According to Resolution 57-NQ/TW, Fintech is a field with strong potential and plays an important role in building a modern financial system. The Government targets GDP growth of 8% by 2025, with 2% of the state budget dedicated to science, technology and innovation, of which Fintech is the focus.
By 2024, the Fintech market in Vietnam is expected to reach a value of 16.9 billion USD, with a compound annual growth rate (CAGR) of 14.2% during the period from 2025 to 2033. In addition, the transaction value in the Fintech sector is also forecast to increase from 16.62 billion USD in 2024 to 41.76 billion USD in 2029.
However, the development of Fintech in Vietnam is not without challenges. Barriers such as an incomplete legal framework, low consumer confidence, fragmented data infrastructure, and insufficient financial and human resources to meet demand are still major issues that need to be addressed.
These barriers were discussed at the workshop “From Barriers to Opportunities – Decoding Challenges in Fintech Transformation”, organized by the Department of Science and Technology (DOST) of Ho Chi Minh City in collaboration with the Ho Chi Minh City Center for Creative Entrepreneurship (Sihub). The workshop was part of a series of events to celebrate Vietnam Science and Technology Day on May 18.
Mr. Le Thanh Minh, Deputy Director of the Department of Science and Technology of Ho Chi Minh City, emphasized the importance of building a flexible legal corridor to support start-up businesses, while always identifying science and technology as a pillar in the development strategy and many innovative Fintech projects have been incubated in recent times.
A highlight of the workshop was the “Digital Economy 2025” program, with a support package of up to VND 400 million from Resolution 20 of the Ho Chi Minh City People’s Council for innovative Fintech projects. This is one of 7 startup programs that the Ho Chi Minh City Department of Science and Technology is implementing this year.
Ms. Dang Thi Luan, Acting Director of Sihub, shared that Sihub will continue to be a bridge to support Fintech startups, connecting with experts, organizations and successful startups.
Mr. Nguyen Ba Diep, co-founder of MoMo Wallet, said that Fintech is not only technology but also a tool to open the financial door for those who have not had access to it. Mr. Diep affirmed that Fintech needs to start from understanding customer needs and from there design suitable products.
In addition, Ho Chi Minh City also implemented a policy to support loan interest rates for businesses investing in technology and innovation. Fintech investment projects can be supported with 100% interest-free loans, with a maximum loan amount of VND200 billion/project and a support period of up to 7 years.
Mr. Nguyen Khac Huy, representative of the Ho Chi Minh City Department of Finance, said that three projects have been approved with a total investment of up to 423 billion VND. This policy is an important opportunity for businesses to improve their competitiveness and contribute to the sustainable development of Ho Chi Minh City.
The workshop not only shared policies but also introduced practical models in Fintech such as e-wallets, AI in credit scoring and cash flow management solutions for small and medium enterprises. This is an opportunity for parties to analyze the current situation and find solutions to promote the development of the Fintech ecosystem.
With supportive policies, an increasingly improved legal corridor and the support of organizations, Ho Chi Minh City is gradually realizing the goal of becoming an international financial center, while promoting the national digital transformation process and developing a sustainable digital economy.
Source: https://doanhnghiepvn.vn/cong-nghe/co-hoi-va-thach-thuc-trong-phat-trien-cong-nghe-tai-chinh-tai-tp-ho-chi-minh/20250515065524081
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