Vietnam Fintech Market By Technology (API, AI, Blockchain, Distributed Computing, Others), By Service (Payment, Fund Transfer, Personal Finance, Loans, Insurance, Others), By Application (Banking, Insurance, Securities & Others), By Region, Competition, Forecast and Opportunities, 2020-2030F

Market Overview

Vietnam Fintech Market was valued at USD 15.67 Billion in 2024 and is expected to reach USD 50.21 Billion by 2030 with a CAGR of 21.48% during the forecast period. The Vietnam fintech market has witnessed remarkable growth and transformation in recent years, making it one of the most dynamic and promising sectors of the country's financial industry. Fintech, short for financial technology, encompasses a wide range of digital innovations aimed at revolutionizing traditional financial services. In Vietnam, fintech companies have played a pivotal role in enhancing financial inclusion, promoting digital payments, and expanding access to banking services. Vietnam's fintech market has experienced rapid growth, driven by factors such as a youthful and tech-savvy population, increasing internet penetration, and a growing middle class. Vietnam’s fintech sector is largely driven by digital payments and mobile wallets. By the end of 2023, the country recorded 32.77 million active e-wallet users. Between 2021 and 2023, the average annual growth rate of payment transactions through internet and mobile channels reached 52% and 103.3%, respectively. Payments made via QR codes experienced a remarkable surge of over 170% in both volume and value.

Key Market Drivers

Digital Transformation and Tech-Savvy Population

The market is being fueled by the growing adoption of digital payments, as consumers increasingly embrace mobile wallets, QR code transactions, and online banking. A major factor driving this growth is the rising smartphone penetration in Vietnam, which reached around 84% in 2024. Mobile devices have become the primary tool for accessing financial services and conducting transactions. Widespread access to the internet, especially through 4G and emerging 5G networks, has facilitated online financial activities. Consumers can easily access fintech services, make payments, and manage their finances from anywhere with an internet connection. Vietnam has a young and digitally-native population. Furthermore, the rise in venture capital investments in fintech startups is significantly contributing to the sector’s growth, as investors look to capitalize on the market’s promising potential. The adoption of fintech is also being accelerated by Vietnam’s young, tech-savvy population—particularly millennials and Gen Z—who are more inclined to use digital financial services for online shopping. According to industry reports, non-cash payment transactions in Vietnam surged by 56.8% in volume during the first eleven months of 2024. Internet banking transactions grew by 50.7% in volume and 33% in value, while mobile banking saw a remarkable rise of 54.5% in volume and 34.3% in value. Fintech companies have played a significant role in promoting financial inclusion. They have reached underserved and unbanked populations by offering accessible and user-friendly financial services, such as digital lending and mobile banking.

Government Support and Regulatory Framework

The Vietnamese government has been actively supporting and regulating the fintech sector, fostering a conducive environment for innovation and investment. Vietnam has established a regulatory framework to govern fintech operations. The State Bank of Vietnam (SBV) has introduced regulations that promote the legitimacy and security of fintech services, ensuring consumer protection and risk management. The introduction of regulatory sandboxes allows fintech companies to test and launch new products and services with reduced regulatory constraints. This approach encourages innovation and experimentation in a controlled environment. Fintech companies can obtain licenses to operate legally in the financial sector. This regulatory clarity gives consumers confidence in using fintech services and encourages investment in the sector. The government has initiated various programs to promote the development of the digital economy and fintech sector. These initiatives encompass funding, infrastructure development, and support for startups and technology companies. According to the Vietnam Innovation & Tech Investment Report 2024, between 2013 and 2023, payment FinTech startups in Vietnam attracted a significant USD1.04 billion in investments, while financial services received an additional USD495 million. This strong flow of capital highlights the increasing vibrancy and momentum of the fintech sector in the country.

