Fintech in Vietnam - statistics & facts

In recent years, Asia has developed into one of the leading fintech regions, having recorded the highest fintech revenue worldwide. Vietnam is among the emerging fintech markets in this region. The country has an increasingly connected population, which creates a premise for financial technologies to develop. As a result, the Vietnamese fintech sector has been evolving fast, with the emergence of digital payments, cryptocurrencies, blockchain technologies, and more.

The growing fintech sector in Vietnam

Vietnam’s fintech industry is rapidly growing, especially in the amount of investment, and the number of new firms, which grew by over 180 percent between 2018 and 2022. Along with the rise of e-commerce in Vietnam, digital payments have been the most prominent segment within the fintech landscape. In recent years, the country has recorded a significant increase in transaction values from e-wallets and mobile banking, which has yet to show signs of slowing down. Meanwhile, alternative lending is another attractive category for investors due to its strong growth potential, considering Vietnam’s young and connected population.

Fintech highlight in Vietnam: cryptocurrencies

Vietnam has consistently been among the leading nations for cryptocurrency adoption for the past few years, surpassing most countries in terms of peer-to-peer transaction value and individual payments. According to the most recent Statista Global Consumer Survey, around 27 percent of Vietnamese respondents reported having either owned or used these digital currencies. Bitcoin has been the undefeated winner based on ownership and investment interest among Vietnamese investors. On the other hand, GameFi coins have been gaining traction in this market thanks to a large, growing community of gamers. However, a legal framework for owning, using, and trading digital assets has yet to be implemented in Vietnam, leaving cryptocurrency users in the country with a lot of uncertainty.

Key trends and outlook of the Vietnamese fintech sector

Apart from the involvement of major Vietnamese banks in fintech ventures, several tech giants in Southeast Asia have been expanding their portfolios into financial services in Vietnam. For instance, many ride-hailing companies have offered e-wallet payments as a part of their services. According to forecasts, digital payments will still be the leading fintech category based on the transaction value and the number of users, while personal finance will emerge as a fast-growing segment in this sector. Having realized fintech's potential for financial inclusion, the government has been actively supporting its growth. The State Bank of Vietnam has been accelerating the development of the first regulatory sandbox for fintech since 2021. In addition, the Ministry of Finance has been working on proposing policies for managing virtual assets and cryptocurrencies in the future. 
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Minh-Ngoc Nguyen, Dec 21, 2023

Key insights

Transaction value of digital payments in Vietnam
23.95bn USD
Share of consumers that use e-payments for online shopping in Vietnam
78%
Most used e-payment service in Vietnam
MoMo
Get more insights

Editor’s Picks Current statistics on this topic

Transaction value of the fintech sector in Vietnam from 2018 to 2028, by segment (in billion U.S. dollars)

Fintech (Mobile/online banking)

Fintech transaction value in Vietnam 2018-2028, by segment

Number of domestic transactions via internet and mobile banking in Vietnam in the third quarter of 2022 (in millions)

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Number of domestic transactions via internet and mobile banking Vietnam Q3 2022

Payment methods used in the past three months among people in Vietnam in 2021

Fintech (Mobile/online banking)

Usage of payment methods Vietnam 2021

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