Name
Global FinTech Guide
Country _ Name
Vietnam
SectionTitle
Asset and portfolio management
Body
FinTechs belonging to this category offer asset and portfolio management services via an internet platform or software programs and usually manage and dispose of the assets of their customers long or short term according to their specifications without actually holding the property or the possession of those assets. FinTechs, which provide information about and access to overnight or time deposit accounts at national and foreign banks and which execute the transactions to these accounts, also belong to this category. Some FinTechs however only act on request of the customer.

Aside from that some FinTechs offer software or internet solutions enabling users to manage and plan their personal finances on their own by providing graphics, overviews and compilations of their financial data and sometimes indicating financial risks or opportunities, but without actually managing the assets.

Introduction

Attitude of the country towards modern asset and portfolio management services

In recent years, Vietnam has shown a cautiously supportive attitude toward modern asset and portfolio management services offered by FinTechs, including robo-advisory, automated trading platforms, and digital financial planning tools, with an emphasis on consumer protection, financial stability, and regulatory clarity. The Vietnamese government recognizes the potential of these innovations to enhance financial inclusion and improve investment accessibility, particularly among younger, tech-savvy consumers. This is reflected in national strategies such as the National Digital Transformation Program and FinTech regulatory sandbox mechanism.

However, along with the rapid development of FinTech and the increasing popularity of online investment platforms, the State Securities Commission of Vietnam (“SSC”) has repeatedly warned investors about the risks associated with using unlicensed online securities trading platforms and applications. These platforms, including names like Titi tada, Anfin, Infina, and others, have been found to operate without proper authorization, often promoting investment opportunities through business cooperation contracts that resemble fund management activities. The SSC emphasized that such platforms are not supervised under securities law, leaving investors vulnerable in case of disputes or losses.  



Legal affairs

Obligations and requirements to provide asset and portfolio management, or ancillary services described above

Vietnam currently does not have a unified regulatory framework that directly governs all digital financial management or personal financial planning platforms. However, different regulations may apply depending on the functionality of the FinTech technology.

Asset and Portfolio Management FinTechs
FinTechs that provide non-custodial portfolio management (i.e., managing customer assets without holding them) or account aggregation tools are not currently subject to a clear licensing regime. Consequently, many providers of personal finance tools and software platforms seek to position themselves as software companies. Nevertheless, services that resemble investment advisory or fund management may fall under the supervision of the SSC and require a license under the Law on No. 54/2019/QH14 on Securities, passed by the National Assembly on 26 November 2019, as amended on 2024 (“Law on Securities").

Management of securities investment funds, management of securities investment portfolios as well as securities investment advisory services are carried out by a securities investment fund management company. These business operations are collectively licensed under the License for Establishment and Operation of Securities Business granted to the securities investment fund management company by the SSC. The License for Establishment and Operation of Securities Business for a securities investment fund management company is granted only upon fulfillment of stringent legal requirements, including minimum capital thresholds (VND 25 billion, approx. USD 961,000) and strict eligibility criteria for shareholders and capital-contributing members, with particular emphasis on the qualifications of foreign investors, infrastructural requirements, personnel requirements, and draft charter requirements. After being granted the License for Establishment and Operation of Securities Business, the securities investment fund management company must apply for enterprise registration in accordance with the Enterprise Law.

Securities companies licensed via the License for Establishment and Operation of Securities Business to provide securities brokerage services can also render the entrusted management services for individual investors’ securities trading accounts. However, securities companies are not entitled to be entrusted with full discretion to execute all transactions on the investor’s trading account. Customers must clarify the scope of entrustment or authorization.

Vietnam does not yet permit foreign entities to provide fund management services into its market without a commercial presence. Foreign investors may contribute capital, and buy shares and stakes in securities companies and securities investment fund management companies. A foreign investor that is an organization satisfying specific conditions may hold up to 100% of the charter capital of a securities company or securities investment fund management company. Meanwhile, a foreign investor that is an individual and his/her related persons may hold up to 49% of the charter capital of a securities company or securities investment fund management company.
A foreign securities investment fund management company may establish a branch in Vietnam if it meets strict conditions. Additionally, a foreign securities investment fund management company or foreign securities company may establish only one branch in Vietnam. After being granted the License for Establishment and Operation of Securities Business, the branch of a foreign securities investment fund management company in Vietnam must register its business with the Business Registration Authority. The branch is only permitted to provide asset management services for capital raised from overseas, including assets arising in Vietnam that are formed from such foreign-raised capital.

The branch in Vietnam of a foreign securities company may only provide securities investment advisory services.



Additional comments regarding the legal situation for asset and portfolio management services or what FinTech’s must be aware of in this business area

N/A



Economic conditions

Market size for asset and portfolio management services and biggest companies in this business area

According to T?p chí Tài chính Online, as of mid-2025, there were 43 securities investment fund management companies operating nationwide in Vietnam, managing a total of 123 securities investment funds, with total assets under management exceeding VND 750 trillion (approx. USD 28.85 billion). The publication also noted that “over the past decade, the fund management industry has maintained strong growth, with an average annual growth rate of over 20%.” This expansion is driven by increasing demand for diversified investment vehicles and the rapid emergence of a wealthier, financially literate population.

Some of the top securities investment fund management companies in Vietnam for 2024 include: VinaCapital Fund Management Company, Dragon Capital, Eastspring Investments Vietnam (a subsidiary of Prudential), SSI Asset Management (SSIAM), Mirae Asset Vietnam, and Vietcombank Fund Management (a joint venture between Vietcombank and Franklin Templeton Investments). These firms offer a wide range of investment products, including open-ended funds, ETFs, and structured investment portfolios.



Additional comments regarding the economic situation for asset and portfolio management services or what FinTech’s must be aware of in this business area

Vietnam’s asset and portfolio management services are experiencing rapid growth but still lag behind regional peers in scale and market penetration. The sector has expanded significantly, marking a sevenfold increase since 2014 and an average annual growth rate of 20%. Despite this progress, individual investors tend to favor short-term trading over long-term fund investment, contributing to market volatility. To address this, the Ministry of Finance is implementing strategies to diversify fund offerings, improve distribution channels, and revise tax policies to attract institutional investors.

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