietnam conducted foreign exchange investments through the fund accounts provided by brokers conducting global business. Few brokers have offices in Vietnam

    After 2013, the first batch of brokers began to enter the Vietnamese market. But at this stage, the forex market was not fully developed due to the maturity and economic base of infrastructure

    After 2017, a large number of brokers entered Southeast Asia, including more than 30 international brokers doing business in Vietnam. The rapid maturity of the internal and external environment has brought Vietnam's forex industry into a development stage

1.2 Environmental Factors of Forex Industry Development in Vietnam
  • The forex market in Vietnam is experiencing a period of rapid development. This is closely related to Vietnam's current political, economic, social and technological environment. Therefore, we focus on the analysis and interpretation of the environment of the forex market in Vietnam from the following four aspects

  • Politics

    Vietnam is a communist country with strict foreign exchange policy management and conservative government supervision. It strictly limits the investment and trading of derivatives and other products. However, due to the facts that Vietnam is in a period of attracting large foreign investment to help its development and the administrative resources limit, its supervision is relatively moderate

  • Economy

    The whole world had witnessed the economic growth rate of Vietnam. Accordingly, the quality of workers and the wealth of residents have also grown together. This has greatly accelerated the speed at which brokers set up institutions and conduct business in Vietnam. For the foreseeable future, Vietnam will continue to maintain high economic growth and share the dividends of development for all industries

  • Tech

    The information network infrastructure of the central cities of Vietnam has reached the international level, and the penetration rate of 4G and smart phones in the country is extremely high. At the same time, Vietnam’s banking and payment industries have technical conditions to support international currency settlement, which provides technical support for the development of the forex industry in Vietnam

  • Society

    The average age of Vietnamese is only 30.9 years old. The improvement in the material life has led to a rapid increase in Vietnamese investment desires. Investment instruments such as stock investment, forex trading, and digital currency have all experienced rapid growth in Vietnam in recent years, and there is still a great social potential waiting to be discovered

Research VIEWS
  • "Compared with other Southeast Asian countries, Vietnam has very distinct characteristics of differentiation – more potential labor force, more stable political situation, greater development space, more positive social attitudes and the technological foundation of globalization. These environmental factors will have a positive impact on the development of the forex industry in Vietnam and will provide a constant source of momentum for future growth"

  • Part 1Overview of Forex Industry Development in Vietnam

  • Part 2Status of Forex Industry and Brokers Development in Vietnam

    2.1 Statistics of Forex Industry in Vietnam

    2.2Operating and Development Status of Forex Brokers in Vietnam

    2.3Operating Cases of Forex Brokers in Vietnam

  • Part 3Research on Forex Investors in Vietnam

  • Part 4Summary and Prospect of Forex Industry in Vietnam

  • 2.1 Statistics of Forex Industry in Vietnam: Overview And Statistics Statement

    Vietnam's forex trading has been developing retail customers since 2013. It has ushered in a period of rapid development in 2017 and has already begun to take shape. However, during the survey, we not only met the professional international brokers and local brokers who just started to do business, but also many fake brokers who collect money through illegal means under the cover of forex. Due to the limitations of research methods and data base, the following statistics are mainly based on desktop research and interviews and research conducted by international brokers in Vietnam, and specifically refer to the “retail foreign exchange” field. As the industry matures further, we will carry out further in-depth research and calibration in the future

  • 2.2 Operating and Development Status of Forex Brokers in Vietnam

    At present, forex brokers cannot set up sales departments directly in Vietnam to operate, and local banks in Vietnam cannot open accounts for forex trading accounts or settle funds. Therefore, the Vietnamese forex industry has formed a set of landing models that adapt to local market rules

  • Company Founding

    International forex brokers generally employ Vietnamese local employees who mainly focus on market and customer service when they set up an agency in Vietnam for the Vietnam office or customer service center

  • Client Source

    International forex brokers are highly dependent on IB (agent) when operating in Vietnam, and the proportion of direct customers is extremely low. Most brokers only provide services to Vietnamese passport holders

  • Account Opening

    Vietnamese forex investors prefer to use higher leverage investments. Brokers generally open accounts for Vietnamese users in offshore regulatory areas

  • Deposit&Withdraw Channels

    Forex brokers work with local third-party payment companies in Vietnam to provide deposit and withdraw channels supporting most Vietnamese banks for Vietnamese investors

  • 2.3.1Operating Cases of Forex Brokers in Vietnam: Standard Model

    In terms of institutional types, brokers currently in Vietnam can be divided into: international brokerage agencies, local white label brokers, and IB and fake brokers that raise funds in the name of forex investment. According to the broker's organization situation in Vietnam, IB dependence, account opening, etc., we refer to the most used and most typical model as the “standard model

PART FOUR Summary and Prospect of Forex Industry in Vietnam
  • 4. Vietnam's Unique Internal and External Environment Will Bring Unprecedented Opportunities and Challenges

    As a politically stable one-party state, Vietnam is experiencing a period of joint action with demographic dividends, global capital dividends, and global manufacturing restructuring dividends. For the forex industry, on the one hand, forex products, technical requirements and business models have been highly mature, on the other hand, facing a fast-developing and far-immature market, the Vietnamese forex market will meet unprecedented opportunities and challenges

  • Highly Mature Brokers

    The business model of brokers currently operating in Vietnam is highly mature. Experience in other markets can be fully replicated in Vietnam with low learning costs

  • Immature Investors

    At present, the amount, frequency, trading patterns and investment perception of Vietnamese investors are significantly immature, which shows a great room for improvement

  • Highly Mature Technology and Information Environment

    Whether it is payment, communication or technology platform, it will not create obstacles to the development of the Vietnamese forex industry. On the other hand, the development of the mobile Internet has reduced information asymmetry to a minimum, shaping new patterns

  • Immature Market

    This conclusion is mainly reflected in the extensive existence of IB’s “encroach on fund” issues and fake brokers in Vietnam, as well as a considerable number of illegal fundraisers. This will greatly affect the healthy development of the forex industry, and even leads to a black swan event