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Vietnam FinTech market is highly competitive and is expected to reach USD 18 BN in 2024

10.05.2022

Analysts of the financial holding Robocash Group have evaluated the FinTech landscape in Vietnam. The financing volume is second only to Singapore and has vast potential for growth. Despite high competitiveness and a high entry bar, the number of FinTech companies has grown. By 2024, the FinTech market in Vietnam is expected to grow to 18 Bn USD.

 

Vietnam is one of the leaders among ASEAN countries in the volume of financing for FinTech, second only to Singapore. 93% of all venture investments in the country is directed at the E-Wallets & E-Money segment. Since 2016, the total number of FinTech companies has grown to 97, making an 84.5% increase. However, the number of newly launched start-ups per each year decreased from 11 to 2. The market features a high competitiveness and a high entry bar. 

 

Transaction volume demonstrated a 152.8% growth since 2016, with 29.5 million of new FinTech users. As a result, every second Vietnamese uses at least one FinTech service. The demand for digital services (transactions, payments and wallets) among the Vietnamese population is remarkable. 

 

According to company analysts, Vietnam FinTech is young and promising. The market valuation has increased from 0.7 to 4.5 Bn USD since 2016. In the near future, the government is going to become more involved in FinTech, evidenced by the increasing number of favourable legislation for financial technologies. The FinTech regulatory sandbox and the legal framework for digital assets and cryptocurrencies also assume further development of the industry. By 2024, Vietnam FinTech market should reach 18 Bn USD if the trend remains the same.

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