Singaporean site highlights Vietnam’s potential for fintech growth
One of Singapore's top pure-play digital content sites - asianone.com - on March 21 ran an article entitled “Vietnam: Can it become the Fintech Mecca of the east?”, highlighting that Vietnam’s fintech has reached new heights and its growth is fuelled by the newly introduced legal framework.
Hanoi (VNA) – One of Singapore's top pure-playdig🥀ital content sites - asiaone.com - on March 21 ran an article entitled “Vietnam: Can it become theFintech Mecca of the east?”, highlighting that Vietnam’s fintech has reached new heights and its growth is fuelled by the newly introduced legal framework.
According to thearticle, Vietnam’s National Digital Transformation Programme by 2025 hasaccelerated the inclination towards fintech.
Housing close to 200 fintech organizations, now 66% of adults have payment accounts as listed by the Ministry of Planning and Investment. Not to forget, the perfect medley of 91.3 million smartphone subscribers and an internet penetration rate of 73.2 percent have made the situation more conducive for the industry's growth.
“The success ofthese promising fintech organisations has been linked with their close tieswith the banking sector that has created invaluable synergies,” said thearticle.
Vietnam BanksAssociation (VNBA) has always been upfront in bringing favourable changes tothe country's financial services industry, be it for lowering SMS charges forbanking services or urging Visa and Mastercard to reduce several types of feeson Vietnamese banks during the COVID-19 pandemic.
Recently, VNBA hasofficially become a supporting partner for World Financial Innovation Series(WFIS) that's shaping to be the country's premier fintech event.
According to thea𝐆rticle, the World Bank Group has also been actively supporting Vietnam inbecoming a high-income eꦚconomy by 2045.
"For big players, investors and even newcomers, the currentnascent stage and relatively small size of the country's fintech market ismaking it particularly attractive for investment, considering there are aplethora of opportunities to get involved and scaling big,” it said./.
The application of digital science and technology towards the goal of gender equality requires political will and real actions of governments and the willingness to transform of relevant sectors in society, affirmed a Vietnamese official.
Digital transformation is an opportunity for Vietnam to become a developed country. However, many challenges remain to ensure a rapid, smart and green digital transformation, experts have said.
The Ho Chi Minh Communist Youth Union (HCYU) and young people must be the pioneers in implementing the policy of promoting national digital transformation, and developing the digital economy based on science, technology and innovation, National Assembly (NA) Chairman Vuong Dinh Hue requested on March 21.
Digital transformation is considered a catalyst for many businesses to transform and adapt to green and sustainable models. Recently, dual transformation (green and digital) has been mentioned by the European Union and is an important future trend.
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A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
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Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
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The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
Illustrative photo (Photo: VNA) 
