Vietnam Fintech Pivots to SMEs as Consumer Payment Market Saturates
Vietnam's fintech market shifts from consumer payments to SME lending as digital wallet saturation peaks. Business-focused services now grow 24% annually, signaling a structural market pivot.
Vietnam's fintech market is entering a new phase, as the consumer payment segment reaches saturation and a wave of business-focused financial services targets the country's nearly one million active enterprises.
The Vietnam fintech market is valued at US$4.33 billion in 2026 and is projected to reach US$8.85 billion by 2031, growing at a 15.37% annual rate. Within that broader figure, business users are scaling at 24.38% annually, significantly outpacing the overall market.
MoMo's Success Signals a Market Ceiling
MoMo, Vietnam's dominant mobile wallet, processed 5.5 billion transactions in Q1 2025 alone and achieved profitability in 2024. The platform now serves over 30 million users and helped drive non-cash transaction volumes up 43.4% year-on-year.
However, that success has also commoditized the consumer payment segment MoMo helped build. More than 87% of Vietnamese adults now hold bank payment accounts, with over 95% of transactions conducted through digital banking channels. Instant bank transfers are free. VietQR is everywhere. QR code payment values surged 128.15% in 2025, yet no single platform retains a competitive advantage from the format.
Non-cash payment value reached 28 times Vietnam's GDP in 2025, a figure that signals infrastructure maturity rather than continued opportunity in consumer payments.
SME Financial Services Emerge as the Primary Growth Layer
With consumer payments largely settled, attention is shifting to Vietnam's approximately one million active enterprises, most of them small and medium-sized businesses. These companies face fragmented financial infrastructure, high foreign exchange costs, and limited access to working capital.
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The Vietnam fintech SME lending market is already valued at US$1.1 billion, with working capital loans as the dominant product. Key players including Trusting Social, Lendbiz, Fundiin, and Kredivo Vietnam are active in this space. ROSHI, a Singapore-based AI lending platform, obtained a Vietnam business license in 2025, entering through local banking partnerships rather than building direct consumer brands.
58% of Vietnamese SMEs report that digitalization helps them reach international markets, making cross-border payment infrastructure a high-priority product category for this segment.
Infrastructure Investment Replaces Consumer App Competition
Regional fintech companies are responding with infrastructure-first strategies rather than consumer-facing products. Airwallex acquired Vietnam-based CTIN Pay to gain local regulatory standing for B2B cross-border settlement. Singapore-based Thunes partnered with Vietnamese fintech FinFan to build cross-border payment rails targeting businesses managing international trade.
These moves align with the broader Southeast Asia B2B payments market, valued at US$44.5 billion in 2024 and projected to reach US$105.6 billion by 2033, according to industry research.
Vietnam's fintech ecosystem now includes over 200 local and foreign players, having quadrupled since 2015. The State Bank of Vietnam's regulatory sandbox under Decree 94 supports pilots for P2P lending, credit scoring, and open APIs, providing a structured pathway for new entrants.
Geographic Concentration Creates Expansion Opportunity
Southern Vietnam, anchored by Ho Chi Minh City, currently holds between 47.75% and 48.5% of total fintech market share. Northern Vietnam, Central Vietnam, and the Mekong Delta remain underpenetrated, with expanding 5G infrastructure targeted for scale by 2030 expected to open new corridors for SME fintech adoption.
PwC Vietnam has noted the payments landscape is evolving rapidly beyond consumer use cases, with business financial services representing a structurally distinct and underserved opportunity.
The Vietnam fintech market is projected to reach between US$63.25 billion and US$79.25 billion by 2033 to 2034, with B2B segment development cited as a primary growth variable across multiple forecasts.
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