The Vietnam 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 Vietnam Market in Terms of Revenue (USD) for all the Above Segments.

Over the last two observations, the transaction value is forecast to significantly increase in all segments. As part of the positive trend, the indicator achieves the maximum value across all two different segments by the end of the comparison period. Notably, the segment Digital Payments stands out with the highest value of 45.3 billion U.S. dollars. Find other insights concerning similar markets and segments, such as a comparison of revenue in the United Kingdom and a comparison of revenue in Poland. The Statista Market Insights cover a broad range of additional markets.

Vietnam Fintech Market size was valued at USD 21.5 Billion in 2024 and is projected to reach USD 70.4 Billion by 2032, growing at a CAGR of 16% during the forecast period 2025 to 2032.
Vietnam Fintech Market: Definition/Overview

Fintech in Vietnam is the integration of technology into financial services to improve efficiency, accessibility, and security. It includes a variety of digital solutions, such as mobile payments, digital banking, peer-to-peer (P2P) financing, blockchain-based transactions, and rob o-advisory services. The growing use of e-wallets, online payment gateways, and alternative financing platforms has altered financial transactions, making them more frictionless and inclusive, especially for the unbanked population.

Vietnam’s fintech is expected to grow rapidly, owing to rising internet penetration, government backing for cashless payments, and rising consumer demand for digital financial services.

The number of users is forecast to experience significant growth in all segments in 2028. The trend observed from 2018 to 2028 remains consistent throughout the entire forecast period. There is a continuous increase in the indicator across all segments. Notably, the Digital Payments segment achieves the highest value of 46.87 million users at 2028. Find other insights concerning similar markets and segments, such as a comparison of number of users in France and a comparison of revenue in Vietnam. The Statista Market Insights cover a broad range of additional markets.

The Vietnam BNPL market is valued at USD 2 billion, driven by digital adoption & fintech growth. Explore key players, trends, and future forecasts.

Significant fluctuations are estimated for all segments over the forecast period for the transaction value. Overall, the indicator appears to follow a positive trend, as there are more increasing values than decreasing values expected in the individual segments until 2028. Among them, the segment Digital Commerce achieves the relatively highest value throughout the entire period, reaching 39.43 billion U.S. dollars. Find other insights concerning similar markets and segments, such as a comparison of average revenue per user (ARPU) in Peru and a comparison of number of campaigns in the United Kingdom. The Statista Market Insights cover a broad range of additional markets.

