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No Open Banking

A fast growing nation on the eastern edge of Southeast Asia.

The internet penetration, as of 2021, was 70%.

Vietnam has both a rapidly growing population and a rapidly improving GDP.  Between  2002 and 2021, GDP per capita increased 3.6 times. The growth is not equal across the country, with approximately 69% of the population unbanked.

The government has made financial inclusion a priority, with the aim of 85% of the population owning a bank account by 2025. In some remote parts of the country, where banks have difficulty opening offices, residents are not aware of financial services. Awareness of Open Banking is growing in Vietnam, with two banks having launched developer portals with open APIs and two more actively looking towards Open Banking development.

Vietnam ranked 53rd out of 134 countries in Wiley’s Digital Skills Global Index 2021.