Vietnam Fintech Market

Vietnam Fintech Market Size and Share:

The Vietnam fintech market size was valued at USD 16.9 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 62.7 Billion by 2033, exhibiting a CAGR of 14.20% during 2025-2033. Southern Vietnam currently dominates the market, holding a significant market share of 48.5% in 2024. The widespread smartphone adoption and increasing internet access are facilitating the market expansion. In addition to this, supportive government policies, a large unbanked population seeking digital solutions, growing foreign investment, rising e-commerce activities, improved digital infrastructure, evolving consumer preferences, and advancements in blockchain, AI, and payment technologies are some of the major factors augmenting the Vietnam fintech market share.

The market is driven by the widespread digital payment adoption, with consumers increasingly turning towards mobile wallets, QR code payments, and online banking. The rising smartphone penetration in Vietnam, reaching approximately 84% in 2024, is a key driver propelling expansion of the market. With most of the population having access to smartphones, consumers can easily engage with a variety of fintech solutions. Another significant factor facilitating market expansion is increasing financial inclusion, as fintech platforms make banking and financial services more accessible to the unbanked population in rural and underserved areas. Apart from this, the ongoing adoption of blockchain technology in various fintech applications also signals the market's evolution towards more secure and transparent systems.

In addition to this, the growth of venture capital investments in fintech startups further aids the sector's development, with investors keen on tapping into the market's potential. Also, the young and tech-savvy population is accelerating fintech adoption, specifically among millennials and Gen Z, who are more inclined to adopt digital financial services for online shopping. Industry reports indicate in the first eleven months of 2024, non-cash payment transactions in Vietnam raised by 56.8% in volume. Internet banking transactions increased by 50.7% in volume and 33% in value, while mobile banking recorded a notable increase of 54.5% in volume and 34.3% in value. Moreover, strategic partnerships between traditional financial institutions and fintech companies are accelerating innovation and expanding service offerings. In line with this, the surge in demand for alternative lending solutions, such as peer-to-peer (P2P) lending and digital microfinance, is expanding access to credit for individuals and small businesses.

Vietnam Fintech Market Trends:

Increasing Internet Penetration and 5G Users

The growth of internet penetration and the rising adoption of 5G technology are central to the evolution of the fintech sector in Vietnam. The country boasts a rapidly growing population of internet users and smartphone owners, providing a fertile ground for fintech adoption. According to industry reports, the Vietnamese government aims to achieve nationwide 5G coverage by 2030, targeting cities, provinces, high-tech zones, and 99% of the population, an ambitious goal that will further accelerate digital transformation. The widespread access to high-speed internet enables access to numerous fintech services, ranging from online banking to peer-to-peer lending and investment platforms. Additionally, the introduction of 5G technology will improve the customer experience further with faster, more reliable connections, thereby enhancing the Vietnam fintech market outlook. The 5G technology also offers opportunities for fintech innovations like real-time payments, better digital security, and efficient cross-border transactions. With the nation transitioning towards increased mobile broadband adoption, it will further witness the digitalization of money services, thus facilitating new and established players to serve the heightened demand for fintech services.

Expanding Digital Infrastructure

The market in Vietnam is majorly driven by the expanding digital infrastructure. As per industry reports, Vietnam’s digital economy is projected to reach approximately USD 45 Billion by 2025, with forecasts ranging between USD 90 Billion and USD 200 Billion by 2030. The government’s efforts to enhance the country’s digital economy are driving the growth of internet connectivity and digital services. This includes expanding the nationwide broadband network, building more data centers, and increasing cloud computing services. In addition to this, digital platforms are becoming more accessible, leading to a rise in the adoption of fintech solutions. These trends also promote collaboration between fintech startups and telecom operators to boost service delivery in the country, which is fueling the Vietnam fintech market growth. Moreover, the expansion of digital infrastructure is critical to support a range of financial services, including mobile payments, digital lending, and insurance, to extend to rural and remote regions. With more investment in high-speed internet and secure digital payment systems, fintech firms can provide more stable, seamless, and convenient services, leading to an inclusive financial environment.

Growing Usage of E-wallets

As smartphone penetration increases, consumers are increasingly turning to e-wallets for their everyday transactions, including bill payments, online shopping, and peer-to-peer transfers. The growing usage of e-wallets is one of the significant Vietnam fintech market trends. According to industry reports, as of June 2024, about 34 million e-wallets were operational in Vietnam, making up 59% of the 58 million e-wallets that were activated overall. This is due to the increasing demand for convenient and secure alternatives to traditional cash-based payments. E-wallets are especially popular in urban centers where cashless payments are becoming more the standard. Apart from this, the popularity of e-wallets is due to its feature to simplify routine financial transactions such as bill payments, online purchases, and peer-to-peer transfers, providing a quicker and more convenient way of payment. Furthermore, firms are providing users with access to a range of financial products on their platforms, including micro-loans and insurance, which is positively impacting the market. The widespread adoption of QR code payments, especially among small enterprises, is also fueling the growth of e-wallets.

