General information

Population

100.9M

Online population

78.4M

Currency

VND

Market overview

Population - 100.9M

At the start of 2024, 39.8% of Vietnam’s population lived in urban centres, while 60.2% lived in rural areas.

Internet penetration - 79.1%

There were 78.4M internet users in Vietnam at the start of 2024.

FinTech Outlook: Trends, Insight & Technology

Vietnam is currently home to over 260 FinTech startups, offering a diverse array of services such as digital payments, alternative finance, wealth management, and blockchain technology. The Vietnam FinTech market is characterised by intense competition, reflecting its vibrant and rapidly evolving landscape.

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In the dynamic landscape of Asia-Pacific's FinTech sector, Vietnam stands out as a vibrant hub of innovation and growth. The country's FinTech narrative is gaining momentum as it secures its position as the second-largest player in the ASEAN FinTech landscape. Projections indicate that Vietnam's FinTech market will reach an impressive $18B by 2024. This remarkable surge reflects the ongoing innovations that are reshaping financial services and driving sustainable economic progress in the country.

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The Vietnam Innovation & Tech Investment Report 2024 reveals that from 2013 to 2023, a substantial $1B has been invested in payment FinTech startups in Vietnam, alongside $495M directed towards financial services. This influx of capital underscores the growing dynamism of the sector within the country.

Examples of FinTechs from Vietnam include wealthtech firm Finhay, e-wallet payment FinTechs Momo and ZaloPay, and payment VnPay.

Banks

As of 2024, there are 68 banks operating in Vietnam: 4 state-owned banks, 34 private joint-stock commercial banks, 28 foreign banks, and 2 joint-venture banks.

The c (SBV) has issued Decision No. 538/QD-NHNN approving the group of 14 credit institutions and foreign bank branches which play an important role in the country's banking system in 2024.