Fintech in Vietnam Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

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.

Vietnam Fintech Market Size

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Vietnam Fintech Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 16.62 Billion
Market Size (2029) USD 41.76 Billion
CAGR (2024 - 2029) 20.23 %
Market Concentration Low

Major Players

Vietnam Fintech Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Vietnam Fintech Market Analysis

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.

Vietnam Fintech Market: Increasing Monthly Income Per Capita In Vietnam,In USD, 2019-2022

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 Market: Digital Investment in Vietnam, In USD Million, 2020-2022

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.

Vietnam Fintech Market Leaders

  1. MonoPay

  2. Momo

  3. Moca

  4. Zalo Pay

  5. Airpay

*Disclaimer: Major Players sorted in no particular order

Vietnam Fintech Market Concentration
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Vietnam Fintech Market News

  • July 2023: Backbase, the world’s largest omni-channel bank, has partnered with OBC to accelerate its omni-channel banking transformation, as announced in a signing ceremony.
  • February 2022: Visa, the world’s largest digital payment company, partnered with VNPAY, a leading fintech company in Vietnam, to improve the digital payments ecosystem in Vietnam.

Vietnam Fintech Market Report - Table of Contents


    1. 1.1 Study Assumptions and Market Definitions

    2. 1.2 Scope of Study




    1. 4.1 Market Overview

    2. 4.2 Market Dynamics

      1. 4.2.1 Market Drivers

        1. Increasing Digital Adoption and Smartphone Penetration

        2. Young and Tech-Savvy Population

      2. 4.2.2 Market Restraints

        1. Lack of Financial Literacy is Restraining the Market

        2. Infrastructure Constraints Barrier to Market

      3. 4.2.3 Market Opportunities

        1. Government Support and Regulatory

        2. Internet Connectivity has Opened up Opportunities for Digital Financial Services

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

    4. 4.4 Insights into Technological Innovations in the Market

    5. 4.5 Assessment of the Impact of COVID-19 on the Market


    1. 5.1 By Digital Payments

      1. 5.1.1 Online Purchases

      2. 5.1.2 POS (Point of Sales) Purchases

    2. 5.2 By Personal Finance

      1. 5.2.1 Digital Asset Management Services

      2. 5.2.2 Remittance/ International Monet Transfers

    3. 5.3 By Alternative Financing

      1. 5.3.1 P2P Lending

      2. 5.3.2 SME Lending

      3. 5.3.3 Crowdfunding (gains based, product based, and reward based)

    4. 5.4 By Insurtech

      1. 5.4.1 Online Life Insurance

      2. 5.4.2 Online Health Insurance

      3. 5.4.3 Online Motor Insurance

      4. 5.4.4 Online Other General Insurance

    5. 5.5 By B2C Financial Services Market Places

      1. 5.5.1 Banking and Credit

      2. 5.5.2 Insurance

      3. 5.5.3 E-Commerce Purchase Financing

      4. 5.5.4 Other Front-End Fintech Solutions


    1. 6.1 Market Competition Overview

    2. 6.2 Company Profiles

      1. 6.2.1 MoMo

      2. 6.2.2 MonoPay

      3. 6.2.3 Zalo Pay

      4. 6.2.4 AirPay

      5. 6.2.5 Moca

      6. 6.2.6 TIMA

      7. 6.2.7 VayMuon

      8. 6.2.8 TrustCircle

      9. 6.2.9 Hudong

      10. 6.2.10 TheBank

      11. 6.2.11 WiCare

      12. 6.2.12 Dwealth*

    3. *List Not Exhaustive


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Vietnam Fintech Industry Segmentation

Fintech encompasses a range of technologies, including software and mobile applications, designed to enhance and automate conventional financial services for both businesses and consumers.

The Vietnamese 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 the Vietnamese market in terms of revenue (USD) for all the above segments.

By Digital Payments
Online Purchases
POS (Point of Sales) Purchases
By Personal Finance
Digital Asset Management Services
Remittance/ International Monet Transfers
By Alternative Financing
P2P Lending
SME Lending
Crowdfunding (gains based, product based, and reward based)
By Insurtech
Online Life Insurance
Online Health Insurance
Online Motor Insurance
Online Other General Insurance
By B2C Financial Services Market Places
Banking and Credit
E-Commerce Purchase Financing
Other Front-End Fintech Solutions
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Vietnam Fintech Market Research FAQs

The Vietnam Fintech Market size is expected to reach USD 16.62 billion in 2024 and grow at a CAGR of 20.23% to reach USD 41.76 billion by 2029.

In 2024, the Vietnam Fintech Market size is expected to reach USD 16.62 billion.

MonoPay, Momo, Moca, Zalo Pay and Airpay are the major companies operating in the Vietnam Fintech Market.

In 2023, the Vietnam Fintech Market size was estimated at USD 13.26 billion. The report covers the Vietnam Fintech Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Vietnam Fintech Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Vietnam Fintech Industry Report

Statistics for the 2024 Fintech in Vietnam market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Fintech in Vietnam analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Fintech in Vietnam Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)