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digital financial infrastructure. Second, policy analysis is employed to evaluate how
national regulatory frameworks and institutional initiatives support the development of
inclusive digital finance. Through this integrated analytical approach, the study identifies
key achievements, structural challenges, and policy implications for promoting financial
inclusion through digital financialization.
It should be noted that the study relies primarily on secondary data and policy
documents and does not conduct micro-level empirical testing. Future research may
therefore extend this analysis through quantitative methods or micro-level datasets to
further examine the causal relationship between digital finance, AI adoption, and financial
inclusion outcomes.
4. Financial digitalization and financial inclusion in Vietnam
Drawing on the theoretical perspectives discussed in the previous section, digital
finance and AI-enabled technologies are expected to reduce transaction costs, improve
information processing, and expand financial service accessibility. In emerging economies,
these mechanisms play an important role in promoting financial inclusion, particularly
among underserved populations and small businesses. The following section examines
how these theoretical mechanisms are reflected in the case of Vietnam by analyzing the
development of digital financial infrastructure, fintech ecosystems, and digital financial
services within the framework of the National Financial Inclusion Strategy.
4.1 Policy context of digital financial development
The development of digital finance in Vietnam has been strongly supported by
national policy initiatives aimed at promoting financial inclusion and digital
transformation. A key milestone was the approval of the National Financial Inclusion
Strategy to 2025 with a vision to 2030 under Decision No. 149/QĐ-TTg issued by the
Prime Minister in January 2020. The strategy identifies the application of digital
technologies and financial innovation as central instruments for expanding access to
financial services, particularly for low-income households, rural populations, and small
and medium-sized enterprises.
Within this strategic framework, the Vietnamese government has implemented a
series of legal and regulatory reforms designed to facilitate the development of digital
financial services. These include amendments to the Law on Credit Institutions, the Law
on Electronic Transactions, the Law on Telecommunications, and the Law on Anti-Money
Laundering. In addition, several regulatory instruments have been introduced to support
digital payments, electronic identification (e-KYC), and payment intermediary services.
Together, these regulatory measures aim to establish a comprehensive institutional
environment that encourages innovation while maintaining financial stability and
consumer protection.
4.2 Development of digital financial services
In line with financial intermediation theory, digital technologies can reduce
information asymmetry and transaction costs, enabling financial institutions to provide
services more efficiently and reach previously underserved populations. The development
of digital financial ecosystems therefore depends not only on financial institutions but
also on the expansion of digital infrastructure and technology adoption among users.
Previous studies suggest that the development of digital finance can be assessed through
several key indicators, including internet penetration, smartphone adoption, digital
payment diffusion, and fintech ecosystem development (Ozili, 2018; Gomber et al., 2018;

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