Top 5 Vietnam Fintech Companies
M_Service (MoMo)
VNPay
ZaloPay (VNG)
ShopeePay
Grab Financial Group VN
Source: Mordor Intelligence
Vietnam Fintech Companies Matrix by Mordor Intelligence
Our comprehensive proprietary performance metrics of key Vietnam Fintech players beyond traditional revenue and ranking measures
The MI Matrix can rank firms differently from a top revenue list because it rewards observable capability signals, not just scale. Firms can score higher when they show repeatable onboarding compliance, resilient rails integration, and steady product delivery, even if their 2024 revenue is not the biggest. Vietnam's Decree 94 sandbox, effective July 1, 2025, is shaping execution readiness for P2P lending, credit scoring, and open API data sharing. NAPAS also reported strong 2024 growth in fast payments and VietQR activity, which raises the value of acceptance tools and reliability engineering. Many teams are now searching for which wallets can fund QR spend from cards and which partners can pass biometric checks smoothly, since both affect conversion and fraud loss. Visa's 2024 partnerships with MoMo, VNPAY, and ZaloPay point to how capability based scoring can surface practical advantages for supplier and competitor evaluation.
MI Competitive Matrix for Vietnam Fintech
The MI Matrix benchmarks top Vietnam Fintech Companies on dual axes of Impact and Execution Scale.
Analysis of Vietnam Fintech Companies and Quadrants in the MI Competitive Matrix
Comprehensive positioning breakdown
M_Service (MoMo)
Daily usage scale is the defining advantage, with one data point putting MoMo at about 20 million users in 2024. MoMo, a leading brand, benefits from tighter onboarding pressure since its VNeID connection supports stronger electronic authentication ahead of 2025 compliance cutovers. Its Visa QR funding link widens acceptance paths for card sourced wallet spending, which can lift higher margin merchant services. If cross border QR becomes routine for travel, MoMo could extend into outbound spending, but incentive driven acquisition remains a cost and fraud risk.
VNPay
Acceptance tooling is a visible differentiator, especially where merchants can turn Android phones into contactless devices through VNPAY SoftPOS with Visa support. VNPay, a major player, also benefits from being named as a Visa QR connector for cross border QR pilots, which helps merchant networks become more useful to travelers. Regulation is moving toward stronger identity proofing and clearer rails governance, so bank embedded distribution is a strength if compliance operations stay fast. If real time rails keep growing, VNPay can push deeper into device based acceptance, but dependence on bank app partners is a structural weakness.
TPBank
Digital channel intensity is high, with TPBank reporting 14.1 million customers by end 2024 and more than half of new customers acquired through digital channels. TPBank, a leading service provider, has pushed social style transfer features that fit local messaging behaviors, which supports habitual usage. The opportunity is to bundle payments, savings, and lending into a single daily app, while the threat is rising fraud pressure as transaction volumes grow. If SBV driven authentication rules expand further, TPBank can turn compliance into a trust advantage, but only if customer support stays responsive.
Techcombank Digital
Usage growth is being driven by digital acquisition, with reporting highlighting that more than 55% of new customers in 2024 came through digital channels. Techcombank, a major brand, also reported very high e banking transaction volumes in 2025, which indicates strong operational throughput in the app layer. The upside is deeper personalization and automated servicing, while the downside is that outages or latency become instantly visible at this scale. If the open API sandbox evolves into stable standards, Techcombank can accelerate ecosystem partnerships, but it must keep identity checks tight as fraud patterns shift.
Vietcombank Digital
Biometric driven compliance is already visible, including a 2024 milestone of more than 3 million customers updating biometric information and millions of biometric authenticated transactions. Vietcombank, a leading player, also states that VCB Digibank serves more than 17 million active users with over 90% of transactions completed fully online. The strength is trusted distribution and merchant infrastructure, while the weakness is that added authentication steps can increase drop off for low value users. If cross border QR links expand, Vietcombank can support travel payments, but it must balance speed with security to protect reputation.
VPBank
Regulatory involvement is a defining feature, since Reuters reported VPBank was directed to take over GPBank as part of the banking system restructure in January 2025. VPBank, a major player, can also benefit from policy changes tied to restructures, such as the 2025 move allowing certain private banks to lift foreign ownership caps to 49%. The opportunity is to use added capital and ecosystem partnerships to scale digital products, including green and SME focused funding lines such as a USD 350.0 million partnership announced in 2025. Integration risk and credit quality remain the operational watch points.
Frequently Asked Questions
What should a Vietnamese merchant check before choosing a QR acceptance partner?
Confirm it supports VietQR at checkout, has clear dispute handling, and offers stable uptime during peak hours. Ask about onboarding steps and how fast settlement and refunds work.
How do biometric onboarding rules change wallet and bank app growth plans?
They increase friction for first time activation and high value transfers, so UX and support become strategic. Providers with smoother identity flows tend to see better conversion and lower fraud.
When does buy now pay later help, and when does it backfire?
It helps when it lifts basket size and repeat usage without driving losses. It backfires if underwriting lags promotions or if collections practices harm trust and retention.
What is the practical impact of the 2025 controlled trial framework on P2P platforms?
It raises the bar on reporting, borrower limits, and consumer protection. Platforms should plan for slower rollout but potentially higher trust if compliance is strong.
How should a bank choose a credit scoring or fraud analytics partner?
Prioritize explainability, privacy controls, and measurable lift in approval rate at stable loss levels. Also test integration speed and how models are monitored for drift.
What are the biggest operational risks for Vietnam fintech operators through 2030?
Fraud, identity abuse, and rising customer acquisition costs remain persistent risks. Regulatory coordination gaps and cloud latency constraints can also disrupt user experience and unit economics.
Methodology
Research approach and analytical framework
Data sourcing used public investor materials, regulator and standards references, and company press rooms, plus reputable journalism for verification. Private firms were scored using observable operating signals like licenses, stores, partners, and product launches. When direct figures were missing, multiple signals were triangulated to avoid overstatement.
Vietnam acceptance footprint, app reach, and integration into bank apps, merchants, and super apps.
Trust for storing value, completing onboarding, and resolving disputes under stricter identity checks.
Relative scale using users, transactions, store networks, and partner integrations within Vietnam.
Licensed entities, service points, underwriting and support capacity, and ability to handle peaks reliably.
New QR, contactless, pay later, AI credit, and onboarding features launched since 2023 in Vietnam.
Sustainability of Vietnam activity, using profits, credit quality, or observable funding capacity indicators.
