Name
Global FinTech Guide
Country _ Name
Vietnam
SectionTitle
Loan services/factoring/loan broking/finetrading
Body
FinTechs belonging to this category act as a loan creditor (even short and very short-term loans), are broking loans or receivables or conduct factoring of loans, which were given to private or business customers. In this business area you also find “peer-to-peer” (P2P) services, in which FinTechs enable a multitude of users to give loans (and brokered by the FinTech-platform) to other users or companies.

Finetrading is hereby a financial service of FinTechs, where they buy due receivables and grant the debtor an extension of payment time. 

As an ancillary service some FinTechs offer alternative credit assessment services to check the solvency of a borrower.

Introduction

Attitude of the country towards loan-giving-, factoring-, brokerage-, finetrading- and ancillary services

Vietnam demonstrates a cautious yet open attitude toward new financial services supported by FinTech. For banking activities (including loan-giving, factoring, money brokerage, and finetrading), the government encourages traditional credit institutions (“CIs”) to digitize and expand services. FinTechs participating in supply chains or digitizing these processes (e.g., companies providing AI-related solutions such as chatbots and customer inquiry handling) are encouraged to develop but must collaborate with CIs in compliance with the law and CI regulations.

In addition, Vietnam has officially implemented a controlled testing mechanism (sandbox) for new FinTech solutions, including P2P lending and credit scoring, under Decree 94/2025, with stringent conditions for enterprises to participate in the sandbox. Currently, existing FinTech credit-scoring companies are trying to get the Certificate of Participation in the Pilot Mechanism to be able to provide the services lawfully.



Legal affairs

Obligations and requirements to provide loan-giving-, factoring-, brokerage-, finetrading, and ancillary services described above

Financial-related services that are generally banking activities are subject to heavy regulations by the regulators that are designed for CIs licensed by the SBV, except for P2P lending and credit scoring, which can be provided by FinTech companies under the sandbox mechanism.

For credit scoring services, to participate in the sandbox, a company needs to (i) be an entity incorporated under the laws of Vietnam; and (ii) have a legal representative and general director (or director) who holds a university degree or higher in economics, business administration, law, or information technology and has at least two years of experience as a manager or operator of an organization in the field of finance and banking, and is not subject to any prohibitions under the provisions of law. Companies must submit the dossiers to the regulators and the regulators will assess the ability of the companies and provide the decision on the approval.
For P2P lending services, to participate in the sandbox, companies are required to, among other things, (i) have measures in place to determine and manage the maximum outstanding debt for each borrower within the P2P lending solution provided by the company, with real-time reporting and information sharing about the borrower through the Vietnam National Credit Information Center; (ii) ensure that disbursement and repayment of loan principal, interest, and fees for customer transactions within the P2P lending solution is carried out via the customer's payment account at a credit institution or foreign bank branch, or via the customer's e-wallet at a licensed IPS provider; and (iii) have measures in place to ensure that the contract term between the borrower and lender using the P2P lending solution participating in the sandbox does not exceed two years (the term of the sandbox is two years). In addition, the sandbox participant must be a 100% local entity (no foreign ownership allowed). There are also strict requirements for the legal representative and general director (or director) of the company.



Additional comments regarding the legal situation for loan-giving-, factoring-, brokerage, finetrading-, and ancillary services or what FinTech’s must be aware of in this business area

Many FinTech activities which have been previously operated in legal "gray zones" like P2P lending and credit scoring must participate in controlled testing mechanisms. This is an opportunity for FinTechs to legitimize their operations, but also requires strict compliance with conditions on technology, information security, risk management, and human resources as required during the sandbox period.
FinTechs must be very careful not to conduct activities that are exclusive to CIs without proper licensing. Many FinTechs choose partnership models with banks or financial companies to provide their services, leveraging partners' licenses while focusing on their technological strengths.

FinTech financial services, especially those involving money flows, must strictly comply with AML/CFT regulations under the Anti-Money Laundering Law 2022 and related guidance documents. Ignoring these regulations may lead to severe penalties.



Economic conditions

Market size for loan-giving-, factoring-, brokerage-, finetrading- and ancillary services and biggest companies in this business area

According to MD Finance, Vietnam’s loan and consumer finance market is experiencing robust growth, driven by strong economic fundamentals, a rising middle class, and rapid digital transformation. As of 2024, the total value of the Vietnam loan market reached approximately USD 643.23 billion, with projections to grow to USD 989.21 billion by 2030 at a CAGR of 13.22%. The consumer finance segment alone is valued at around USD 6 billion.

In addition, according to Research & Market, the largest players in Vietnam’s loan-giving and consumer finance sector include FE Credit, Home Credit, MCredit, HD SAISON, Mirae Asset, Shinhan, SHBankFinance, Viet Credit, Easy Credit, JACCS, and Lotte Finance.

Additional comments regarding the economic situation for loan-giving-, factoring-, brokerage-, finetrading- and ancillary services or what FinTech’s must be aware of in this business area

N/A.

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