The Vietnam payments industry is experiencing robust growth, projected to maintain a Compound Annual Growth Rate (CAGR) of 10.58% from 2025 to 2033. This expansion is fueled by several key drivers. The rising adoption of smartphones and internet penetration is creating a fertile ground for digital payment methods like mobile wallets (MoMo, ZaloPay, VNPAY) to flourish. Government initiatives promoting financial inclusion and digital transformation are further accelerating this shift away from cash transactions. The burgeoning e-commerce sector, particularly in retail, entertainment, and healthcare, necessitates efficient and seamless payment solutions, driving demand for both online and point-of-sale (POS) payment systems. While the exact 2025 market size is unavailable, considering the 10.58% CAGR and a reasonable estimation based on regional market trends and similar developing economies, the Vietnam payments market likely exceeds $5 billion in 2025. Key players like Vietcombank, VietinBank Group, and international entities like PayPal are vying for market share, fostering competition and innovation within the ecosystem. However, challenges remain, including the need for improved cybersecurity infrastructure to address potential fraud risks and the necessity of further educating users in less digitally-literate areas to ensure widespread adoption of digital payment systems. The continued expansion of digital payment infrastructure and government support will be critical to overcoming these restraints and sustaining the industry's impressive growth trajectory. Segmentation analysis reveals a strong preference toward digital wallet usage, reflecting the overall trend of digitalization within the Vietnamese economy. The competitive landscape is dynamic, with a mix of domestic banks (Vietcombank, VietinBank, Bank for Investment and Development of Vietnam), specialized payment processors (VNPAY, MoMo, ZaloPay), and international players (PayPal, Samsung Pay). This diverse range of providers offers consumers a variety of options, contributing to the market’s vitality. Future growth will be influenced by factors such as the development of innovative payment technologies (e.g., biometric authentication, blockchain-based solutions), the expansion of financial literacy programs, and the increasing integration of payment systems with other digital services (e.g., ride-hailing apps, e-commerce platforms). The segment breakdown across payment methods and end-user industries will offer insights into market share dynamics and areas ripe for further investment and innovation. Continued investment in infrastructure and security is crucial for sustained growth and consumer confidence. Comprehensive Coverage Vietnam Payments Industry Report (2019-2033) This in-depth report provides a comprehensive analysis of the dynamic Vietnam payments industry, projecting robust growth from 2025 to 2033. With a focus on key market drivers, challenges, and emerging trends, this report is an essential resource for businesses, investors, and policymakers seeking to understand and capitalize on opportunities within this rapidly evolving sector. The report utilizes data from the historical period (2019-2024), the base year (2025), and estimated year (2025) to forecast market performance until 2033. The study covers various payment methods, including digital wallets, card payments, and cash transactions, across diverse end-user industries. Recent developments include: June 2022 - Vietnam Posts and Telecommunications Group (VNPT) and the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) have inked a collaboration agreement (VNPT). The development of digital payment services and platforms is covered under this bilateral cooperation agreement., November 2021 - Le Minh Khai, the Deputy Prime Minister, has signed a resolution authorizing a scheme for the growth of cashless payment in Vietnam from 2021 to 2025. The project's goals are to promote positive changes in cashless payment in a high-growth economy, make the practice a habit for inhabitants in metropolitan regions, progressively expand to rural, remote, and mountainous locations, as well as eliminate cash-related expenditures.. Key drivers for this market are: High Proliferation of E-commerce, including the rise of m-commerce and cross-border e-commerce supported by the increase in purchasing power, Enablement Programs by Key Retailers and Government encouraging digitization of the market; Growth of Real-time Payments, especially Buy Now Pay Later in the country. Potential restraints include: High Installation Costs Coupled with Maintenance Costs. Notable trends are: Digital Wallets to Drive the Payment Market.

In 2020, MoMo was the leading mobile wallet brand in Vietnam, accounting for 53 percent of the market share. As of the first half of 2021, this e-wallet recorded over 25 million installations, the highest among all e-wallet providers. MoMo, the digital payment start-up behind this app, has raised a total funding value of 233 million U.S. dollars and is on its way to becoming Vietnam’s next super app.

 E-wallet usage in Vietnam

Together with the growth of the Vietnamese e-commerce market, the usage of digital payment services, especially e-wallets, has become more common in the country. Additionally, the COVID-19 pandemic has accelerated the expansion of the e-wallet segment. In 2020, the number of mobile wallet users in Vietnam amounted to over 19 million, and it was forecast to reach the equivalent of over half of the country’s population by 2025.

Vietnam’s emerging fintech sector Vietnam’s fintech sector has been receiving a lot of attention recently due to the rapid growth of its sub-sectors, particularly digital payments, cryptocurrencies, and blockchain technologies. This sector has recorded a significant increase in the amount of investment as well as the number of start-ups within only a few years. While the government has been working on launching a comprehensive regulatory framework for the fintech sector, the number of fintech users and the transaction value within this sector were forecast to continue increasing exponentially year on year.

In 2022, the gross transaction value of digital payments in Vietnam reached 105 billion U.S. dollars. By 2025, the gross transaction value of these digital financial services in the country was forecasted to amount to 160 billion U.S. dollars. Vietnam has a fast-growing fintech sector, with digital payments being the largest segment within this sector.

Asia-Pacific Motorcycle Loan Market is Segmented by Provider Type (Banks, Nbfcs (Non-Banking Financial Services), Oems (Original Equipment Manufacturers), and Others (Fintech Companies)), and Country (India, China, Japan, Vietnam, Australia, and Rest of Asia-Pacific). The Report Offers Market Size and Forecasts for the Asia-Pacific Motorcycle Loan Market in Value (USD) for all the Above Segments.

