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systems, and automated customer service platforms. For example, AI-driven risk assessment
tools are increasingly used to analyze transaction data and alternative information sources in
credit evaluation processes. These applications contribute to improving credit accessibility for
individuals and small businesses with limited formal credit histories.
The diffusion of advanced digital technologies, including AI, machine learning, and
big data analytics, has accelerated the digital transformation of banking operations. In
particular, the digitization of credit processes has helped shorten lending procedures
from application and approval to disbursement. According to the State Bank of Vietnam,
the total turnover of loans processed via electronic channels reached approximately VND
180 trillion in July 2024. Among this amount, fully automated lending processes
accounted for about VND 9.5 trillion (5.3%), while loans provided to individual customers
reached approximately VND 73.6 trillion (40.8%). By July 31, 2024, the outstanding
balance of loans conducted through electronic means reached approximately VND 1,156
trillion, with a non-performing loan ratio of about 2.9%.
The expansion of digital public financial infrastructure has also supported financial
inclusion. Vietnam has integrated 100% of administrative procedures into the National
Public Service Portal, while more than 99% of state budget expenditure transactions are
conducted through online public services. By October 2024, the State Treasury had
connected its infrastructure with 19 commercial banks and opened 3,495 accounts for
state budget collection.
The expansion of digital payment instruments further illustrates the rapid growth of
digital finance in Vietnam. By November 2024, the country had nearly 119 million debit
cards, of which approximately 41.89 million were active (SBV, 2024). As of September
2024, the number of issued e-wallets reached 140.38 million, including about 31.8 million
active wallets. The number of non-cash payment transactions increased at an average
annual rate of over 50% during the period 2020–2024. In the first ten months of 2025,
electronic payment transactions increased by 42.85% in volume and 23.71% in value
compared with the same period in 2024. Transactions via internet channels increased by
52.13% in volume and 37.37% in value, while mobile payment transactions grew by
36.88% in volume and 21.71% in value. QR code payments recorded particularly strong
growth, rising by 58.38% in transaction volume and 147.49% in value (SBV, 2025).
Digital finance has also expanded financial access in rural and remote areas, where
traditional banking infrastructure remains limited. Approximately 60% of Vietnam’s
population lives in rural or remote regions, and by the end of 2023 fewer than one-third
of communes had physical financial service points. In this context, mobile money services
have played an important role in promoting financial inclusion. From the pilot launch in
November 2021 to September 2025, the number of registered and active mobile money
accounts exceeded 10.89 million, of which around 7.5 million accounts (approximately
70%) belonged to users in rural, mountainous, border, and island areas. During the same
period, mobile money platforms processed more than 290.43 million transactions with a
total value of approximately VND 8,511 billion.
Alongside the expansion of digital payments, Vietnam’s fintech ecosystem has
grown rapidly. Fintech companies operate across multiple segments, including payments,
digital lending, money transfers, and personal financial services, reflecting the broader
global trend of fintech-driven financial innovation (Gomber et al., 2018; Ozili, 2020). Many
fintech firms collaborate with commercial banks to develop innovative financial products.
Examples include partnerships such as the ComB consumer lending product between

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