Mobile transactions in Vietnam are forecast to increase by 400 percent by 2025 in the Fintech and Digital Banking 2025 - Asia Pacific Report released by Backbase on May 11.

While Vietnamese goods have become more popular in the domestic market, there's still a long way to go before local products rule the roost.

Vietnam is a promising market for fintech companies thanks to its young demographic, strong e-commerce growth, and increasing smartphone and internet users, heard a conference in Ho Chi Minh City on October 31.

 There is no need for fintech companies and banks to be in competition in Vietnam, a recent forum heard, as working together would expand the market to the benefit of both.