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Financial inclusion, defined as the availability and effective use of affordable
financial services for individuals and businesses, has become a central objective of
sustainable economic development. According to the World Bank, access to formal
financial services contributes to poverty reduction, economic resilience, and inclusive
growth by enabling individuals and firms to manage risks, invest in productive activities,
and participate more fully in economic life. Despite significant improvements in global
financial inclusion over the past decade, many individuals, particularly those living in rural
areas, low-income households, and small businesses, remain excluded from formal
financial systems. In this context, digital financial technologies have emerged as a
powerful tool for reducing barriers to financial access. Digital payment systems, mobile
banking services, and fintech platforms enable users to access financial services more
conveniently, quickly, and at lower cost compared to traditional banking channels.
AI is increasingly becoming a core enabling technology in digital finance. AI-based
tools allow financial institutions to process large volumes of structured and unstructured
data, improve credit risk assessment, detect fraud in real time, and provide personalized
financial services. These capabilities are particularly important for expanding financial
services to individuals and small enterprises with limited or no traditional credit history.
Vietnam represents a particularly dynamic case of financial digital transformation. In
recent years, the Vietnamese government has actively promoted digital transformation in
the financial sector and recognized financial inclusion as a strategic policy priority. In 2020,
the Prime Minister approved the National Financial Inclusion Strategy to 2025 with a
vision to 2030, which emphasizes the role of digital technologies and financial innovation
in expanding access to financial services, especially for low-income households, rural
populations, and small and medium-sized enterprises (SMEs). Although Vietnam has
achieved significant progress in digital financial development, several challenges remain
in ensuring that financial digitalization contributes effectively to inclusive financial
development. These challenges include regulatory adaptation to fintech innovation,
cybersecurity risks, uneven digital infrastructure across regions, and limited financial and
digital literacy among certain population groups.
Against this background, this study aims to examine the role of financial
digitalization in promoting financial inclusion in Vietnam in the era of AI. Specifically, the
study pursues three main objectives: (1) Analyze the development of digital financial
infrastructure, fintech ecosystems, and AI-enabled financial services in Vietnam; (2)
Examine how financial digitalization contributes to financial inclusion outcomes under the
National Financial Inclusion Strategy; (3) Identify institutional, technological, and socio-
economic challenges affecting inclusive digital finance and propose policy
recommendations. By linking digital finance development with financial inclusion
outcomes, this study provides policy-oriented insights into how emerging economies such
as Vietnam can leverage digital technologies and AI to expand inclusive financial systems.
2. Literature review
2.1 Digital finance and financial inclusion
Financial inclusion has become a key policy objective in global economic
development strategies, particularly in emerging economies where access to formal
financial services remains uneven. The World Bank defines financial inclusion as the
availability and use of affordable financial services such as payments, savings, credit, and
insurance by individuals and businesses (World Bank, 2022). Expanding financial inclusion

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