Base Year
Historical Year
Forecast Year
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 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 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
Market Breakup by Technology
| CAGR 2024-2032 - Market by | Application |
| Banking | 20.3% |
| Taxation | 16.9% |
| Trading | XX% |
| Insurance | XX% |
| Others | XX% |
Market Breakup by Application
| 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
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% |
Major players are focusing on the adoption and integration of advanced technologies to gain a competitive edge in the market.
| 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:
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| Breakup by Deployment Mode |
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| Breakup by Technology |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*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.*
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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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Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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