"Current Status and Prospects of Laws and Regulations for the Fintech Industry in Vietnam - In Light of the Establishment of the International Finance Center (IFC) -": Vietnam Team

Current Status and Prospects of Laws and Regulations for the Fintech Industry in Vietnam - In Light of the Establishment of the International Finance Center (IFC) -

1. Introduction

In recent years, the “FinTech” (a coined word combining finance and technology, meaning new financial services and technologies utilizing information technology) industry in Vietnam has been experiencing remarkable growth. According to a market analysis by a private research company, the FinTech market in Vietnam is expected to reach US$41.76 billion by 2029, expanding at a CAGR (Compound Annual Growth Rate) of 20.23% from 2024 to 2029. This expansion is no longer driven solely by spontaneous consumer adoption; it is now underpinned by a structural transformation of the financial sector. In Hanoi and Ho Chi Minh City, the ubiquitous scan of a QR code for everything from street food to luxury goods signals a profound shift: Vietnam has moved beyond the "cashless" tipping point.

Recognizing this momentum, the Vietnamese Government executed a comprehensive legislative overhaul throughout 2024 and 2025 to institutionalize this growth, including the Government Decree on Cashless Payments (No. 52/2024/ND-CP, hereinafter referred to as “Decree No. 52”), Decree establishing a sandbox system for certain FinTech sectors (No. 94/2025/ND-CP, hereinafter referred to as “Decree No. 94”), and Resolution on the pilot scheme of a Crypto Asset Market (No. 05/2025/NQ-CP, hereinafter referred to as “Resolution No. 05”).

Furthermore, by the end of 2025, the ambitious International Financial Center (IFC) project was formally established and operationalized through Resolution No. 222/2025/QH15, hereinafter referred to as “Resolution No. 222”. This IFC project aims to position Vietnam as an innovative hub, seamlessly connecting the domestic market to the global financial network.

This newsletter first examines the current legal framework governing the FinTech sector in Vietnam, focusing on entry requirements, and then considers future prospects in light of the establishment of the IFC.

Please click here for the full newsletter.

【Contents】

1. Introduction

2. Entry requirements for the FinTech Sector in Vietnam

3. IFC Concept

4. Conclusion

【Related Link】

Newsletter

Vietnam

Newsletter