Vietnam Fintech Market Report and Forecast 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 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:

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

Market Breakup by Application

• Trading

• Banking

• Insurance

• Taxation

• Others

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.

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

Vietnam Fintech Market Report Snapshots

Vietnam Fintech Market Size

Vietnam Fintech Market Growth

Vietnam Fintech Market Share

Vietnam Fintech Companies