Vietnam Fintech Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the Vietnam fintech market, along with forecasts at the country and regional levels from 2025-2033. The market has been categorized based on type.

Analysis by Type:

• Digital Payments
  • Online Purchases
  • POS (Point of Sales) Purchases
• Personal Finance
  • Digital Asset Management Services
  • Remittance/ International Money Transfers
• Alternative Financing
  • P2P Lending
  • SME Lending
  • Crowdfunding
• Insurtech
  • Online Life Insurance
  • Online Health Insurance
  • Online Motor Insurance
  • Others
• B2C Financial Services Market Places
  • Banking and Credit
  • Insurance
• E-Commerce Purchase Financing
• Others

Digital payments lead the market with around 60.3% of market share in 2024. With a young, technology-oriented population and increasing smartphone penetration, digital wallets and mobile payment systems are now broadly accepted in urban and rural regions. These payment systems provide speed, convenience, and security, fulfilling the increasing consumer need for hassle-free financial transactions. In addition, digital payments have facilitated financial inclusion, providing previously excluded communities with wider access to key services. Also, digital payments indicate the nation's shift toward a cashless economy. Moreover, the encouragement of digital transformation and regulatory innovations by the Vietnamese government further increases confidence and uptake levels. Digital payments not only power daily commerce but also create new possibilities for fintech startups and businesses to innovate and expand. Consequently, they have a vital role to play in determining Vietnam's financial future, thereby playing a significant part in the market.

Regional Analysis:

• Northern Vietnam
• Central Vietnam
• Southern Vietnam

In 2024, Southern Vietnam accounted for the largest market share of over 48.5%. The south of Vietnam, especially Ho Chi Minh City, contains most of the fintech startups in Vietnam as well as the financial and commercial hub, which leads to the usage of digital financial services. The presence of established banks, financial institutions, and an increasing number of high-tech firms provides a favorable environment for fintech growth across the region. Moreover, Southern Vietnam has a youth population that is increasingly technology-literate and ready to adapt to digital financial services, further propelling market growth. With the government's initiative towards financial inclusion and digital transformation, the region holds a leading position in the country's fintech landscape. In addition to this, the convergence of payment platforms, lending services, and insurance technology are setting trends that are shaping the entire fintech landscape.

Competitive Landscape:

The competitive landscape of the market is characterized by both local and international players competing for market share in markets, such as digital wallets, peer-to-peer lending, insurtech, and mobile payments. The market is dynamic and rapidly evolving, driven by financial inclusion, investment in digital payments, and technological infrastructure. Banks are increasingly establishing alliances with fintech startups, and online-only financial services are becoming more mainstream. Foreign investments are also quite high as international players look to capitalize on the country's growing digital economy. According to Vietnam fintech market forecast, the implementation of supportive government initiatives aimed at promoting innovation while maintaining consumer protection is expected to strengthen the market and create opportunities to new market entrants and established firms. Furthermore, ongoing innovations, especially in cross-border payment and wealth management services, are strengthening the rivalry among large market players.

The report provides a comprehensive analysis of the competitive landscape in the Vietnam fintech market with detailed profiles of all major companies.

Latest News and Developments:

• January 2025: Singapore-based fintech ROSHI received a business license to launch in Vietnam, marking its first international expansion. The AI-powered platform aimed to offer competitive loan options through partnerships with local banks.
• January 2025: Visa partnered with fintech firm DealMe to introduce cross-border card installment payments for Vietnamese travelers to South Korea. Visa announced that its credit cardholders in Vietnam would be able to access real-time installment offers at top South Korean merchants.
• November 2024: Malaysia’s Solarvest partnered with fintech company Finhero to launch a solar financing fintech platform, Powervest, in Vietnam. The platform, offering flexible and lease-based financing models, aimed to overcome solar adoption barriers and support Vietnam’s renewable energy transition.
• August 2024: HD Bank launched Vikki Digital Bank in Vietnam in partnership with Galaxy FinX. The digital-only bank, powered by Thought Machine’s Vault Core, offered current accounts, virtual debit cards, and money transfer services.
• May 2024: PVcomBank, a Vietnamese bank, launched a new mobile banking app, PVConnect, powered by Temenos Digital on AWS. The app offered features like electronic ID verification, bill management, and transfer services.

Vietnam Fintech Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Vietnam Fintech market from 2019-2033.
• The Vietnam fintech market research report provides the latest information on the market drivers, challenges, and opportunities in the regional market.
• The study maps the leading, as well as the fastest-growing, regional markets.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Vietnam fintech industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.