In recent years, Asia has developed into one of the leading fintech regions, having recorded the highest
. 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.
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.
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