Our Responses To Questions On The Role Of Digital Payments And Fintech Development In Vietnam

Non-cash payment methods which include electronic payment and mobile payment are becoming more popular in urban areas of Vietnam. Non-cash payments have begun to be used more widely in retail and public services, and are also being used in sectors such as healthcare and education. According to a survey conducted by the State Bank of Vietnam, by March 2019 the number of financial transactions conducted through online platforms increased by about 66%, the transaction value increased by 14% compared to the same period in 2018.

A growing trend globally is that big commercial banks are acquiring fintech companies so that banks and fintech firms can better collaborate together in order to reap the benefits of new technologies. However, this trend does not seem to be common in Vietnam.

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