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Vietnam Fintech Market Size, Share, Growth, Analysis: By Deployment Mode: On-Premises, Cloud; By Technology: Application Programming Interface (API), Artificial Intelligence, Robotic Process Automation, Blockchain, Data Analytics, Others; By Application: Trading, Banking, Others; Regional Analysis; Competitive Landscape; 2024-2032
Vietnam Fintech Market Size
The Vietnam fintech market reached approximately USD 15.40 billion in 2023. The market is projected to grow at a CAGR of 17.8% between 2024 and 2032, reaching a value of around USD 67.27 billion by 2032.
| Vietnam Fintech Market Report Summary | Description | Value |
| Base Year | USD Billion | 2023 |
| Historical Period | USD Billion | 2018-2023 |
| Forecast Period | USD Billion | 2024-2032 |
| Market Size 2023 | USD Billion | 15.40 |
| Market Size 2032 | USD Billion | 67.27 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 17.8% |
| CAGR 2024-2032 - Market by Region | Mekong River Delta | 18.3% |
| CAGR 2024-2032 - Market by Region | South Central Coast | 16.9% |
| CAGR 2024-2032 - Market by Deployment Mode | Cloud | 23.1% |
| CAGR 2024-2032 - Market by Application | Banking | 20.3% |
| Market Share by Region | Southeast | 32.6% |
Vietnam Fintech Market Outlook
- Fintech companies in the Asia Pacific secured $5.1 billion through 432 deals in the first half of 2023.
- In the first quarter of 2022, financial technology firms in the Asia Pacific secured $3.33 billion through 186 transactions.
- Vietnam is home to nearly 200 fintech companies, providing a wide array of services, including digital payments, P2P lending, wealth management, and blockchain solutions.
Vietnam Fintech Market Growth
Vietnam is making significant strides in the fintech sector, solidifying its position as the second-largest player in the ASEAN fintech market. According to UOB, the number of fintech companies has quadrupled in recent years, increasing from 39 in 2015 to over 200 in 2022. This growth and evolution demonstrate the rapid development of the market.
In the past few years, there has been a significant improvement in internet accessibility in Vietnam, leading to a greater number of people having access to high-speed internet connections. In 2023, Vietnam boasted 77.93 million Internet users, representing 79.1% of the overall population. As a result, there has been a rise in the use of online financial services. Additionally, the increase in digital literacy is apparent as more individuals are becoming proficient in using digital tools and services. The Vietnamese government is actively implementing various projects to universalise digital literacy by 2025. This growing familiarity with technology is fostering the adoption of fintech solutions, consequently leading to the market expansion in Vietnam.
Moreover, Vietnam's government, along with multiple banking institutions, is implementing various measures to bolster the market within the nation. For instance, the State Bank of Vietnam is actively working on creating a Sandbox environment for FinTech startups to trial their innovative products. This initiative not only assists the government in understanding the risks linked to new business models but also aids in the formulation of regulations that encourage innovation.
Vietnam Fintech Industry Segmentation
“Vietnam Fintech Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
| CAGR 2024-2032 - Market by | Deployment Mode |
| Cloud | 23.1% |
| On-Premise | XX% |
Market Breakup by Deployment Mode
- On-Premise
- Cloud
Market Breakup by Technology
- Application Programming Interface (API)
- Artificial Intelligence
- Robotic Process Automation
- Blockchain
- Data Analytics
- Others
| CAGR 2024-2032 - Market by | Application |
| Banking | 20.3% |
| Taxation | 16.9% |
| Trading | XX% |
| Insurance | XX% |
| Others | XX% |
Market Breakup by Application
- Trading
- Banking
- Insurance
- Taxation
- Others
| CAGR 2024-2032 - Market by | Region |
| Mekong River Delta | 18.3% |
| South Central Coast | 16.9% |
| Southeast | XX% |
| Red River Delta | XX% |
| Others | XX% |
Market Breakup by Region
- Southeast
- Red River Delta
- Mekong River Delta
- South Central Coast
- Others
Vietnam Fintech Market Share
Based on application, the market is segmented into trading, banking, insurance, taxation, and others. The banking sector is projected to grow at a CAGR of 20.3% between 2024 and 2032. Fintechs are providing banking institutions with advanced tools to boost their efficiency, such as chatbots for improved customer service, mobile applications for instant access to account information, and machine learning for enhanced fraud protection.
| Market Share by | Region |
| Southeast | 32.6% |
| Red River Delta | XX% |
| Mekong River Delta | XX% |
| South Central Coast | XX% |
| Others | XX% |
Leading Companies in the Vietnam Fintech Market
Major players are focusing on the adoption and integration of advanced technologies to gain a competitive edge in the market.