Fintech Services and Market Demand

The availability of a wide range of fintech services tailored to the specific needs and preferences of Vietnamese consumers is a crucial driver of the fintech market.  Digital payment solutions and mobile wallets have gained immense popularity in Vietnam. Consumers are using these platforms for various transactions, including bill payments, online shopping, and peer-to-peer transfers. Fintech companies offer digital lending services, making it easier for individuals and small businesses to access credit. The simplified application processes and quick disbursal of loans have fueled demand. The insurtech sector is on the rise, with digital insurance providers offering convenient and personalized insurance solutions. These platforms are addressing the growing demand for insurance coverage in Vietnam.  Fintech platforms that offer investment and wealth management services have attracted investors looking for alternatives to traditional investment options. These platforms provide easy access to diversified investment portfolios. P2P lending and crowdfunding platforms have gained traction, connecting borrowers with individual and institutional lenders. These platforms offer more flexible lending and borrowing options. The interest in cryptocurrencies and blockchain technology is growing in Vietnam. Vietnam’s market is primarily propelled by the rapid expansion of its digital infrastructure. According to industry reports, the country’s digital economy is expected to reach around USD 45 billion by 2025, with projections ranging between USD 90 billion and USD 200 billion by 2030.

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Key Market Challenges

Regulatory and Compliance Challenges

One of the most significant challenges facing the Vietnamese fintech market is the lack of a well-defined and comprehensive regulatory framework. Although the government has made efforts to pilot regulatory sandboxes and support innovation, the legal infrastructure for fintech remains fragmented and slow to adapt. Currently, many fintech sectors—such as peer-to-peer lending, crypto-assets, and open banking—operate in legal grey areas, making it difficult for companies to innovate confidently or attract sustained investment. The absence of clear, unified regulations creates risks for both consumers and providers. Fintech startups struggle to navigate compliance issues, and international investors are often hesitant to invest due to regulatory ambiguity. Furthermore, the lack of data protection laws aligned with international standards limits the ability of firms to use customer data effectively while ensuring privacy and security. While Vietnam's central bank has introduced pilot programs for e-KYC and mobile money, there remains an urgent need for broader, consistent legislation to cover all fintech verticals. Until then, innovation will be stifled, and the market’s true potential will remain untapped.

Financial Inclusion and Access to Banking Services

Despite rapid digital adoption, Vietnam still grapples with low levels of financial and digital literacy, particularly in rural and lower-income segments. Many consumers lack a basic understanding of fintech services, such as digital wallets, online lending, or robo-advisors. This lack of awareness leads to mistrust and low adoption rates, which significantly restricts the growth potential of fintech companies targeting underserved or unbanked populations. Fintech solutions often require users to engage with mobile apps, conduct digital transactions, and understand financial planning—skills that are not widespread in Vietnam. The elderly, low-income groups, and people in remote areas are especially vulnerable to scams or fraud due to limited knowledge of secure digital practices. Moreover, language and design barriers in fintech platforms further alienate these users. Without focused financial literacy programs and community engagement, fintech adoption in these demographics will remain slow. Startups and government agencies need to collaborate to build education campaigns that can empower consumers and foster responsible usage of digital financial tools. Without such initiatives, a large portion of the population may be left behind in Vietnam’s digital finance revolution.

Fragmented Digital Infrastructure and Cybersecurity Risks

While Vietnam has made strides in internet penetration and smartphone usage, its digital infrastructure remains fragmented and inconsistent, especially outside major cities. Unstable internet connectivity, limited 4G/5G coverage, and disparities in device access can hinder the seamless adoption of fintech solutions. For fintech platforms that rely on real-time data processing, fast transactions, or mobile-based services, these infrastructure gaps pose a significant operational risk. Additionally, cybersecurity and data protection remain pressing concerns. As fintech services handle sensitive financial data, they become attractive targets for cyberattacks. However, many Vietnamese fintech startups lack the resources and technical sophistication to implement robust cybersecurity protocols. According to recent studies, Vietnam ranks among the countries with the highest rates of cyber threats in Southeast Asia. This not only undermines consumer trust but also exposes businesses to financial and reputational losses. The government has taken some steps to address digital security, but enforcement is uneven and often reactive. Unless there is a stronger public-private partnership to improve digital infrastructure and enforce cybersecurity standards, the fintech ecosystem will remain vulnerable to disruptions and consumer skepticism.

