Vietnam faces an opportunity to break through in developing the financial technology industry.

Việt Nam đứng trước cơ hội bứt phá phát triển ngành công nghệ tài chính - 1 — Overview of the discussion (Photo: US Embassy).

Vietnam is facing a great opportunity to make a breakthrough with a dynamic Fintech ecosystem, a young, tech-savvy population, support from strategic international partners, potential from an increasingly complete legal framework and strong acceptance of advanced digital payment and digital asset trends.

These are important issues discussed by experts at the Seminar: Innovation in FinTech - Trends and Opportunities, organized by the US Embassy in Vietnam on the evening of May 28.

Vietnam's "golden opportunity"

Speaking at the event, Mr. Cameron Thomas Shah, Spokesperson of the US Embassy in Vietnam, affirmed that Fintech is a priority in US economic policy.

He quoted US President Donald Trump on the United States continuing to be a global leader in Fintech, especially through improving the regulatory environment, working with allies and partners to advance financial services, especially cryptocurrencies and digital payments, not only for Americans but also for people around the world .

“The US-Vietnam relationship is built on support for Vietnam’s prosperity, security, and peace . This year marks the 30th anniversary of bilateral relations, and economic cooperation, especially in the area of Fintech, is a testament to this strong growth.

Fintech is truly changing the way people and businesses manage and move money. Vietnam has a rapidly growing Fintech industry and ecosystem that drives innovation, digital transformation and entrepreneurship that I see every day,” said Mr. Cameron.

Mr. Phan Duc Trung, Chairman of Vietnam Blockchain Association, shared important Fintech trends such as RegTech (legal technology), WealthTech (asset management technology), InsurTech (insurance technology), the rise of digital assets, artificial intelligence (AI) and cross-border payments.

He hopes that new regulations in Vietnam such as the draft Law on Digital Technology Industry and sandbox mechanisms for digital assets will soon be passed, creating conditions for the market to develop strongly.

At the same time, it is expected that Vietnam can build a strong Blockchain network like the US or China, but with its own, more open approach.

Việt Nam đứng trước cơ hội bứt phá phát triển ngành công nghệ tài chính - 2 — Financial technology is supporting people with many payment solutions (Photo: ST).

Mr. Thai Son, Director of Products and Solutions, Visa Vietnam and Laos, outlined a vibrant picture of Vietnam's payment ecosystem with the participation of more than 40 banks, payment networks and the explosion of e-wallets such as MoMo, ZaloPay, ShopeePay, as well as Fintech companies focusing on loyalty solutions and digital banking.

"Vietnam is a very attractive market with advantages from both regulations and market context to support the development of the Fintech industry," Mr. Son affirmed.

The US Embassy spokesman also shared his personal experience of the convenience of Visa in Vietnam and noticed the progress in helping foreigners like him easily access the local economy.

Challenge

During the discussion, experts also pointed out a number of challenges in developing Fintech in Vietnam. The biggest obstacle is the incomplete and unclear legal framework, making it difficult for businesses to orient and operate.

In addition, attracting and retaining high-tech talent, especially those with international experience, is also a difficult problem, requiring early training cooperation and building trust in the context of competition from global companies.

However, experts also agree on the potential of Fintech development in our country, as it possesses a market with a young, dynamic and increasingly tech-savvy population.

“In addition to a young, tech-savvy population, the government’s willingness to create a more favorable legal environment and promote cooperation with the private sector – whose agility, market knowledge and innovation capabilities will help Vietnam quickly develop the Fintech sector,” said Mr. Thai Son.

Furthermore, support and training programs for Blockchain developers are gradually taking shape, along with the interest and pro-innovation policies from developed countries such as the United States, opening up the potential for Vietnam to not only keep up but also create its own breakthroughs, even surpassing existing models in the region.

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