Vietnam making major progress in digital financial inclusion

As Vietnam pushes towards its goal of becoming a high-income economy by 2045, technology plays a crucial role in accelerating access to capital and strengthening cross-border connectivity.

The country’s digital finance ecosystem is expected to become a powerful engine for economic growth, job creation, and broader financial access.

At the Digital Finance Inclusion Conference 2025 held on October 29 in Ho Chi Minh City by the International Finance Corporation (IFC), in partnership with the Vietnam Banking Association (VNBA) and supported by the Australian Government and the Swiss State Secretariat for Economic Affairs (SECO), regulators, financial experts, and innovators from across the Asia-Pacific region gathered to discuss how technology can drive financial innovation and inclusion.

Vietnam ramps up digital finance

According to the World Bank Group’s Global Findex 2025, more than 70 per cent of Vietnamese adults now have a financial account, with 62 per cent actively using digital payments. With internet coverage reaching 80 per cent of the population, the potential for expanding inclusive financial services is immense.

Vietnam’s digital finance ecosystem is expanding rapidly, supported by the National Financial Inclusion Strategy and a new fintech sandbox decree that allows banks and fintech startups to test innovative solutions in a controlled environment.

“As Vietnam moves closer to launching an international financial center later this year, a modern, trustworthy, and globally connected financial ecosystem will be essential,” said Mr. Pham Thanh Ha, Deputy Governor of the State Bank of Vietnam (SBV). “Digital finance lies at the heart of this vision, enabling secure transactions, broadening access to capital, and enhancing cross-border connectivity. By fostering responsible innovation and aligning with global standards, Vietnam can emerge as a competitive regional hub where digital finance drives sustainable growth and financial inclusion.”

Industry experts underlined those advanced tools such as AI-powered credit scoring, alternative data models, open banking, and digital ID integration will be key to improving financing for small and medium-sized enterprises (SMEs), enhancing risk management, and opening new markets. A strong digital finance ecosystem, they noted, will not only drive SME expansion and attract foreign investment but also boost productivity in manufacturing and exports through greater efficiency and lower transaction costs.

“Digital finance is more than a driver of innovation - it’s a key enabler of broader economic transformation,” said Mr. Thomas Jacobs, IFC Country Manager for Vietnam, Cambodia, and Laos. “With the right mix of technology, sound regulation, and targeted investment, Vietnam can foster a vibrant fintech sector that strengthens competitiveness, supports entrepreneurship, creates quality jobs, and ensures access to finance for all.”

Vietnam’s leading role in the Mekong region is evident as it advances open banking pilots, fintech sandboxing, and national digital ID integration, laying a foundation for a secure and inclusive financial future. The country joins a regional movement alongside Singapore, Australia, and the Philippines that are pioneering open finance and responsible data use to build connected, resilient digital economies.

Financial inclusion and health

In the discussion panel, Mr. Chu Khanh Lan, Deputy Director General of the Forecasting and Statistics - Monetary and Financial Stabilization Department under the SBV, affirmed that the government remains steadfast in its commitment to inclusive development, ensuring that “no one is left behind” in all socio-economic policies.

According to Mr. Lan, even before the promulgation of the National Financial Inclusion Strategy, the banking sector had already launched several initiatives to expand access to financial services. After five years of implementation, the strategy has achieved significant progress in three key areas.

First, Vietnam has developed a fairly comprehensive legal framework for financial and banking products and services, with key laws such as the Law on Credit Institutions, the Law on Insurance Business, the Law on Anti-Money Laundering, and the recently introduced regulatory sandbox mechanism for the financial sector.

Second, the financial network has expanded considerably, bringing banking services closer to people through commercial banks, people’s credit funds, and microfinance institutions.

Third, the SBV has focused on supporting vulnerable groups - including women, low-income earners, and residents in rural or remote areas - by promoting digital technologies in financial inclusion.

After five years, Vietnam has recorded notable results: non-cash payments have grown by over 62 per cent per year, while credit for agriculture and rural development accounts for about 20 per cent of total outstanding loans.

“These are encouraging outcomes,” Mr. Lan emphasized. “However, challenges remain in expanding financial services to remote areas. The discussions on digital technology for financial inclusion held today will help Vietnam move closer to resolving this issue in the coming years.”

in addition, Mr. Shehryar Ali Shah, Head of the IFC’s Ho Chi Minh City Office, shared with VnEconomy / Vietnam Economic Times that financial inclusion means having access to a bank account, but financial health is the ultimate goal. “If your bank balance is zero at the end of the month, then having an account doesn’t help much,” he said. “The question is: what are banks doing for these customers? Are account holders able to borrow, save, or afford better education, healthcare, or leisure?”

From his experience in Singapore, he added that the income gap remains a challenge even in highly developed economies. In Vietnam, meanwhile, the key obstacle to financial health lies more on the supply side of financial services, while demand is strong and the digital foundation is already in place. “From AI to data analytics, Vietnamese talent is exceptional,” he said. “Whether in coastal towns or coffee and tea plantations, everyone has a smartphone. The infrastructure is ready.”

Mr. Shah also commended initiatives from the Vietnamese Government such as digital identification (VNeID) and the fintech sandbox, calling them crucial steps towards building a modern digital financial ecosystem.

“The next challenge is helping people effectively use their accounts to save, borrow, and invest, particularly in creative sectors like digital content, film, and fashion,” he continued. “This will meaningfully bolster entrepreneurship in the younger population, including content creators and artists, and strengthen job creation in the creative industries as they continue to grow and diversify. That’s where the IFC aims to make an impact. As Vietnam strives to become a high-income economy by 2045, improving the financial health of its people must be a top priority.”