Key Market Trends

Digital Payments and Mobile Wallets

One of the most defining trends in Vietnam’s fintech sector is the explosive growth of digital payments, especially through e-wallets. Driven by increasing smartphone penetration, rising internet usage, and a government push toward a cashless society, digital wallets like MoMo, ZaloPay, and ViettelPay have seen massive adoption. According to the State Bank of Vietnam, cashless payments increased by over 50% year-on-year in 2024, with mobile payments becoming the dominant mode of transaction among the youth and urban consumers. E-wallets are no longer limited to basic peer-to-peer transfers or bill payments; they now offer a range of services including insurance, savings, ticket booking, and online shopping integration. Their success is also supported by aggressive promotional campaigns and partnerships with banks, retailers, and utility providers. The government’s national digital transformation agenda has further accelerated this trend by supporting QR code standardization and mobile payment adoption in rural areas. However, the market is becoming saturated, and competition among wallet providers is intensifying. To maintain user engagement, e-wallets are evolving into "super apps" that combine financial and lifestyle services. This trend is expected to continue, reshaping how Vietnamese consumers access and use financial products daily.

Emergence of Buy Now, Pay Later (BNPL) and Digital Lending

The rise of Buy Now, Pay Later (BNPL) and other digital lending services is transforming consumer finance in Vietnam. Young, tech-savvy consumers are increasingly turning to BNPL options for convenience, flexibility, and interest-free installments, especially when shopping online. Fintech companies like Fundiin, Kredivo, and Movi are among the early players offering these services in partnership with e-commerce platforms and retailers. The demand for quick, collateral-free credit has also fueled the growth of digital lending platforms. These platforms leverage alternative credit scoring methods—such as mobile usage data, social behavior, and transaction history—to serve consumers and micro-entrepreneurs who are often excluded from traditional banking systems. With 69% of the adult population still underbanked or unbanked, digital lending addresses a critical gap in financial inclusion. Moreover, the COVID-19 pandemic further accelerated this trend, as more consumers and SMEs sought instant credit solutions online. Industry reports indicate that as of June 2024, approximately 34 million e-wallets were actively in use in Vietnam, accounting for 59% of the total 58 million e-wallets that had been registered.

Segmental Insights

Technology Insights

Application Programming Interfaces (APIs) have indeed established a significant presence in the Vietnam Fintech market, playing a pivotal role in shaping the financial technology landscape of the country. These technological interfaces have brought about transformative changes, offering opportunities for innovation, efficiency, and customer-centric financial services. Below are some key insights into how APIs have become an integral part of the Vietnam Fintech ecosystem: One of the primary drivers of API adoption in the Vietnam Fintech market is the goal of enhancing financial inclusion. APIs enable Fintech companies to reach underserved and unbanked populations by providing access to digital financial services. This is especially crucial in a country where a significant portion of the population does not have access to traditional banking services. APIs allow Fintech companies to integrate their services with traditional banks and financial institutions. This integration fosters collaboration and cooperation, enabling the coexistence of traditional and digital financial services. It also opens doors for incumbents to tap into Fintech innovation. Mobile wallets and digital payment platforms have seen substantial growth in Vietnam, thanks to APIs. These platforms facilitate peer-to-peer transfers, bill payments, online shopping, and more. The interoperability of these services through APIs has accelerated the adoption of digital payments. APIs are integral to personal finance management applications. These apps help users track expenses, create budgets, and make informed financial decisions. They often aggregate data from multiple financial institutions, offering a comprehensive view of one's financial life. Fintech lenders rely on APIs to assess creditworthiness, streamline loan application processes, and disburse funds quickly. APIs enable these companies to access a wide array of data sources for credit scoring, including transaction history, digital footprints, and alternative data. Investment platforms and robo-advisors use APIs to provide users with diversified investment options, portfolio management, and financial advice.

