Vietnam, a nation known for its rich culture and rapid development, has emerged as an enticing hotspot for fintech innovation.
With a youthful population, increasing mobile and internet penetration, and a government eager to modernise its financial landscape, the Southeast Asian nation presents a vibrant stage for the fintech industry.
Digital transformation of the Vietnamese economy is at the top of its government’s agenda. The government has set a target for the digital economy to account for 30 per cent of GDP by 2030. To achieve this, the country has identified key focus areas, including fintech, e-commerce, digital payments and other emerging technologies such as artificial intelligence (AI), blockchain and the internet of things (IoT).
Figures from the Vietnam Banks Association (VBA), Vietnamese banks have invested over $660million into digital transformation, while a recent report by market intelligence firm IDC, global payments platform 2C2P and Ant Group identified the SEA as leading digital economy growth at 15.8 per cent for the next five years, outpacing the United States and EU.
Although Vietnam remains a predominantly cash based economy with a majority of the population not being part of the banking ecosystem and 80 per cent of transactions still performed offline in cash, this is changing rapidly.
Against this backdrop, an upcoming UK fintech trade mission, organised by the Department for Business and Trade Vietnam team (DBT Vietnam), offers a unique gateway for innovative firms to tap into the potential of the burgeoning region.
From 4 to 8 March 2024, companies will head to Hanoi and Ho Chi Minh City to gain insights into the region and explore business opportunities through meetings with key stakeholders. The mission aims to foster collaboration and partnerships between the UK and Vietnam in the fintech, FPS (financial payment system), and banking sectors.
The mission is part of of UK-Southeast Asia Tech Week 2024, which will bring together regulators, policy makers, government officials, academics, investors, and companies to celebrate, showcase and discuss the UK-Southeast Asia technology partnership.
During the mission, delegates will have the opportunities to engage with Vietnam’s top local banks and IT Associations, including the Vietnam Software & IT Services Association. Delegates will also attend visits at Vietnam’s biggest tech conglomerates and enjoy free access to South East Asia Tech Week’s conferences, receptions and networking events.
Fintechs that are currently interested in South East Asia and the Vietnam market, or also have expansion plan to the region can register their interest in the fintech trade mission online.