Vietnam Fintech - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

Vietnam Fintech - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

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 Market Trends

Increasing Per Capita Income Witnessing Growth in Vietnam FinTech Industry

With rising per capita incomes and a growing population, Vietnam is an ideal market for Fintech investment. As people’s disposable income increases, they have more money to spend on financial services and products FinTech companies offer. As incomes increase, there’s a growing need for convenient and affordable financial services. Vietnam's fintech companies are addressing this demand by providing a range of digital solutions, including mobile banking, online payment platforms, and digital wallets. These services make it easy for people to access financial products and services even if they don’t have a traditional bank account. As incomes increase, so does Vietnam’s middle class. This growing population segment has better financial stability and is more likely to adopt new technologies.

Growing Digital Investments in the Market

The growth of Vietnam's Fintech sector owes much to the rising tide of digital investment. Digital investment refers to the allocation of capital toward technology-driven solutions and platforms, forming the bedrock of fintech innovations. To stay ahead, Fintech companies in Vietnam are bolstering their technological infrastructure, emphasizing robust cloud computing, data analytics, and fortified cybersecurity. By fortifying these foundations, Fintech firms can offer their customers efficient and secure financial services. A strategic emphasis on digital investment is pivotal in propelling the growth of Vietnam's digital payment ecosystem. Notably, Vietnamese Fintech firms are spearheading the development of digital payment solutions, introducing novel methods like mobile wallets, payment gateways, and contactless payments. These investments not only foster digitization but also address the surging demand for secure and convenient payment options, leading to enhanced financial inclusion and operational efficiency.

Vietnam Fintech Industry Overview

The Vietnamese fintech market is fragmented, with many players. Vietnam’s digital payment market, which has seen rapid growth but remains highly fragmented, is beginning to see the beginnings of market consolidation. Vietnam groups such as VinID, MonPay, MoMo, iWealth, and TrueMoney have been focusing on innovating the fintech industry and leading the Vietnamese fintech market to new heights.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support