• Stephen Chun

Fintech Ecosystem in Vietnam


Vietnam Fintech
Vietnam Fintech

Research has shown that there are over 26,000 fintech startups globally, a figure that has grown tremendously over the past few years, from a mere 12,000 in 2019. As of 2022, the fintech space is worth $179 billion, and is projected $213 billion by 2024.

In Vietnam, Fintech has gained great attention and is slowly closing the gap with the two leading startup hubs in the region: Indonesia and Singapore. Why is this so?

Vietnam’s hidden opportunity for fintech startups lies in its young demographic, capable of grasping trends quickly, and highly favourable by the international market.

Over the years, the Fintech Vietnam startup ecosystem currently has about 160 operating companies which divided into main segments:


  • Payment

  • P2P lending (peer to peer lending)

  • Digital banking

  • Wealth management

  • Crowdfunding

  • Credit scoring

  • Blockchain/crypto

  • Insurtech


One of Vietnam’s advantages includes its large population, which will reach 100 million people by 2030. The demographis of this population is also young, tech-savvy and heavy mobile users. Thus, the potential for developing a technology startup model in this market is very lucrative.

By 2030, there would be an extra 10 million users participating in the online consumer sector. These are the factors that create momentum for many consumer finance companies to partner with the fintech scene because they are digitising heavily.

The progress of Vietnam's fintech industry occurred due to:


  • Vietnam provides the necessary infrastructure for fintech services, even in remote areas

  • Vietnam has a large proportion of the highest smartphone in Southeast Asia

  • The rising income and consumption level of Vietnamese

  • Support from the government to the development of fintech


There are constraints however, in navigating the fintech landscape in Vietnam, despite its huge potential.

A lack of large-scale Fintech companies, as well as tax incentives for angel investors and venture capitalists has created many challenges for the growth of the fintech industry.

Part of the reason "constraining" the development of financial technology is due to the incomplete legal framework, and monotonous payment regulations. Although Vietnam is a potential market for companies in the fintech sector, the habit of using cash as well as technology infrastructure is still limited and has not met the technological foundation. It is difficult for companies in this field to expand their market.

Vietnam remains one of the most attractive markets in the region for investors interested in the fintech sector, and the potential for value creation is significant. It can be said that Vietnam has all the necessary elements for technology startups to operate and develop. However, to be able to take advantage of the great opportunities, startups need to have a suitable investment direction to minimise the risks brought by the challenges. This can be achieved by developing and nurturing the fintech ecosystem, and bridging the gaps between the business environment, government support and access to capital.

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