Last year, the UK was Việt Nam’s third-largest trading partner in Europe, while Việt Nam became the UK’s 35th biggest globally, up from the 41st place in 2023.
Under the pilot, only P2P lending companies licensed by the State Bank of Vietnam (SBV) will be allowed to operate. Foreign banks are excluded from participation.
The Ministry of Planning and Investment (MPI) has proposed a controlled pilot programme for fintech activities, including digital asset and cryptocurrency trades at financial centres.
Financial technology (fintech) companies could be a great source of capital for small and micro enterprises, but a complete legal framework is needed to sustainably develop the capital channel, experts said.
In the latest draft, the regulatory sandbox will be developed for three fintech solutions, including credit scoring, open application programming interface (API) and P2P lending.
There have been calls and opinions for the government to expedite the process of establishing a sandbox model to help reduce risks and promote the development of fintech in Việt Nam.
The report, titled "Business Opportunities in Fintech in Viet Nam", provides an overview of the country’s fintech sector, outlining key verticals and emerging trends in the market for Swiss fintech companies.
As fintech is growing at a breakneck pace in the country, laws are playing catchup with the technology. The regulatory gaps put investors at risk and expose the need for legal revision to mitigate the risks.
Phung Anh Tuan, executive vice chairman and secretary general at Viet Nam Association of Financial Investors (VAFI), passed the remarks at the Fintech Revolution Summit in Ha Noi on Monday.