The Report Covers APAC Banking Market and It is Segmented by Component (Platform and Service (Professional Service and Managed Service)), by Type (API-Based BaaS and Cloud-Based BaaS), by Enterprise Size (Large Enterprise and Small & Medium Enterprise), by End-User (Banks, NBFC/Fintech Corporations and Others) and by Country (China, India, Japan, South Korea, Indonesia, Vietnam, Malaysia, Australia and New Zealand, and Rest of Asia-Pacific). The Report Offers Market Size and Forecasts for the Asia Pacific Banking As-A-Services Market in Value (USD) for all the Above Segments.

In 2020, the penetration rate of mobile wallets in Vietnam reached around 19.7 percent. In that year, the volume of mobile wallet transactions in the country mounted 674 million U.S. dollars. Vietnam's fintech sector has been accelerating fast in recent years.

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Microfinance Market Size 2025-2029

The microfinance market size is forecast to increase by USD 206.8 billion at a CAGR of 14.1% between 2024 and 2029.

The market is experiencing significant growth, driven by the emergence of social media and increasing digital connectivity. This trend is particularly prominent in the Asia Pacific region, where the market is expanding rapidly. However, the industry faces challenges related to inadequate risk management. The proliferation of digital platforms is enabling financial inclusion, reaching populations previously underserved by traditional financial institutions. In the Asia Pacific region, for instance, over 200 million adults remain unbanked, presenting a vast opportunity for microfinance institutions. Yet, the sector's growth is not without challenges. Effective risk management remains a significant hurdle, as microfinance institutions grapple with assessing and mitigating risk in an environment characterized by limited financial data and high operational complexity. Companies seeking to capitalize on market opportunities and navigate challenges effectively must invest in advanced risk management solutions, leveraging technology and data analytics to mitigate risk and expand their reach. Additionally, strategic partnerships and collaborations can help microfinance institutions overcome operational complexities and expand their offerings, catering to the diverse financial needs of their clientele.

What will be the Size of the Microfinance Market during the forecast period?

Request Free SampleThe market encompasses loan facilities and financial services catering to the low-income segment, primarily focusing on cottage industries and household income generation. Microfinance credit plays a crucial role in poverty reduction by providing access to financial aid for individuals and microenterprises, often bypassing traditional lending practices. Technological infrastructure, including digital platforms and mobile banking, significantly contributes to the market's growth, enabling financial inclusion and economic empowerment. Peer-to-peer lending and technological integration have reduced operating costs, allowing financial institutions to offer microcredit facilities with competitive interest rates. Traditional banking services are increasingly adopting technology to streamline loan processing, savings accounts, money transfers, leasing services, and financial return tracking. The financial health of microfinance institutions relies on effective credit scoring and maintaining financial return, attracting private sector banks and fintech companies to invest in this sector. Overall, the market continues to expand, driven by the need for affordable financial services and the increasing adoption of technology.

How is this Microfinance Industry segmented?

The microfinance industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. End-userSmall enterprisesSolo entrepreneursMicro enterprisesUsageAgricultureManufacturing/ProductionTrade and servicesHouseholdOthersTypeBanksNon-banksService TypeGroup and individual micro-creditInsuranceSavings and checking accountsLeasingMicro-investment fundsGeographyAPACBangladeshChinaIndiaIndonesiaVietnamSouth AmericaArgentinaBrazilChileColombiaNorth AmericaUSEuropeMiddle East and Africa

By End-user Insights

The small enterprises segment is estimated to witness significant growth during the forecast period.The market plays a significant role in catering to the financial needs of small businesses, particularly those without access to traditional financial institutions. Fueled by an increasing entrepreneurial spirit, expanding public awareness of microfinance services, and favorable regulatory environments, this market has experienced substantial growth. Microfinance institutions (MFIs) offer loan facilities to various sectors, including rural agriculture, cottage industries, and micro and small enterprises. Digital integration through mobile banking, point-of-sale systems, and peer-to-peer lending platforms has broadened reach and improved accessibility, especially in remote areas. MFIs provide financial services such as savings accounts, money transfers, leasing services, and loan processing to promote financial health and social mobility among unbanked populations. Despite challenges like high interest rates, short repayment periods, and operational costs, MFIs remain crucial in poverty reduction and financial inclusion.

