Viet Nam Eyes Digital Finance as Catalyst for High-Income Ambitions by 2045

Viet Nam is charting a bold course toward becoming a high-income country by 2045, and digital finance is set to play a pivotal role in realizing this ambition. With a strategic focus on fostering innovation, expanding financial inclusion, and transforming its financial ecosystem, Viet Nam is leveraging technology to unlock new avenues for economic growth, job creation, and inclusive development.

These goals are in sharp focus at the Digital Finance Inclusion Conference 2025, organized by the International Finance Corporation (IFC), a member of the World Bank Group. The two-day event is bringing together policymakers, fintech innovators, and financial sector leaders from across the Asia Pacific region to explore the transformative potential of digital finance.

A Rapidly Expanding Digital Finance Landscape

Viet Nam's digital finance ecosystem has witnessed remarkable growth in recent years. Much of this progress is driven by two key enablers:

• The National Financial Inclusion Strategy, which outlines ambitious goals to increase access to affordable and inclusive financial services.

• A new fintech sandbox decree, offering a controlled regulatory environment for banks and fintech companies to pilot innovative products before broad deployment.

This supportive infrastructure is accelerating the development of cutting-edge solutions, such as mobile wallets, AI-powered credit scoring, and open banking platforms. According to the World Bank Group's Global Findex 2025, over 70% of Vietnamese adults (15+) now own a financial account, and 62% engage in digital payments, reflecting both growing digital literacy and broadening access to financial tools.

Strong Foundations: Connectivity and Innovation

Viet Nam's digital progress is further enabled by widespread connectivity, with internet coverage reaching 80% of the population. This foundation positions the country to scale new financial services quickly, even in rural and underserved communities. Deputy Governor of the State Bank of Viet Nam, Pham Thanh Ha, emphasized the strategic significance of digital finance in the country's development journey:

"Digital finance is central to our vision — enabling secure transactions, expanding business access to capital, and strengthening cross-border connectivity. By promoting innovation responsibly and aligning with global standards, Viet Nam can become a competitive regional hub."

This future includes the launch of international financial centers, which are expected to elevate Viet Nam's role in the global financial system.

Global Partnerships and Regional Momentum

The Digital Finance Inclusion Conference is supported by the Vietnam Banking Association, the Australian Government, and the Swiss State Secretariat for Economic Affairs (SECO). Sessions focus on practical strategies to integrate emerging technologies across financial services, including:

• AI-driven credit scoring

• Alternative data models for loan eligibility

• Open banking frameworks

• Digital ID integration for secure access

Experts note that a robust digital finance ecosystem boosts productivity across industries such as manufacturing, logistics, and exports by reducing transaction costs, enhancing risk management, and improving market access.

The Role of MSMEs and Job Creation

Micro, small, and medium enterprises (MSMEs) are set to benefit immensely from Viet Nam's digital finance reforms. With tailored fintech solutions, MSMEs can:

• Access credit more easily

• Reduce operational inefficiencies

• Reach customers beyond traditional markets

Thomas Jacobs, IFC Country Manager for Viet Nam, Cambodia, and Lao PDR, stressed the catalytic role of digital finance:

"Digital finance is more than a driver of innovation — it's a key enabler of broader economic transformation. With the right mix of technology, sound regulation, and targeted investment, Viet Nam can foster a dynamic fintech sector that enhances competitiveness, supports MSME growth and entrepreneurship, creates much-needed quality jobs, and ensures financial services are accessible to everyone."

Regional Context: Learning from Asia-Pacific Leaders

The conference also builds on regional momentum, drawing lessons from trailblazers like:

• Singapore and Australia, with their advanced open finance ecosystems

• The Philippines, which is scaling nationwide digital payment systems

• The broader Mekong region, where digital innovation is reshaping financial services through open banking pilots, sandboxing mechanisms, and digital ID rollouts

This regional cooperation underscores the shared challenges and opportunities in creating inclusive, tech-driven financial sectors.

Looking Ahead: A Digitally Inclusive Future

Viet Nam stands at a transformative moment. By continuing to invest in digital infrastructure, enabling regulatory frameworks, and public-private partnerships, the country is poised to deliver on its economic ambitions. Digital finance will not only power new jobs and businesses — it will also ensure that growth is broad-based, inclusive, and sustainable.

As the Digital Finance Inclusion Conference 2025 signals, Viet Nam's path to high-income status will be written in code, powered by innovation, and driven by the vision of a financially inclusive future.