Digital Transformation for Vietnam’s key sectors – Opportunities and Challenges

05 December 2023 - 06:39 PM Alternate Text


Hanoi, December 1st, 2023 - Ms. Oanh Tran (Manager, Market Research & Consulting, FiinGroup) joined “Vietnam Digital Business Seminar 2024” as speaker. The event was organized by the Korean Federation of SMEs (‘KBIZ’), Korea IT Cooperation Center (‘KICC’) and National IT Industry Promotion Agency (‘NIPA’). The event attracted over 100 representatives of Korean enterprises in the field of digital technology and fintech to drive transformation and foster connections between Korean - Vietnamese enterprises.  

During her keynote presentation titled "Digital Transformation in Vietnam," Ms. Oanh provided insightful assessments of the current situation and growth drivers in Vietnam's ongoing digital transformation. FiinGroup’s expert delved into the key sectors, discussed challenges, and suggested solutions to emerging issues from the perspective of a market insider.  

Below are some highlights taken from the keynote presentation:  

  • Vietnam's digital economy is experiencing continuous expansion, securing the top position for growth within the Southeast Asia region. This growth is attributed to the robust support from the Vietnamese government, including the three-pillar National Digital Transformation initiative, favorable demographic factors, and improving infrastructure.  

  • Vietnam is acknowledged as a thriving hub for Fintech development, witnessing a surge in the number of firms, particularly in digital payment and lending services. The Insurtech sector presents substantial room for expansion due to the modest insurance penetration rate and growing demand. Additionally, the Edutech market has solidified its position in the Top 10 globally, showcasing the country's commitment to innovation and modernizing the educational sector.  

  • In regards to Banks and FinCos, digital transformation brings clear benefits to both the front-end and back-end processes, allowing the enhancement of efficiency and service quality for customers. Artificial intelligence (AI) plays a significant role in the financial sector, particularly in tasks related to debt reminders and customer services, contributing to operational efficiency. Collaboration between banks, financial institutions, E-wallets, E-commerce platforms, and digital payment platforms is on the rise, broadening avenues for product offerings and incentive programs.  

  • Challenges and emerging issues in Vietnam's digital transformation include the absence of a comprehensive legal framework, particularly impacting digital startups. Inadequate security infrastructure poses cybersecurity risks for technology firms and their users. Furthermore, private equity investment in startups has declined amid economic challenges, indicating a more cautious approach by investors.  

Download presentation deck HERE

About FiinGroup

FiinGroup is Vietnam’s leading provider of financial data analytics platforms, business information, market research and consulting, credit ratings, and other data-driven analytics services via Platform as a Service (PaaS), annual package, and on-call services.

FiinGroup has successfully supported the completion of numerous economic concentration notification dossiers, conducted many independent market research reports, commercial due diligence in M&A transactions, M&A transaction advisory and other services, assisting domestic and foreign investors to successfully penetrate/expand business in Vietnam.

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