Get a glance at the market report of share of various segments Request Free Sample

The Small enterprises segment was valued at USD 59.80 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 48%

According to a survey on e-wallet usage in Vietnam in the third quarter of 2024 by Decision Lab, MoMo was the most used e-wallet by Vietnamese respondents, as stated by 69 percent of them. Meanwhile, the same survey revealed that ShopeePay was used the most by 26 percent of the respondents. Digital payments in Vietnam Vietnam was formerly one of the most cash-dependent countries in Southeast Asia. Although cash is still widely used, the COVID-19 pandemic and the rise of e-commerce have accelerated the adoption of digital payments across the country. Following a prolonged period of enduring significant impacts from the COVID-19 pandemic, Vietnam now has one of the largest digital payment markets based on transaction value in Southeast Asia. It has become the nation with the second-highest mobile payment penetration rate worldwide in 2022. MoMo e-payment service MoMo e-payment service and the namesake super app is arguably the most successful digital payment startup in Vietnam. MoMo’s mobile wallet has surpassed its competitors, including ZaloPay by VNG Corporation, and ShopeePay of Southeast Asia’s leading e-commerce platform, to become the most used e-wallet by all generations in Vietnam, as of the fourth quarter of 2023. Among a few Vietnamese startups that have reached unicorn status and among the most well-funded startups in the country, MoMo is expected to continue contributing to the development of Vietnam’s fintech sector.

According to a survey on e-wallet usage in Vietnam in the second quarter of 2024 by Decision Lab, MoMo was the most used e-wallet used by Vietnamese respondents, as stated by 44 percent of them. Meanwhile, the same survey revealed that mobile banking application was used the most by 18 percent of the respondents.

In the third quarter of 2024, the value of transactions via mobile banking in Vietnam amounted to around 17.8 quadrillion Vietnamese dong. In the same period, there were approximately 3.2 billion mobile banking transactions in the country. Previously one of the most cash-dependent countries in Southeast Asia, Vietnam has seen substantial growth in cashless payment usage among its population in recent years.

In the fourth quarter of 2023, there were over 2.49 billion transactions via mobile banking in Vietnam. In the same period, the value of all these transactions amounted to around 16,040 trillion Vietnamese dong.

As of November 2024, the Bank for Investment and Development of Vietnam (BIDV), a state-owned financial institution, was the leading bank in Vietnam, with approximately 2.6 thousand trillion Vietnamese dong worth of assets. Fellow state-owned Vietnam Joint Stock Commercial Bank For Industry and Trade (Vietinbank) ranked second in terms of assets, followed by the Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank), at 2.2 and 1.9 thousand trillion Vietnamese dong, respectively. Vietnamese financial institution system The central bank in Vietnam is the State Bank of Vietnam, which also serves as the main regulatory institution of the country’s banking system. Commercial banks are the most prevalent type of banking institutions in Vietnam, including state-owned commercial banks, joint-stock commercial banks, joint-venture banks, and wholly foreign-owned banks. State-owned banks led in terms of total assets and also outperformed other banking models in return on equity in 2024. Digital banking on the rise Many consumers in Vietnam still seem to have a stronger preference for traditional banks, as traditional banks are usually associated with trust, reputation, and good customer service, which Vietnamese consumers hold high regard for. As the country is considered quite late in digitalizing the banking system, there remains plenty of room for digital banking to grow in Vietnam. The internet and mobile banking boom during the COVID-19 pandemic is evidence of substantial growth potential, especially among tech-savvy younger generations. In addition to that, the number of FinTech users in Vietnam is also expected to double in seven years.

In 2023, the value of lending loan book via digital financial services in Vietnam reached four billion U.S. dollars. By 2030, the digital lending loan book value was forecast to amount to 40 billion U.S. dollars. Vietnam has a fast-growing fintech sector, with digital payments being the largest segment within this sector.

China is leading the ranking by penetration rate in the 'Mobile POS Payments' segment of the fintech market, recording 38.25 percent. Following closely behind is Vietnam with 30.09 percent, while Uganda is trailing the ranking with 10.36 percent, resulting in a difference of 27.89 percentage points to the ranking leader, China. Find other insights concerning similar markets and segments, such as a ranking of subsegments in Peru regarding number of users in the FinTech market as a whole and a ranking of subsegments in Russia regarding share in the segment Digital Payments . The Statista Market Insights cover a broad range of additional markets.