The Vietnam fintech market was valued at USD 16.9 Billion in 2024, and it is projected to grow significantly at a CAGR of 14.20% during the forecast period of 2025-2033. The market is expanding rapidly due to widespread smartphone adoption, increasing internet access, supportive government policies, and technological advancements such as blockchain and AI. Southern Vietnam currently leads the market with a dominant share. Digital payments form the largest segment, reflecting a shift towards a cashless economy and increasing financial inclusion.

Study Assumption Years

• Base Year: 2024
• Historical Years: 2019-2024
• Forecast Period: 2025-2033

Vietnam Fintech Market Key Takeaways

• The Vietnam fintech market size was USD 16.9 Billion in 2024.
• The market is forecasted to grow at a CAGR of 14.20% between 2025 and 2033.
• Southern Vietnam dominated the market in 2024 with a 48.5% market share.
• Increasing smartphone penetration, reaching approximately 84% in 2024, is a key growth driver.
• Non-cash payment transactions increased by 56.8% in volume in the first eleven months of 2024.
• Venture capital investment and partnerships between traditional financial institutions and fintech startups accelerate market development.
• The demand for alternative lending solutions such as peer-to-peer lending and digital microfinance is on the rise.

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Market Growth Factors

The widespread adoption of digital payments is a primary factor driving the Vietnam fintech market. Consumers increasingly use mobile wallets, QR code payments, and online banking due to the convenience and security they provide. In 2024, smartphone penetration was approximately 84%, enabling most of the population to access diverse fintech solutions. Non-cash payment transactions grew by 56.8% in volume during the first eleven months of 2024, indicating a strong consumer preference shift towards cashless options.

Financial inclusion improvements also propel market expansion, with fintech platforms offering banking and financial services to unbanked populations in rural and underserved areas. The ongoing integration of blockchain technology enhances system transparency and security, supporting fintech evolution. Venture capital investments in fintech startups have increased, reflecting investor confidence in the sector's growth potential.

Technological infrastructure developments like expanding internet penetration and 5G adoption play a crucial role. The Vietnamese government aims to achieve nationwide 5G coverage by 2030, enhancing access to fintech services through faster, more reliable connections. Enhanced digital infrastructure investments, including broadband, data centers, and cloud computing, facilitate seamless delivery of services such as mobile payments, digital lending, and insurance, boosting the inclusive financial ecosystem.

Market Segmentation

Analysis by Type:

• Digital Payments: Comprise 60.3% market share in 2024, led by mobile wallets and mobile payment systems broadly accepted in urban and rural areas, promoting financial inclusion and the nation’s transition to a cashless economy.
• Personal Finance: Includes digital asset management services and remittance/international money transfers, enabling consumers to manage finances and transfer funds digitally.
• Alternative Financing: Covers peer-to-peer (P2P) lending and SME lending, offering alternative credit access options for individuals and small businesses.
• Insurtech: Consists of online life insurance, online health insurance, online motor insurance, and others, digitizing insurance offerings.
• B2C Financial Services Market Places: Encompasses banking and credit, insurance, e-commerce purchase financing, and others, providing financial services directly to consumers.

Regional Insights

Southern Vietnam dominated the fintech market in 2024 with a significant 48.5% market share. Ho Chi Minh City, as the financial and commercial hub, hosts most fintech startups and key financial institutions. The youth population’s technology literacy and readiness to adopt digital financial services drive regional market growth. Government initiatives targeting financial inclusion and digital transformation further strengthen Southern Vietnam’s leading position in the fintech landscape.

Recent Developments & News

• January 2025: Singapore-based fintech ROSHI received a business license to launch in Vietnam, marking its first international expansion and offering AI-powered competitive loans through local bank partnerships.
• January 2025: Visa partnered with fintech firm DealMe to provide cross-border card installment payments for Vietnamese travelers to South Korea, enabling real-time installment offers at major merchants.
• November 2024: Malaysia’s Solarvest collaborated with fintech Finhero to launch Powervest, a solar financing platform offering flexible lease-based models to support renewable energy adoption.
• August 2024: HD Bank launched Vikki Digital Bank in partnership with Galaxy FinX, a digital-only bank powered by Thought Machine’s Vault Core, providing current accounts, virtual debit cards, and money transfers.
• May 2024: PVcomBank introduced the mobile banking app PVConnect, powered by Temenos Digital on AWS, featuring electronic ID verification, bill management, and fund transfers.

Key Players

• ROSHI
• DealMe
• Solarvest
• Finhero
• HD Bank
• Galaxy FinX
• PVcomBank
• Temenos Digital

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