Nguyen Ba Diep, co-founder of MoMo

Nguyen Ba Diep, co-founder of MoMo, stressed that for fintech in Vietnam to thrive, regulatory barriers must be eased. Currently, a fintech firm often falls under the oversight of four or five ministries, with overlapping reporting requirements and conflicting procedures.

“A one-stop mechanism would allow companies to focus on innovation and business instead of wasting time on paperwork,” he said.

He also highlighted the need for secure, multi-source open data sharing to support credit scoring systems, which could lower borrowing costs for citizens. If banks can access lawful data from social security, healthcare, e-commerce, and telecommunications, they will be able to better assess repayment capacity, reduce risks, and cut interest rates.

Diep further proposed expanding bank-fintech partnerships to establish digital banks, combining fintech's strengths in technology, data, and user experience with banks' capital and risk management. This model, already proven in South Korea, China, Singapore, and Indonesia, can promote equal access to financial services and lower costs for customers.

“The most important is shortening the lifecycle of testing and licensing,” he emphasised. “A technology may last only a year. If licensing takes several years, the model loses its innovation and relevance.”

Expanding sandbox frameworks, controlled testing with fast, simple, one-stop licensing, is therefore crucial to keeping Vietnam's fintech startups competitive.

Dang Thuy Ha, CEO of Talenet

If sandbox policies create an enabling environment, governance capacity is the internal strength that determines whether startups can survive and grow. Dang Thuy Ha, CEO of Talenet, noted that entrepreneurs are pioneers in turning policies into action, but their management and digital skills remain far below international benchmarks.

To bridge this gap, Talentnet proposed a core competency index for Vietnamese entrepreneurs, covering eight areas: business strategy, people development, financial management, risk management and compliance, digital capacity, innovation, sustainability, and internationalization.

“This would provide a comprehensive tool for entrepreneurs to identify strengths and weaknesses, for enterprises to optimise leadership and operations, and for the government to craft evidence-based policies,” she said.

In parallel, a pilot training programme for 1,000 entrepreneurs in major cities will be launched, before expanding nationally. Designed to international standards, it will blend academic learning with real-world projects, feature domestic and international lecturers, and be co-funded by the state and private sector.

The goal is that within 5-10 years, Vietnam will have a core of 1,000 leading enterprises that will nurture and support 10,000 small- and medium-sized enterprises, driving innovation, digital transformation, and national competitiveness.

Both perspectives converge on one message: for Vietnam's young businesses and startups to break through, two forces must work in tandem. First, a sandbox mechanism to unleash creativity in a flexible regulatory framework. Second, stronger governance to ensure businesses not only survive but also expand globally.

Ha from Talenet cited former Singaporean Prime Minister Lee Kuan Yew, saying, “The wealth of a nation lies in the capacity of its people.”

“For Vietnam, that capacity will be most clearly demonstrated through the vision, resilience, and creativity of its young entrepreneurs in this new era,” she said.