A representative of Electricity Finance Joint Stock Company shares the enterprise’s contributions to the National financial inclusion strategy. (Photo: Bao Long)

To exchange practical experience and propose policy solutions that enhance the implementation of the National financial inclusion strategy, Nhan Dan Newspaper, in coordination with the Institute for Digital Economic Development Strategy (IDS), have organised a seminar titled “Implementing the National financial inclusion strategy: Opportunities for household businesses to access financial technology and drive growth.”

A boost from cashless payments

A recent IDS research report, “Financial inclusion: The driver for high growth in the 2026–2045 period”, shows that after more than five years of implementing the National financial inclusion strategy, Viet Nam has achieved significant results. However, the gap in access to financial services among income groups and enterprise scales remains substantial.

Only about 50% of small and medium-sized enterprises (SMEs) have bank accounts, while the proportion of low-income earners with accounts has increased by less than 6%. Against this backdrop, financial technology (Fintech) has emerged as a key driver of financial inclusion, expanding access to credit, payments, and financial management for individuals, household businesses, and small enterprises.

According to Doan Ngoc Khanh of IDS, compared to regional countries and others with similar development levels, Viet Nam has made remarkable progress in cashless payments, creating a “push” that is transforming the structure of the traditional financial services market. Fintech not only diversifies and specialises financial services but also draws participation from businesses in various sectors such as retail, transport, and public services. This integration expands customer data and fosters a more dynamic, interconnected digital financial ecosystem.

In recent years, many Fintech companies have leveraged the Strategy’s policy framework to promote digital transformation across supply chains and extend financial services to the household business sector. For example, Finviet Technology JSC, a pioneer in digitalising traditional retail chains, has enabled tens of thousands of convenience stores to adopt e-payments, manage inventory, and sell online.

MoMo Fintech Group has been using technology to connect household businesses and small enterprises within a modern financial services ecosystem. The Electricity Finance Joint Stock Company (EVF) has implemented solutions that link digital transformation with upgrading household businesses into micro, small, and medium-sized enterprises (MSMEs) through digital finance leverage.

Citing a real-life example from a small shop in central Viet Nam, Nguyen Thanh Hien, General Director of Finviet Technology JSC, said that previously, the shop owner recorded sales manually and borrowed from acquaintances at an interest rate of 3% per month. After six months of using POS ECO and e-invoices, revenues became transparent, and transaction data were linked to a bank, allowing SHB to grant a 200 million VND (7,600 USD) credit limit at one-third of the former interest rate. With ECO Pay integration, 70% of transactions shifted to electronic payments, reducing cash risks.

Thanks to stable data, the owner could participate in micro-savings schemes and low-cost health insurance. For millions of household businesses, financial inclusion is not just a slogan—it is a vital lever for thriving in the digital economy.

Dr Tran Van, Director of IDS, affirmed that Viet Nam is developing a unique model for providing digital financial services. Within this ecosystem, Fintech plays a key and indispensable role alongside commercial banks, financial and securities companies, and partners such as public service providers, e-commerce platforms, and traditional retailers. Fintech enterprises not only assist in digitalising household and small business operations but also provide modern, affordable, and accessible financial services.

“Building a policy environment that continuously supports innovation and fosters the growth of new elements such as Fintech is crucial for financial market participants to learn, improve, and enhance competitiveness. Without maintaining an open mindset in policy-making to promote digital transformation, the initial achievements could easily be reversed,” emphasised Dr Nguyen Duc Kien, Chairman of IDS’s Scientific Council and former Head of the Prime Minister’s Economic Advisory Group.

Expanding the Fintech ecosystem

Financial inclusion is not merely a social welfare tool—it is a foundation for inclusive socio-economic development that ensures no one is left behind. Recognising this, Viet Nam has proactively cooperated with the World Bank (WB) to develop its National financial inclusion strategy.

On January 22, 2020, the Prime Minister signed Decision No. 149/QD-TTg approving the National financial inclusion strategy to 2025, with a vision to 2030. The Strategy aims to maximise access to and usage of suitable, safe, and affordable financial products and services for all citizens, especially vulnerable groups and small enterprises.

Since 2008, when Fintech was first licensed to pilot intermediary payment services, the cashless payment sector in Viet Nam has grown rapidly. However, it was not until July 2025 that Decree No. 94/2025/ND-CP was issued, establishing a pilot mechanism for Fintech solutions—thereby expanding the legal foundation for enterprises to provide modern digital services. This marks an important milestone after 17 years, helping to refine the policy framework and create favourable conditions for Fintech to flourish in the digital era.

Le Quoc Minh, Member of the Party Central Committee, Editor-in-Chief of Nhan Dan Newspaper, Deputy Head of the Party Central Committee’s Commission for Information, Education and Mass Mobilisation, and Chairman of the Viet Nam Journalists Association, remarked that the Politburo’s Resolution No. 68-NQ/TW (May 4, 2025) on private sector development clearly states: “Review and perfect the legal framework for individual business activities; narrow disparities as much as possible; and create favourable conditions in corporate governance, financial and accounting regimes to encourage household businesses to transition into enterprises.”

Supporting household businesses in accessing financial technology and transforming into enterprise models is one of the essential solutions already being actively implemented in the market. This effort contributes to promoting private sector development, enhancing competitiveness, and increasing budget revenues.

From the business perspective, Nguyen Tien Sy, Director of Digital Finance Division and Head of the Ha Noi Branch of Electricity Finance Joint Stock Company (EVF), noted: “Financial inclusion cannot become reality if it remains merely a slogan—it requires persistence, systematic investment in technology and human resources, and an empathetic mindset toward the disadvantaged, who silently generate most of the economy’s value yet have limited access to formal financial services.”

Sharing the same view, Tran Quoc Khanh, former Deputy Minister of Industry and Trade and Standing Member of the Prime Minister’s Policy Advisory Council, said that developing financial technology is an inevitable part of digital transformation. However, it also presents major challenges in cybersecurity, data sovereignty, and the competitiveness of domestic enterprises.

“Financial technology helps small businesses and household enterprises reduce costs and improve efficiency, but without adequate legal protection, these benefits could quickly vanish under cyber risks and unfair competition. Viet Nam needs to develop data protection policies, risk insurance mechanisms for start-ups, and clear regulations on cross-border financial services, especially as the sandbox trial period concludes. Technology development depends on data, yet data are also a business asset. The key question is how to share and protect simultaneously. Without timely domestic capacity building, Viet Nam’s Fintech industry may struggle to mature and could be stifled at its inception,” Khanh emphasised.