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FinTechs belonging to this category operate crowdfunding, crowdinvesting and crowdlending platforms on which money is raised to invest in various projects, mainly start-up companies and real estate projects.
Crowdfunding is not a defined financial service, but generally used to describe donation-based crowdfunding (the investor donates the money to the project), reward-based crowdfunding (the investor receives an often symbolic consideration for his investment), equity-based crowdfunding (crowdinvesting: the investor participates in the profits of the financed project or acquires shares or debt instruments) or lending-based crowdfunding (crowdlending: the investor is reimbursed at the end of the project with or without interest).
Introduction
Attitude of the country towards crowdfunding, crowdinvesting and crowdlending platforms
Vietnam’s attitude toward crowdfunding, crowdinvesting, and crowdlending platforms is marked by cautious optimism and gradual acceptance, shaped by both cultural and regulatory factors. Traditionally, Vietnamese society places a strong emphasis on personal relationships and community trust, leading to reluctance in sharing business ideas or seeking funding from strangers online due to fears of criticism and loss of face. In addition, the absence of clear regulations creates uncertainty for both platform operators and participants, and increases the risk of legal and financial disputes. The cultural hesitation, combined with the lack of a comprehensive legal framework specifically governing these platforms, has made widespread adoption slower compared to Western countries. However, there is a noticeable shift among younger, tech-savvy generations who are more open to digital platforms and alternative financing, driving increased participation and fostering a culture of innovation and transparency. The Vietnamese government has shown support for fintech innovation and is gradually paying more attention to the development of a legal framework for crowdfunding and related activities. The market has seen the emergence of several local platforms, particularly in reward-based and donation-based crowdfunding, which have gained trust within their communities. Crowdlending is also experiencing growth, especially among SMEs seeking alternative financing options.
While risks such as fraud and lack of investor protection remain, the overall trend in Vietnam is toward greater acceptance and integration of crowdfunding, crowdinvesting, and crowdlending into the financial ecosystem, particularly as awareness and regulatory clarity improve.
Legal affairs
Obligations and requirements to provide crowdfunding, crowdinvesting and crowdlending platforms described above