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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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 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.*
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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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