Over the past half-century of operating in a market economy, Vietnam has transformed from a backward economy to one of the 32 largest economies in the world. With remarkable economic achievements, including a nearly 100-fold increase in economic scale compared to 1986 and a per capita income rise from less than $100 (in 1975) to nearly $5,000 (in 2024), Vietnam is now in a favorable position to engage more extensively and effectively in the global economy.
In sync with the wave of the 4th Industrial Revolution, the Vietnamese economy, with its stable growth rate, is gradually shifting towards the goal of comprehensive digital transformation. One of the salient features of this journey is the success of Fintech companies in mastering the digital financial infrastructure, where technology and innovation play a pivotal role in fostering economic development, transparency, and sustainability.
Impetus for the Vietnamese Economy in the New Context
The concept of digital finance emerged globally in 1994 when Stanford Federal Credit Union became the first financial institution to offer online banking services, enabling customers to check account balances and perform basic transactions over the Internet. In 1998, PayPal successfully developed a platform for secure and convenient online payments, paving the way for the subsequent development of electronic payment services.
While developed countries began digitizing their financial systems in the early 2000s, digital banking in Vietnam was officially introduced to users in 2016. However, this late start proved advantageous as credit institutions and Fintech companies swiftly embraced new technologies to develop advanced digital financial products and services. The successive emergence of e-wallets, digital banks, and mobile money has gradually promoted changes in the consumption habits and financial management approaches of Vietnamese citizens.
In contrast to the complex procedures of traditional banking, digital finance offers convenience, accessibility, and user-friendliness. Notably, in remote and rural areas, individuals can easily access services such as payments, money transfers, savings, and loans without having to visit a physical branch. By leveraging Big Data and AI technologies, digital financial products expedite the flow of capital, enhance safety, and increase transparency and capital efficiency in transactions.
In the context of robust globalization and digital transformation, digital finance also contributes to enhancing the country’s competitiveness. By applying technology to credit and investment management, Vietnam is modernizing its financial ecosystem, thereby improving the business environment and operational efficiency of enterprises. The increased capacity for data analysis, digital credit evaluation, and swift and secure cross-border payments has prepared Vietnam for deeper integration into the global economy.
National Digital Strategy is Inseparable from Fintech
Amid the strong wave of digital transformation, many Vietnamese enterprises are gradually asserting their role as key players in building the digital financial infrastructure. For instance, the development of the Viettel Money digital financial ecosystem by Viettel Digital Services Corporation (Viettel Digital) has successfully popularized digital financial services to the commune level nationwide. With just a phone and a biometrically authenticated account, people can easily access modern financial services such as money transfers, bill payments, savings, loans, insurance purchases, and online investments.
Viettel Digital, along with numerous other Fintech companies, through their investment in developing digital financial services, has strongly affirmed that Vietnamese Fintech enterprises possess the capability to research, develop, and master digital financial solutions. These solutions not only address the challenge of financial inclusion but also provide a springboard for Fintech companies to aim for a more significant goal: constructing a robust national digital infrastructure.
In the not-too-distant future, the narrative of “Made in Vietnam” will not only be confined to traditional industries but will also be evident in every financial platform and technological solution, serving as a “passport” for Vietnamese enterprises to enter the global technology arena with confidence and equality.
“Empowering SMEs: Streamlining Operations with Low-code/No-code Solutions”
In the ever-evolving digital age, Vietnamese SMEs face the constant pressure to innovate for survival and growth. Innovation goes beyond mere “application of new technology”; it lies in the mastery of technology and the ability to proactively design, adjust, and expand operational systems in alignment with the unique realities of each business.
“Fueling the Digital Economy: Sacombank Champions Cashless Day 2025”
“Embarking on a journey towards a cashless society, Sacombank takes the lead yet again. As a proud Silver Sponsor of the ‘No-Cash Day’ initiative in 2025, we are committed to fostering modern spending habits. This year’s theme, ‘Embracing a Digital Economy through Cashless Payments,’ aligns perfectly with our vision of empowering individuals and businesses to thrive in a modern, cashless world.”
The Digital Transformation of Ho Chi Minh City’s Traditional Markets: Empowering Traders with Electronic Invoicing Solutions
“Digital transformation is an inevitable trend, and small businesses need timely and specific support to adapt, according to the Department of Industry and Trade. The shift to digital is a necessary evolution, and it’s crucial to empower small businesses with the right tools and guidance to ensure they can keep up with the changing landscape. This support is vital to ensure their long-term survival and help them thrive in a digital-first world.”
The Power of Partnership: EVN’s Strategic Alliance with a Chinese Giant – Unlocking New Possibilities for Vietnam’s Energy Sector
The two parties delved into an insightful discussion, exploring innovative strategies to accelerate digital transformation in the operation and development of a modern power grid.
The Greenback’s Grip: VNĐ/USD Exchange Rate Predictions
The Vietnamese Dong (VND) is predicted to remain in a fragile state against the US Dollar for the remainder of this quarter. However, from the fourth quarter onwards, the VND is anticipated to regain its momentum and join other Asian currencies in a collective improvement as trade tensions ease.
