Developing a FinTech Ecosystem in Vietnam: Opportunities and Challenges for Startups

Abstract

In the article, the author has analyzed the current situation of fintech market development and Vietnam’s startup ecosystem in recent years. The research results show that, in the past 3 years, the number of fintech companies in Vietnam has nearly quadrupled, the market value in 2020 is estimated at 9 billion USD. With 72% of adults using smartphones, nearly 64% of the population using the Internet, along with the young generation of technology-savvy, the explosion of e-commerce and the support of the Government, Vietnam is a potential market for implementing tech startup models. Opportunities and challenges for fintech startups in Vietnam have been discussed by the author, from which solutions to develop fintech ecosystems are proposed in the upcoming time.