Market Overview

The Vietnam fintech market was valued at USD 16.9 Billion in 2024 and is projected to reach USD 62.7 Billion by 2033, growing at a CAGR of 14.20% during the forecast period of 2025-2033. Driven by widespread smartphone adoption, increasing internet access, supportive government policies, and advancements in blockchain and AI technologies, the market is expanding rapidly. Southern Vietnam dominates the market with a 48.5% share in 2024. 

Study Assumption Years

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

Vietnam Fintech Market Key Takeaways

  • The market size was USD 16.9 Billion in 2024.
  • The market is expected to grow at a CAGR of 14.20% during 2025-2033.
  • Southern Vietnam accounted for the largest market share with 48.5% in 2024.
  • Increasing smartphone penetration reaching approximately 84% in 2024 is a key growth driver.
  • Non-cash payment transactions raised by 56.8% in volume in the first eleven months of 2024.
  • Strategic partnerships between traditional financial institutions and fintech companies are accelerating innovation.

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Market Growth Factors

The Vietnam fintech market growth is driven by widespread digital payment adoption, with consumers increasingly using mobile wallets, QR code payments, and online banking. Smartphone penetration in Vietnam reached approximately 84% in 2024, enabling most of the population to engage easily with fintech solutions. The increasing volume of non-cash payment transactions by 56.8% in 2024 underlines this trend. Increasing financial inclusion through fintech platforms is enabling banking and financial services access for the unbanked populations in rural and underserved areas. Additionally, the adoption of blockchain technology enhances security and transparency in fintech applications.

Investor interest is further evidenced by the growth in venture capital investments in fintech startups. This, combined with a young and tech-savvy population, specifically millennials and Gen Z, who favor digital financial services for online shopping, supports robust growth. For instance, internet banking transactions rose by 50.7% in volume and mobile banking by 54.5% in volume in 2024. These factors collectively contribute to the rapid expansion of the Vietnam fintech market.

The rising internet penetration and the adoption of 5G technology are transforming the fintech landscape by enabling faster and more reliable connections to digital financial services. The Vietnamese government's goal to achieve nationwide 5G coverage by 2030, targeting cities, provinces, high-tech zones, and 99% of the population, will improve customer experiences and enable innovations like real-time payments, better digital security, and efficient cross-border transactions. This digital transformation supports the industry's evolution and positions Vietnam as an emerging fintech hub.

Expansion of digital infrastructure significantly boosts the fintech market. Vietnam's digital economy is projected to hit approximately USD 45 Billion by 2025, with forecasts between USD 90 Billion and USD 200 Billion by 2030. Government initiatives to improve broadband networks, data centers, and cloud computing drive enhanced internet connectivity and fintech solution adoption. Collaboration between fintech startups and telecom operators enhances service delivery, and investments in secure digital payment systems contribute to an inclusive financial environment by extending services to rural and remote regions.

Market Segmentation

By Type:

  • Digital Payments: Accounts for approximately 60.3% market share in 2024, bolstered by digital wallets and mobile payment systems popular in urban and rural areas, facilitating financial inclusion and a shift towards a cashless economy.
  • Personal Finance:
  • Digital Asset Management Services: Included in personal finance segment.
  • Remittance/International Money Transfers: Mentioned as part of personal finance.
  • Alternative Financing:
  • P2P Lending: Increasing demand expanding access to credit.
  • SME Lending: Included in alternative financing.
  • Crowdfunding: Listed among the alternative financing types.
  • Insurtech:
  • Online Life Insurance
  • Online Health Insurance
  • Online Motor Insurance
  • B2C Financial Services Market Places:
  • Banking and Credit
  • Insurance
  • E-Commerce Purchase Financing

Regional Insights

Southern Vietnam dominates the fintech market in 2024 with a significant market share of over 48.5%. This dominance is attributed to the region being the commercial and financial hub, notably Ho Chi Minh City, home to many fintech startups and well-established banks and financial institutions. The young, tech-savvy population and government initiatives promoting financial inclusion and digital transformation further bolster growth in this region.

Recent Developments & News

In January 2025, Singapore-based fintech ROSHI received a business license to launch in Vietnam for its AI-powered loan platform. The same month, Visa partnered with fintech firm DealMe to introduce cross-border card installment payments for Vietnamese travelers to South Korea. November 2024 saw Malaysia's Solarvest collaborate with fintech Finhero to launch the Powervest solar financing platform in Vietnam. In August 2024, HD Bank launched Vikki Digital Bank in partnership with Galaxy FinX. May 2024 witnessed PVcomBank launching its mobile banking app PVConnect powered by Temenos Digital.

Key Players

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

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