Vietnam is currently home to approximately 200 Fintech companies operating across a diverse spectrum of services. These include payment intermediaries (such as e-wallets, payment portals, and financial switching services), peer-to-peer (P2P) lending, blockchain technology and cryptocurrency ventures, mobile payments, investment and wealth management platforms, crowdfunding, credit scoring systems, electronic Know Your Customer (eKYC) solutions, and insurtech. Notably, recent times have witnessed the emergence of mobile money, digital banking, and virtual currencies.
VNPay – a leading Fintech company in Vietnam – observed that a significant number of consumers are transitioning towards Fintech products and services, thereby creating a new and highly promising consumer trend in Vietnam.
Within the dynamic Fintech market, digital payments continue to command the largest share. Specifically, e-commerce payments alone reached US$17.894 million in 2023 and are projected to climb to $22.06 million by 2025. Mobile Point-of-Sale (POS) payments have also exhibited robust growth, amounting to $3.22 million in 2023 and forecast to rise to $4.32 million in 2025.
In a recent ranking of leading Fintech firms by Fintech News, two prominent payment companies, VNLIFE (VNPay’s parent company) and M_Service (MoMo’s operator), were recognized as leaders within Vietnam’s burgeoning Fintech ecosystem. Alongside VNPay and MoMo, a host of other e-wallets, including ZaloPay, Shopee Pay, and Viettel Pay, are also carving out significant market share in the domestic Fintech arena.
“Fintech enhances market accessibility for a wide range of businesses, including those in the technology, media, and telecommunications sectors. Rather than competing, Fintech companies collaborate very closely with traditional banks and credit institutions to expand customer reach and elevate user experience through technology application. Consequently, the Fintech industry has experienced substantial development in recent years.”
Nguyen Ba Diep, Co-founder and Vice Chairman of MoMo E-wallet
Experts in the field note that with over 70 percent of Vietnam’s population residing in rural areas, access to formal financial services remains markedly limited. This demographic represents a vast, largely untapped market for collaborative exploitation by banks, credit institutions, and Fintech enterprises. A key area for such collaboration is the provision of loans to small and medium-sized enterprises (SMEs).
Vice Chairman Nguyen Ba Diep further emphasized, “A crucial factor impacting Fintech development in Vietnam is the government’s proactive policy support for promoting cashless payments, advancing e-government initiatives (including payments for public services), and, significantly, implementing the national comprehensive financial inclusion strategy. This strategy aims for 80 percent of Vietnamese adults to have a bank account by 2025.”
In concert with national efforts, HCMC has been actively implementing robust support mechanisms for its startup community, with a particular focus on Fintech ventures. Resolution No. 20 of the HCMC People’s Council has established a clear legal and financial framework for incubating and fostering innovative projects, including those in the Fintech domain.
Accordingly, the HCMC Department of Science and Technology has recently unveiled a program designed to select and support innovative projects and creative startups in Fintech. This initiative offers a support package of up to VND400 million ($15,700) for each promising project, complemented by mentorship, investment matchmaking, and access to product development facilities.
This Fintech 2025 scheme in HCMC extends beyond financial aid, aiming to cultivate a comprehensive support ecosystem for Fintech startups. This includes pre-incubation funding, incubation and acceleration programs, and facilitating connections between Fintech startups and investors, financial institutions, and other potential partners, both domestically and internationally.
The Department of Science and Technology has also pledged its unwavering support for Fintech startups throughout their entire development lifecycle, from conceptualization to becoming successful enterprises.
Deputy Director Le Thanh Minh of the HCMC Department of Science and Technology, shared, “Aspiring to become a national and regional financial center, HCMC identifies Fintech as an indispensable pillar of a modern financial ecosystem. Furthermore, HCMC is diligently implementing Politburo Resolution 57-NQ/TW concerning breakthrough development in science, technology, innovation, and digital transformation, which encompasses policies fostering Fintech growth. We are also advancing the project to establish an International Financial Center in HCMC. Promoting the Fintech industry is thus integral to building a formidable financial hub in our city.”