Service Insights

Payment solutions play a pivotal role in the Vietnam fintech market, holding a significant share and contributing to the rapid evolution of the financial technology landscape in the country. As of my last knowledge update in January 2022, various factors have propelled payment-focused fintech solutions to the forefront of the Vietnamese financial sector: Vietnam has witnessed a remarkable surge in digital transformation and mobile adoption. A growing number of consumers now use smartphones and the internet to conduct financial transactions, from basic payments to more complex banking activities. The e-commerce sector in Vietnam has experienced substantial growth. With the rise of online shopping, digital payment solutions have become essential for consumers. Payment gateways and digital wallets facilitate secure and convenient online transactions. Fintech payment solutions have contributed to expanding financial inclusion in Vietnam. Many individuals who were previously unbanked or underbanked now have access to digital financial services through mobile apps and digital wallets. Contactless payment methods, including near field communication (NFC) and QR code payments, have gained popularity. These methods offer convenience and safety, especially during the COVID-19 pandemic, where minimizing physical contact is crucial. P2P payment platforms have made it easy for individuals to transfer money to family and friends. These solutions are often used for splitting bills, sharing expenses, and sending gifts. Fintech payment solutions enable users to pay bills, utilities, and government fees digitally. This eliminates the need to visit physical locations for payments and saves time for consumers. Fintech companies in Vietnam offer investment and wealth management solutions accessible through mobile apps. Users can invest in various financial products, including stocks and funds, using digital platforms. Migrant workers and their families benefit from fintech solutions for international remittances. These platforms offer competitive exchange rates and lower fees compared to traditional remittance services.  

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Regional Insights

Southern Vietnam, particularly Ho Chi Minh City, stands out as the dominant region in the Vietnam fintech market, driven by its vibrant economy, tech-savvy population, and strong startup ecosystem. As the country’s financial and commercial hub, Ho Chi Minh City hosts the headquarters of major banks, fintech startups, venture capital firms, and technology accelerators. This concentration of resources and talent has created a favorable environment for fintech innovation, making the region a hotspot for digital payment solutions, peer-to-peer lending, blockchain startups, and embedded finance platforms. The high smartphone penetration rate and internet usage in the southern region further support the adoption of digital financial services. Additionally, government initiatives such as the National Digital Transformation Program and support from the State Bank of Vietnam have been actively implemented in Ho Chi Minh City, accelerating fintech development. Major fintech events, incubators, and cross-border collaborations are often centered in this region, reinforcing its leadership in the sector. Moreover, Southern Vietnam’s young population, growing middle class, and increasing demand for convenient, tech-enabled financial services continue to attract domestic and foreign investment. As a result, the region not only leads in fintech adoption but also sets the pace for future developments in Vietnam’s digital finance landscape.

Recent Developments

• In 2025, Singapore-based fintech ROSHI obtained a business license to operate in Vietnam, marking its first international venture. The AI-driven platform aims to deliver competitive loan products by collaborating with local banking partners.
• In 2025, Visa announced a partnership with fintech company DealMe to launch cross-border card installment payments for Vietnamese travelers heading to South Korea. The initiative enables Visa credit cardholders in Vietnam to access real-time installment offers at leading South Korean retail outlets.
• In 2024, Malaysia’s Solarvest joined forces with fintech firm Finhero to introduce Powervest, a solar financing platform in Vietnam. Designed to tackle barriers to solar energy adoption, Powervest provides flexible and lease-based financing options to support the country’s renewable energy goals.
• In 2024, HD Bank launched Vikki Digital Bank in Vietnam, developed in collaboration with Galaxy FinX and powered by Thought Machine’s Vault Core. The digital-only bank offers services such as current accounts, virtual debit cards, and seamless money transfers.
• In 2024, Vietnamese lender PVcomBank unveiled its revamped mobile banking app, PVConnect, built on Temenos Digital and hosted on AWS. The app includes features like e-ID verification, bill payment, and fund transfer services.

Key Market Players

• MoMo
• Zalo Pay
• AirPay
• Moca
• TIMA
• VayMuon
• TrustCircle
• Hudong
• TheBank
• iWealth

Report Scope:

In this report, the Vietnam fintech market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

·         Vietnam Fintech Market, By Technology:

o   API

o   AI

o   Blockchain

o   Distributed Computing

o   Others      

·         Vietnam Fintech Market, By Service:

o   Payment

o   Fund Transfer

o   Personal Finance

o   Loans

o   Insurance

o   Others  

·         Vietnam Fintech Market, By Application:

o   Banking

o   Insurance

o   Securities

o   Others

·         Vietnam Fintech Market, By Region:

o   Northern Vietnam

o   Southern Vietnam

o   Central Vietnam  

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Vietnam fintech market.

Available Customizations:

Vietnam Fintech market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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