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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.

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 170 percent between 2017 and 2020. 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 the 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. On the other hand, the fintech sector also faces certain challenges. For instance, the adoption rate of fintech services in Vietnam is still relatively low, as the population has a modest ownership and usage rate of financial products in general.

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 portfolio 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 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 development. The State Bank of Vietnam is currently planning to launch the first regulatory sandbox for fintech in 2021. In addition, the Ministry of Finance has been working on proposing policies for managing virtual assets and cryptocurrencies in the future.

Key figures

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Fintech investment in Vietnam

Consumer behavior

Interesting statistics

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Fintech in Vietnam

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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.

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 170 percent between 2017 and 2020. 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 the 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. On the other hand, the fintech sector also faces certain challenges. For instance, the adoption rate of fintech services in Vietnam is still relatively low, as the population has a modest ownership and usage rate of financial products in general.

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 portfolio 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 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 development. The State Bank of Vietnam is currently planning to launch the first regulatory sandbox for fintech in 2021. In addition, the Ministry of Finance has been working on proposing policies for managing virtual assets and cryptocurrencies in the future.

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