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Figure 4: Vietnam’s Financial Inclusion Index 2023

Source: EY (2024)
According to the Financial Inclusion Index 2023, Vietnam achieved an overall score
of 53.1, ranking 17th globally. The country scored 55.4 in government support (ranked
17th) and 45.5 in financial system support (ranked 20th). Notably, Vietnam performed
particularly well in the employer support dimension, with a score of 77.2, ranking 4th
globally. These results suggest that Vietnam has established a relatively supportive policy
and institutional environment for promoting financial inclusion, although further
improvements in financial system infrastructure remain necessary.
5. Challenges of financial digitalization and financial inclusion in Vietnam in the
era of AI
While Section 4 highlights the rapid expansion of digital financial services in
Vietnam, the effectiveness of financial digitalization in promoting inclusive finance also
depends on the ability of institutions and users to address emerging technological,
regulatory, and social challenges.
Despite the rapid expansion of digital financial services described in Section 4,
several structural constraints continue to limit the effectiveness of financial digitalization
in promoting inclusive finance in Vietnam. These challenges are particularly evident in the
areas of regulatory adaptation, cybersecurity risk management, digital infrastructure
inequality, and financial capability among users.
First, regulatory frameworks for fintech and AI-enabled financial services remain in
a transitional stage. The rapid growth of digital financial platforms, e-wallet services, and
AI-based credit assessment has outpaced the development of comprehensive regulatory
mechanisms. Although Vietnam has introduced several legal instruments related to
electronic transactions, payment services, and digital identification, the institutional
framework for fintech governance remains fragmented. For instance, while the number of
fintech firms in Vietnam increased to approximately 220 by 2024 (SBV, 2025; EY, 2024),
regulatory mechanisms such as a comprehensive fintech regulatory sandbox are still
evolving. This regulatory lag may create uncertainty for financial institutions and fintech
firms attempting to deploy AI-driven financial innovations, particularly in areas such as
algorithmic credit scoring and digital lending.
Second, the expansion of digital financial services has significantly increased
exposure to cybersecurity and data protection risks. As discussed in Section 4, digital
payment transactions in Vietnam have grown rapidly, with electronic payment
transactions increasing by over 42% in volume during the first ten months of 2025. While
this growth reflects strong adoption of digital financial services, it simultaneously expands
the potential attack surface for cyber threats, data breaches, and digital fraud. AI-based
financial services further intensify these risks because they rely heavily on large-scale data
processing and automated decision-making systems. Weak data governance frameworks
and limited cybersecurity capacity could undermine public trust in digital financial
platforms, which is a critical prerequisite for financial inclusion.

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