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Vietnam strives to become Southeast Asia’s fintech center

November 8, 2018 by hanoitimes Leave a Comment

The Hanoitimes – Recent statistics show that some 54% of Vietnam’s population use the Internet and this number is expected to increase sharply in the coming years. According to an article posted on theaseanpost.com, Vietnam’s economy has impressive growth and the country is expected to become Southeast Asia’s fintech (financial technology) center. The article said Vietnam’s economy grew 6.8% in 2017, 0.1% higher than the government’s initial target, making it one of the fastest growing economies in the region. Such rapid growth has resulted in increasing numbers of the middle class and internet users, propelling digital economic development.   Illustrative photo Recent statistics show that some 54% of Vietnam’s population use the internet and this number is expected to increase sharply in the coming years. The Vietnamese government has also launched various initiatives to strengthen the growth of the digital economy. The article added that with the potential for a digital economy combined with bright economic prospects, Vietnam will soon become a regional center for fintech start-ups. Within the country’s start-up scene, the fintech sector has become the most attractive for investments, receiving US$129 million in investments in 2016, according to Vietnam Briefing. In recent years, the fintech ecosystem in Vietnam has seen rapid progress. Fintech in Vietnam is also very diverse, as local start-ups focus on all fintech areas, ranging from peer-to-peer lending and credit scoring to mobile payments, among others. Another reason why Vietnam has become a fertile land for start-up businesses is the Vietnamese government support for… [Read full story]




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