Saving after managing expenses remains a priority for low- and moderate-income (LMI) people in Vietnam who aspire to lead a better life, absorb income shocks, and strengthen financial resilience. However, formal savings remain a challenge, particularly in rural areas. MSC proposes a three-pronged approach to foster small savings for LMI people in Vietnam using technology, smart product design, and innovative distribution platforms. Read our blog to find out more.

Vietnam is a cradle for the next generation of FinTechs that will drive financial inclusion. This blog explores the impact of the COVID-19 pandemic on the FinTech ecosystem of the country.

Vietnam remains a nascent FinTech market, where payment solutions account for 98% of the share of FinTech funding in 2019. This report assesses the impact of the COVID-19 pandemic on the FinTech ecosystem of Vietnam. It also provides recommendations for relevant stakeholders to help affected FinTechs recover from the crisis.

As part of the i3 Program in Vietnam, we met Nguyen Huong, a micro-entrepreneur in Vung Tau. Huong’s story is a perfect example of the journey of women-led MSMEs who utilized social media and digital payments to keep their businesses in operation during COVID-19.

During the pandemic, Duong Thi Thuy, a mobile money agent in the Quang Ninh province, improvised her business to help her community follow the guidelines on social distancing and government norms. This is her story about the adoption of DFS and how it changed her life.