Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong says the lack of a legal framework for peer-to-peer (P2P) lending has caused many problems. Ministries plan to issue legal documents on the issue soon.

Investors say that Vietnam's Fintech market, including e-wallets, is "extremely explosive", "fertile" and "attractive". But asked if they will invest in these fields, they say no.

A regulatory sandbox is still absent in Viet Nam, although this concept has been talked about for years.

The State Bank of Vietnam (SBV) has been developing a sandbox for fintech banking and gathering feedback on a draft regulating the sector.

The Ministry of Information and Communications has proposed developing a Law on Digital Technology Industry with new content.

The trial Mobile Money service allowed by the Prime Minister will set a precedent for applying a "sandbox" scheme for new services and professions in digital society.

The Government has issued a resolution to create a sandbox for financial technology (Fintech) in the country’s banking sector.

With Mobile Money, people in mountainous areas or islands can remit money and make payments for goods and services through SMS on their mobile phones.

The Vietnamese fintech startup ecosystem is now home to more than 150 companies and brands, covering a broad range of services from digital payments and alternative finance to wealth management and blockchain.  

The new economic models of transportation, lodging services, fintech, energy, and digital entertainment are expected to drive the sharing economy in Vietnam if regulatory sandboxes become more readily available. 

Regulators are working to finalise the sandbox for healthy market development, accelerating economic growth that will help Vietnamese fintech companies bloom.

Opportunities will slip through Vietnamese firms’ hands if a sandbox is not developed soon, NextTech chairman Nguyen Hoa Binh said at a conference on November 7.