Vietnam, a Southeast Asian nation with a population of over 99 million people, is experiencing a boom in its fintech industry. With a young, tech-savvy population and increasing mobile phone penetration, Vietnam presents a lucrative market for fintech companies looking to expand their reach. In January 2023, Vietnam had a total of 77.93 million Internet users, reaching an Internet usage rate of 79.1% of the total population. According to Kepios analysis, the number of Internet users in Vietnam has increased by 5.3 million (+7.3 percent) compared to 2022.However, entering the Vietnamese fintech market also comes with its own set of challenges.
Vietnam’s fintech industry has seen significant growth in recent years. According to Statista in 2023, the industry was valued at $35 billion and is expected to reach $60 billion by 2028. This growth is driven by several factors, including:
Digital Capital Rising
Despite the challenges, there are several strategies that foreign fintech companies can use to increase their chances of success in the Vietnamese market. These strategies include:
While Vietnam’s fintech market presents immense opportunities, navigating its dynamic landscape requires careful consideration of regulatory, cultural, and infrastructural factors. ASEAN Business Partners can help navigate successful entry hinges on proactive engagement with local stakeholders, adapting to evolving regulatory frameworks, and tailoring solutions to meet the unique needs of Vietnamese consumers. Fintech companies that can effectively address these challenges are poised to thrive in one of Southeast Asia’s most promising markets.
Thao Nguyen is ABP’s Country Manager – Vietnam. She is a dynamic leader with over 27 years of experience working for both global and local banks in Vietnam. Over the course of her career Thao has held senior leadership roles at HSBC, Citibank, ANZ, Techcombank and VIB
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