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Credify and Phuong Dong Commercial Joint Stock Bank, and consumer finance services
provided through the cooperation between VPBank and FE Credit. These developments
demonstrate how digital financial innovation is gradually reducing barriers to financial
access and contributing to the expansion of inclusive financial services in Vietnam.
The rapid development of digital payment infrastructure has also strengthened the
integration of financial services across different sectors of the economy. In the first ten
months of 2025, transactions processed through the Interbank Electronic Payment
System increased by 5.47% in volume and 48.92% in value compared with the same
period in 2024. Transactions processed through the Electronic Financial Switching and
Clearing System increased by 20.42% in volume and 6.77% in value, while POS
transactions rose by 7.73% in volume and 2.27% in value. In contrast, ATM transactions
declined by 17.03% in volume and 5.95% in value, reflecting the ongoing shift toward
digital payment channels.
In this context, fintech platforms have increasingly targeted underserved segments
of the population, particularly individuals in rural and remote areas who previously had
limited access to formal banking services.

Figure 3: Growth of fintech companies in Vietnam
Source: EY (2024).
Modern distribution channels based on digital technology applications are
developing strongly in both quantity and quality. There are: (i) 50 non-bank organizations
providing payment intermediary services, including 47 organizations providing e-wallet
services, 48 ​ ​ organizations providing electronic payment gateway services and
supporting collection and disbursement, and 1 organization providing financial switching
and electronic clearing services; (ii) 81 organizations providing payment services
implementing internet payments with the number of transactions increasing 9.5 times in
quantity and 3.48 times in value compared to the same period in 2020; 51 organizations
implementing mobile phone payments with the number of transactions increasing 15.91
times in quantity and 8.73 times in value compared to the same period in 2020; (iii) The
three units implementing the Mobile-Money pilot program (VNPT-Media, MobiFone,
Viettel) have established 11,884 business points, with a total of 276,239 payment
acceptance units, providing essential payment services such as electricity, water,
education, telecommunications, and public administration.
The progress of digital finance in Vietnam is also reflected in its performance in
international financial inclusion indicators.

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