The expansion is being fuelled by increased bank penetration and a continued shift among Vietnamese consumers towards electronic payments. As more individuals open bank accounts and adopt cashless payment methods, the use of debit cards has seen a steady rise across the country.

The report posits that the regtech sector will experience steady growth over the next several years, with a compound annual growth rate of 22 percent during the 2024-2029 period. This sustained expansion reflects the increasing demand for regulatory technologies in areas such as financial services, data protection, and risk management…

Of note, last year allegations emerged bank customers were allegedly being told by staff at several, banks they were depositing money into high-interest savings products, but in reality, they were being sold insurance policies. This did broad reputational damage to the insurance industry from which it looks to still be struggling to recover…

Vietnamese economist Tran Dinh Thien, has told local news outlet Vietnamnet that Vietnam’s ‘socialist-oriented market economy’ model needs a revamp, with its progress hindered by an over emphasis on the ‘socialist-oriented’ part rather than the ‘market economy’ part. “…Development inclines to ‘socialist orientation’, while the ‘market’ factor has been somewhat restrained which makes it unable to develop in [sic] the right track,” he told the publication…