Building a financially inclusive Vietnam by 2050

Imagine a future where anyone in Vietnam – from farmers in the Mekong Delta to traditional artisans in mountainous areas – can access the financial tools they need to earn, save, insure, and invest. That’s the vision RMIT experts say fintech could help realise by 2050, if innovation continues to move hand in hand with trust, education, and inclusion.

Financial inclusion is a fundamental goal in Vietnam’s long-term development. As stipulated in the National Financial Inclusion Strategy until 2025 with a vision to 2030, it means providing people and enterprises with safe and convenient access to affordable financial services, such as money transfer, payment, credit, savings, and insurance. The focus is on people from low-income and vulnerable groups, and enterprises operating on a micro, small, or medium scale.

Major strides have been made in expanding financial inclusion in Vietnam over the past decade. In 2015, only about 31 per cent of adults had a payment account. That number rose to over 87 per cent in 2024. Official reports also show that since 2020, cashless transactions have increased by over 34 percent, with many public sector payments now fully cashless.

According to Dr Huy Pham, a senior lecturer in Finance at RMIT University, fintech innovations have significantly contributed to improving financial access in Vietnam. “The success of mobile banking, QR code payments, and e-wallets has been truly remarkable,” he says.

With over 30 million active accounts as of March 2025, e-wallets such as MoMo and ZaloPay have provided a convenient way for people to conduct a plethora of transactions. Meanwhile, mobile money services (wherein people can use their mobile phone subscription accounts to make small-value payments) have reached 9.6 million users by the end of 2024, 72% of whom live in rural areas.

“Such innovations have been instrumental in getting more people in remote and rural areas to participate in the digital economy,” Dr Huy says.

New technologies, new opportunities

Dr Huy and his fellow Fintech-Crypto research co-lead at RMIT, Dr Phong Nguyen, see blockchain and AI as having strong potential to support financial inclusion in the decades to come.

“Technologies will continue to play a key role in shaping the future of financial access, especially with the rapid adoption of AI and blockchain, which the government has identified as new growth areas,” says Dr Huy.

Considering the government’s National Blockchain Strategy and ongoing development of a regulatory framework for cryptocurrency and digital assets, the RMIT researchers believe decentralised finance (DeFi) will have a growing role in expanding financial services, offering new models such as staking, lending, and liquidity provision.

Dr Phong, who is a lecturer in Blockchain Enabled Business, explains that blockchain and the DeFi models, if managed and regulated properly, will greatly enhance financial inclusion in Vietnam.

“As they leverage decentralised databases and algorithms, these models offer alternative financial services and products without the involvement of traditional banks. They allow anyone with an internet connection and a smartphone to access and use them,” he says.

In addition, Dr Phong anticipates that AI will continue to play an important role in reinforcing financial innovations such as mobile apps, online payment platforms, and DeFi models.

“AI will allow fintech firms to enhance customer experience by offering features that are customised for a wide range of users with different backgrounds and levels of experience with technologies,” he says.

Trust, education, and evolving regulation

The growing trajectory of technologies and innovations in finance will allow more people to get access to financial services, thus improving the quality of life in Vietnam in the decades to come.

“However, as people are exposed to technologies, they are also vulnerable to greater risks of cyber attacks where they could lose access to their accounts and money,” Dr Phong warned.

“Strong public education about a wide range of cyber risks and attacks related to digital financial services and products is critical to ensure sustainable growth in both fintech and financial inclusion in Vietnam.”

Meanwhile, Dr Huy highlights the importance of improving regulations, commending the recent frameworks issued by the government to pilot various innovative fintech products.

For instance, Vietnam has begun a two-year regulatory sandbox for selected fintech services, including peer-to-peer (P2P) lending, credit scoring, and open banking data sharing, from 1 July 2025, following the government’s Decree 94/2025/ND-CP.

While this is a positive step, Dr Huy notes the current limitations. “The sandbox only permits companies licensed by the State Bank of Vietnam to conduct P2P lending during the pilot, which may result in a limited number of companies joining,” he says.

He recommends the government speed up the selection process of companies and expand the range of products that are allowed – especially in the context of the upcoming Law on Digital Technology Industry and resolutions regarding international financial centres and crypto assets.

The long view

Looking ahead to the next 25 years, both experts remain optimistic.

“Technology adoption and technology-related education are key for long-term financial inclusion, and I have seen great development of both elements,” says Dr Phong.

“Many people, especially young generations, are very proficient at using a wide range of digital platforms and financial services, and they are eager to learn about their implications across business and daily life.”

Dr Huy agrees, pointing to the accelerating role of AI as another highlight. “Technology, especially AI, is growing at a rate we have never experienced before, and we can expect AI to be deep-rooted in our daily life in the next two or three decades.”

“It will remove many barriers – including knowledge, language, and technology – and allow Vietnamese people to access a wider range of financial services,” he says.

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Vietnam 2050: The vision ahead is a thought leadership series powered by RMIT Vietnam’s academic experts, exploring what Vietnam could become over the next 25 years. Each article unpacks potential major shifts – from smart cities and education to tech and entrepreneurship – offering bold predictions and practical ideas for a future-ready nation. Discover more insights here.

Story: Ngoc Hoang