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Vietnam Fintech Market Growth 2021

Vietnam fintech market was worth USD 7.23 billion in 2020 and is further projected to reach USD 23.2 billion by the year 2027, growing at a CAGR of 18.0% during the forecast period.

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Vietnam Fintech Market Growth 2021

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  1. Vietnam Fintech Market, By Service Propositions, Trend Analysis, Competitive Market Share & Forecast, 2021-2027

  2. Vietnam Fintech Market- Industry Trends & Forecast Report 2027 A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the Vietnam fintech market was worth USD 7.23 billion in 2020. According to the study, the market is estimated to grow at a CAGR of 18.0%, earning revenue of around USD 23.2 billion by the end of 2027. The combination of low financial inclusion and high technological advancements in Vietnam make it a lucrative market for fintech companies. The growth of the Vietnam fintech market can also be attributed to the increasing income, especially of the middle-class groups, growing penetration of smartphones, and dependency on internet services, along with favorable government policies to boost digitization in the country.

  3. Growth Drivers  Progressive Government Policies Vietnam's government is extremely interested in fostering the fintech industry and implementing pro-growth government policies. The government is paying proper attention to the creation of a fintech regulatory 'sandbox' framework. The Sandbox term refers to the regulatory exemptions granted to certain fintech businesses and companies for a set period of time in order to develop and test new products, services, and models. A trial-and-error method like this fit well with the Vietnam fintech market, which is still in its infancy.

  4. Restraints  Crunch of Specialized Personnel Due to Fintech Boom The fintech sector is booming rapidly in Vietnam but the lack of specialized human resources is acting as a major restraint for the market growth. Similarly, fintech startups are increasing at a rapid pace, but there is a shortage of professionals who possess the knowledge and understanding of the industry to fill in the gaps within these firms. Due to this, the companies are struggling to survive and keep up with the rapidly changing global market. Sample Copy of the Report: https://www.blueweaveconsulting.com/report/vietnam-fintech-market/report-sample

  5. Impact of COVID-19 on Vietnam Fintech Market The sudden COVID-19 outbreak in the country provided enormous growth opportunities to the Vietnam fintech market. The dependence on payment apps amplified several folds due to the growth of the e-commerce sector during the pandemic. Additionally, the adoption of fintech services witnessed a sharp boom in the non-banking financial companies as well as microfinance institutions, after the pandemic. The banking and non-banking sector are currently focusing on expanding their customer base through these services. Furthermore, growing investment in blockchain technology after the pandemic is also providing significant growth opportunities to the market.

  6. Vietnam Fintech Market-Competitive Landscape The leading players in the Vietnam fintech market are MoMo, Nextpay, Zalopay, VayMuon, Kilimo Finance, VNPAY, Coin98, Rikkei Finance, VIU APP, Bizzi, Fundiin, and other prominent players. Since Vietnam's fintech market is still growing, it is highly fragmented among many fintech startups and companies. The startups are going the extra mile to make space for themselves in the lucrative market with the launch of a wide range of apps and services. They are also counting on advertisement and marketing strategies to create brand awareness among potential consumers. Furthermore, the adoption of competitive strategies, such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.

  7. Recent Developments In November 2021, GIMO, Vietnam’s fintech startup offering on-demand pay for blue-collar workers, announced to have raised USD 1.9 million in the seed funding round led by Singapore’s Integra Partners.

  8. Key Players MoMo, Nextpay, Zalopay, VayMuon, Kilimo Finance, VNPAY, Coin98, Rikkei Finance, VIU APP, Bizzi, Fundiin, and other prominent players

  9. About Us: Blueweave Consulting offers a one-stop solution for your market intelligence needs for any service or product. You get well-researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well-informed and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk-return trade-off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavors successful.

  10. Contact Us:  +1 866 658 6826 +1 425 320 4776 +44 1865 60 0662  info(@)blueweaveconsulting.com  www.blueweaveconsulting.com

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