Get ahead in the Fintech Sector in Vietnam

Growth in the use of fintech in the country has opened up opportunities for Swiss companies. This report highlights the potential opportunities and also the challenges in the market and offers recommendations on market entry pathways.

Mar 10, 2022 14:58Swiss Business Hub ASEAN in conjunction with Orissa International

Vietnam had around 115 fintech start-ups in 2020, increasing from 44 in 2017. While payments continues to be the largest segment accounting for 31% of the total fintech start-ups, peer-to-peer (P2P) lending and blockchain are two segments that recorded higher growth in the recent past.

Man pays online with plastic bank card with printed flag of Vietnam

Micro investments have been increasing at a rapid pace in Vietnam, with new individual investors opening accounts and trading on the stock exchange. This has supported a parallel growth in investment app providers. At the same time, banks in Vietnam have been partnering with fintech firms to either upgrade their technology or to increase their revenue by reaching out to the customers of fintech firms, through co-branded products and embedded finance.