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World Bank, 2022).. These indicators reflect both the technological infrastructure and the
institutional capacity required for digital financial service delivery.
In the context of Vietnam, the expansion of digital financial services has been
closely associated with improvements in digital connectivity and the rapid development
of fintech platforms. Table 1 presents several key indicators reflecting the development of
digital finance in Vietnam during the period 2019–2024.
Table 1. Key indicators of digital finance development in Vietnam

Indicator 2019 2020 2021 2022 2023 2024

Internet users (% population) 66 70 74 75 77 78

Smartphone penetration (%) 63 68 72 75 78 80

Adults with bank accounts (% 63 66 69 71 73 75
population)

Digital payment users (million) 36 41 48 56 63 70

Fintech companies 154 176 188 200 210 220

Cashless transactions growth (%) 25 28 35 40 45 50

Source: State Bank of Vietnam (2025); World Bank (2025)
The indicators presented in Table 1 illustrate the rapid expansion of Vietnam’s
digital financial ecosystem over the past five years. Internet penetration increased from
approximately 66 percent of the population in 2019 to nearly 78 percent in 2024, while
smartphone adoption reached around 80 percent. At the same time, the number of
fintech companies expanded steadily, and digital payment users increased significantly.
These trends suggest that improvements in digital infrastructure and fintech innovation
have played an important role in expanding access to formal financial services and
supporting financial inclusion in Vietnam.
4.3 Digital financial infrastructure and fintech ecosystem
The development of digital finance in Vietnam has also been supported by
significant improvements in financial infrastructure. Payment systems have been
upgraded to support real-time transactions operating continuously on a 24/7
basis. Vietnam has invested significantly in upgrading its national payment infrastructure.
Key components include the automated electronic clearing system for retail payments,
which enables real-time transactions operating continuously on a 24/7 basis, and the
interbank electronic payment system that processes approximately VND 830,000 billion
per day (equivalent to around USD 40 billion). In addition, the national financial switching
and electronic clearing system processes an average of 20–25 million transactions daily,
reflecting the rapid expansion of digital payment activities in the economy.

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