Impact of COVID-19 on FinTechs: Vietnam

Vietnam remains a nascent fintech market, where payment solutions account for 98 percent of the share of fintech funding in 2019. While the pandemic barely affected some fintechs in Vietnam, such as e-commerce and online food delivery firms, others were hit hard. Early-stage start-ups struggled as funding from banks and investors dried up.

This report assesses the impact of the COVID-19 pandemic on the fintech ecosystem of Vietnam, highlighting the impact on the operations, revenue, and coping strategies of fintechs. It explores investor sentiments and the impact of government policies on the development of fintechs in the country. The report further provides recommendations for relevant stakeholders to help affected fintechs recover.