- ONLINE MOBILE SERVICES JOINT STOCK COMPANY
- ZION Joint Stock Company
- Vietnam Payment Solutions Joint Stock Company (VNPAY)
- Moca Inc.
- PAYOO SERVICES
- Timo Digital Bank
- VIETTEL Group
- Smart Network Trading and Services Joint Stock Company
- Finhay Vietnam Joint Stock Company
- NEXTPAY DIGITAL CONVERSION GROUP JOINT STOCK COMPANY
- Others
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Deployment Mode |
|
| Breakup by Technology |
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
Vietnam Fintech Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Vietnam Fintech Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Fintech Historical Market (2018-2023)
8.3 Asia Pacific Fintech Market Forecast (2024-2032)
9 Vietnam Fintech Market Overview
9.1 Key Industry Highlights
9.2 Vietnam Fintech Historical Market (2018-2023)
9.3 Vietnam Fintech Market Forecast (2024-2032)
10 Vietnam Fintech Market by Deployment Mode
10.1 On-Premise
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Cloud
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
11 Vietnam Fintech Market by Technology
11.1 Application Programming Interface (API)
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Artificial Intelligence
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Robotic Process Automation
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Blockchain
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Data Analytics
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Vietnam Fintech Market by Application
12.1 Trading
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Banking
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Insurance
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Taxation
12.4.1 Historical Trend (2018-2023)
12.4.2 Forecast Trend (2024-2032)
12.5 Others
13 Vietnam Fintech Market by Region
13.1 Southeast
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Red River Delta
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Mekong River Delta
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Central Coast
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators of Demand
14.4 Key Indicators of Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 ONLINE MOBILE SERVICES JOINT STOCK COMPANY
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 ZION Joint Stock Company
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Vietnam Payment Solutions Joint Stock Company (VNPAY)
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Moca Inc.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 PAYOO SERVICES
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Timo Digital Bank
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 VIETTEL Group
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Smart Network Trading and Services Joint Stock Company
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Finhay Vietnam Joint Stock Company
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 NEXTPAY DIGITAL CONVERSION GROUP JOINT STOCK COMPANY
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Fintech Market: Key Industry Highlights, 2018 and 2032
2. Vietnam Fintech Market: Key Industry Highlights, 2018 and 2032
3. Vietnam Fintech Historical Market: Breakup by Deployment Mode (USD Billion), 2018-2023
4. Vietnam Fintech Market Forecast: Breakup by Deployment Mode (USD Billion), 2024-2032
5. Vietnam Fintech Historical Market: Breakup by Technology (USD Billion), 2018-2023
6. Vietnam Fintech Market Forecast: Breakup by Technology (USD Billion), 2024-2032
7. Vietnam Fintech Historical Market: Breakup by Application (USD Billion), 2018-2023
8. Vietnam Fintech Market Forecast: Breakup by Application (USD Billion), 2024-2032
9. Vietnam Fintech Historical Market: Breakup by Region (USD Billion), 2018-2023
10. Vietnam Fintech Market Forecast: Breakup by Region (USD Billion), 2024-2032
11. Vietnam Fintech Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 15.40 billion.
The market is estimated to grow at a CAGR of 17.8% between 2024 and 2032.
The market is estimated to witness a healthy growth during 2024-2032 to reach around USD 67.27 billion by 2032.
The market is being driven by increasing digital adoption and a rise in financial inclusion in the country.
The key trends aiding the fintech market in Vietnam include favourable government initiatives boosting investments in fintechs and the growing adoption of innovative fintech solutions.
The major regions considered in the market are Southeast, Red River Delta, Mekong River Delta, and South Central Coast, among others.
The different deployment modes of fintech are on-premise and cloud.
The major players in the market are ONLINE MOBILE SERVICES JOINT STOCK COMPANY, ZION Joint Stock Company, Vietnam Payment Solutions Joint Stock Company (VNPAY), Moca Inc., PAYOO SERVICES, Timo Digital Bank, VIETTEL Group, Smart Network Trading and Services Joint Stock Company, Finhay Vietnam Joint Stock Company, and NEXTPAY DIGITAL CONVERSION GROUP JOINT STOCK COMPANY, among others.
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