Vietnam fintech posts 17.8% CAGR through 2034

Internet access reached 79% of the population in 2023, boosting digital payment demand.

Vietnam’s financial technology (fintech) sector is projected to register a compound annual growth rate (CAGR) of 17.8% from 2025 through 2034, reaching a value of about $67.3b, according to Research and Markets.

Vietnam is expanding its fintech sector, becoming the second-largest market in ASEAN by number of players, according to UOB.

Data from the bank showed the number of fintech companies in Vietnam rose from 39 in 2015 to more than 200 in 2022, reflecting steady market growth.

Rising internet access has supported this expansion. In 2023, Vietnam had 77.93 million internet users, accounting for 79.1% of the population.

Increased connectivity has driven greater use of online financial services, alongside improving digital literacy. 

The government is rolling out programmes aimed at achieving universal digital literacy by 2025, which is expected to support further adoption of fintech solutions.

Authorities and financial institutions are also introducing measures to develop the sector. 

The State Bank of Vietnam is working on a regulatory sandbox that will allow fintech firms to test new products in a controlled environment. The initiative is intended to help regulators assess risks whilst supporting innovation.

By application, fintech activity in Vietnam covers trading, banking, insurance, taxation, and other services. 

The banking segment is expected to record a compound annual growth rate of 20.3% from 2025 to 2034. 

Fintech firms are providing banks with tools such as chatbots, mobile applications, and machine learning systems to improve customer service, expand access to account information, and strengthen fraud detection.