Who are the key players in Vietnam Fintech Market?

MonoPay, Momo, Moca, Zalo Pay and Airpay are the major companies operating in the Vietnam Fintech Market. Read More

What years does this Vietnam Fintech Market cover, and what was the market size in 2023?

In 2023, the Vietnam Fintech Market size was estimated at USD 13.26 billion. The report covers the Vietnam Fintech Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Vietnam Fintech Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Vietnam Fintech Market Size

Market Size of Vietnam Fintech Industry

Study Period	2020 - 2029
Base Year For Estimation	2023
Market Size (2024)	USD 16.62 Billion
Market Size (2029)	USD 41.76 Billion
CAGR (2024 - 2029)	20.23 %
Market Concentration	Low
Major Players *Disclaimer: Major Players sorted in no particular order

Vietnam Fintech Market Analysis

The Vietnam Fintech Market size in terms of transaction value is expected to grow from USD 16.62 billion in 2024 to USD 41.76 billion by 2029, at a CAGR of 20.23% during the forecast period (2024-2029).

Vietnam is one of the most promising and untapped fintech markets, with a rapidly growing market for technology companies supporting digital banking, digital payments, blockchain, and cryptography. Vietnam is home to over 130 fintech startups serving hundreds of clients and offering various services, from digital payments and alternative finance to wealth management and blockchain. Regulations, government policies, and attractive investment opportunities in Asia are driving the growth of Vietnam’s fintech sector. Fintech has revolutionized many financial services in recent years, quickly gaining acceptance and attracting billions of dollars of global investment.

Digital payment solutions, including e-wallets, mobile payment apps, and online payment gateways, have gained popularity among Vietnamese consumers. Companies like MoMo, ZaloPay, and ViettelPay dominate the market, offering convenient and secure payment options for everyday transactions. P2P lending platforms now serve as a viable financing alternative for individuals and small businesses in Vietnam. These platforms connect borrowers with investors, providing access to credit outside the traditional banking system. Notable players in the P2P lending space include Tima, VayMuon, and Trusting Social.

Fintech startups and traditional banks are investing in digital banking solutions to offer customers seamless and personalized banking experiences. Digital banks like Timo, Toss, and M_Service's eMonkey have gained traction by providing innovative features and user-friendly interfaces.

Vietnam Fintech Industry Segmentation

Fintech encompasses a range of technologies, including software and mobile applications, designed to enhance and automate conventional financial services for both businesses and consumers.

The Vietnamese fintech market report is segmented into digital payments (online purchases and POS purchases), personal finance (digital asset management services, remittance/international money transfers), alternative financing (P2P lending, SME lending, and crowdfunding), insurtech (online life insurance, online health insurance, online motor insurance, and online other general insurance), B2C financial services market places (banking and credit, insurance, e-commerce purchase financing, and other front-end fintech solution). The report offers market size and forecasts for the fintech in the Vietnamese market in terms of revenue (USD) for all the above segments.

By Digital Payments
		Online Purchases
		POS (Point of Sales) Purchases

By Personal Finance
		Digital Asset Management Services
		Remittance/ International Monet Transfers

By Alternative Financing
		P2P Lending
		SME Lending
		Crowdfunding (gains based, product based, and reward based)

By Insurtech
		Online Life Insurance
		Online Health Insurance
		Online Motor Insurance
		Online Other General Insurance

By B2C Financial Services Market Places
		Banking and Credit
		Insurance
		E-Commerce Purchase Financing
		Other Front-End Fintech Solutions

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Vietnam Fintech Market Size Summary

The fintech industry in Vietnam is experiencing significant growth, driven by the increasing adoption of digital banking, payments, and blockchain technologies. With over 130 startups in the sector, Vietnam is emerging as a promising market for fintech innovations. The country's fintech landscape is characterized by a surge in digital payment solutions, such as e-wallets and mobile payment apps, which have gained widespread acceptance among consumers. Companies like MoMo, ZaloPay, and ViettelPay are leading the charge, offering secure and convenient payment options. Additionally, peer-to-peer lending platforms are providing alternative financing solutions, connecting borrowers with investors and expanding access to credit beyond traditional banking channels. The rise of digital banking solutions, spearheaded by digital banks like Timo and Toss, is further enhancing the customer experience with personalized and user-friendly services.

Vietnam's fintech sector is poised for continued expansion, supported by favorable government policies, regulatory frameworks, and attractive investment opportunities. The increasing disposable income and growing middle class in Vietnam are driving demand for convenient and affordable financial services, which fintech companies are addressing through a range of digital solutions. The emphasis on digital investment, including cloud computing, data analytics, and cybersecurity, is crucial for fintech firms to offer efficient and secure services. As the digital payment ecosystem evolves, Vietnamese fintech companies are introducing innovative solutions like mobile wallets and contactless payments, fostering financial inclusion and operational efficiency. The market, while fragmented, is beginning to see consolidation efforts, with key players like VinID, MonPay, and TrueMoney leading the industry's advancement.

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Vietnam Fintech Market Size - Table of Contents

1. MARKET INSIGHTS AND DYNAMICS
1. 1.1 Market Overview
2. 1.2 Market Dynamics
  1. 1.2.1 Market Drivers
    1. 1.2.1.1 Increasing Digital Adoption and Smartphone Penetration
    2. 1.2.1.2 Young and Tech-Savvy Population
  2. 1.2.2 Market Restraints
    1. 1.2.2.1 Lack of Financial Literacy is Restraining the Market
    2. 1.2.2.2 Infrastructure Constraints Barrier to Market
  3. 1.2.3 Market Opportunities
    1. 1.2.3.1 Government Support and Regulatory
    2. 1.2.3.2 Internet Connectivity has Opened up Opportunities for Digital Financial Services
3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis
  1. 1.3.1 Threat of New Entrants
  2. 1.3.2 Bargaining Power of Buyers/Consumers
  3. 1.3.3 Bargaining Power of Suppliers
  4. 1.3.4 Threat of Substitute Products
  5. 1.3.5 Intensity of Competitive Rivalry
4. 1.4 Insights into Technological Innovations in the Market
5. 1.5 Assessment of the Impact of COVID-19 on the Market
2. MARKET SEGMENTATION
1. 2.1 By Digital Payments
  1. 2.1.1 Online Purchases
  2. 2.1.2 POS (Point of Sales) Purchases
2. 2.2 By Personal Finance
  1. 2.2.1 Digital Asset Management Services
  2. 2.2.2 Remittance/ International Monet Transfers
3. 2.3 By Alternative Financing
  1. 2.3.1 P2P Lending
  2. 2.3.2 SME Lending
  3. 2.3.3 Crowdfunding (gains based, product based, and reward based)
4. 2.4 By Insurtech
  1. 2.4.1 Online Life Insurance
  2. 2.4.2 Online Health Insurance
  3. 2.4.3 Online Motor Insurance
  4. 2.4.4 Online Other General Insurance
5. 2.5 By B2C Financial Services Market Places
  1. 2.5.1 Banking and Credit
  2. 2.5.2 Insurance
  3. 2.5.3 E-Commerce Purchase Financing
  4. 2.5.4 Other Front-End Fintech Solutions