Number of fintech companies in operation in Vietnam 2018-9M 2022

As of September 2022, there were 263 operating fintech firms in Vietnam. This was the highest number of companies in this sector within the observed timeline. Although Vietnam had a lower number of fintech businesses than many of its ASEAN neighbors, this number had been growing yearly.

Fintech segments in Vietnam

Parallel to the rapid expansion of the e-commerce sector in Vietnam, the digital payment segment has been growing fast. As a result, it has become the most important segment within the fintech landscape, leading in terms of new investment and the number of startups. In recent years, almost a third of fintech startups in Vietnam belonged to the digital payment category, while the value of funding within this segment was the highest among all fintech categories. Apart from digital payments, alternative lending has also demonstrated its potential in Vietnam, having recorded one of the highest growth rates in the fintech sector.

 Challenges and opportunities for Vietnam’s fintech sector

Vietnam has a young population with an increasing number of internet users. However, the ownership and usage rate of financial products among its population is still relatively low, so is the adoption rate of fintech services. On the other hand, the government has been actively promoting the development of the fintech sector and has launched the first fintech regulations and policies in 2021.