Hanoi, May 2025 – Vietnam has taken a major step forward in modernizing its financial system with the introduction of Decree 94/2025/ND-CP, which officially launches a two-year pilot program for peer-to-peer (P2P) lending platforms. This new policy not only supports financial inclusion and innovation but also opens promising investment opportunities for foreign fintech players seeking entry into one of Southeast Asia’s most dynamic emerging markets.

Starting July 1, 2025, licensed fintech companies in Vietnam will be permitted to operate legally within a regulatory “sandbox” environment—an official space where new models can be tested under the supervision of the State Bank of Vietnam. This move brings P2P lending out of legal ambiguity and into a structured ecosystem that balances innovation with consumer protection.

A Landmark Opportunity for Fintech Investors

The P2P lending model, which allows individuals to lend and borrow directly through digital platforms without the involvement of traditional banks, has already taken root informally in Vietnam. However, with no prior legal framework, many platforms operated in a gray area—raising concerns over transparency, interest rates, and user protection.

Now, with clear rules and oversight, the sector is being brought into the mainstream. For international investors, particularly those with fintech experience, this marks a unique window of opportunity.

“Vietnam’s sandbox model is a smart, forward-looking strategy,” said Sophie Dao, Senior Partner at GBS – Global Business Services LLC, a leading consultancy supporting foreign investors in Vietnam. “It shows that the government is committed to nurturing innovation while still ensuring trust and transparency. We are already seeing significant interest from overseas clients eager to enter this space.”

Sophie Dao, Senior Partner at GBS

Sophie Dao added that GBS is well-positioned to guide foreign fintech firms through the regulatory, licensing, and business setup processes, including company registration, legal compliance, and partnership facilitation.

Aligning With Global Trends, But With Vietnamese Values

As countries around the world grapple with how to regulate the fast-moving world of fintech, Vietnam’s model stands out for its balance between openness and control. Only a limited number of vetted companies will be allowed into the sandbox, and they must adhere to strict standards regarding data reporting, user protection, and risk management.

“Vietnam isn’t rushing into deregulation,” Dao noted. “It’s learning from global best practices and tailoring a model that fits local conditions. That’s what makes it so attractive for long-term investors.”

The new decree also ensures that P2P platforms address one of Vietnam’s long-standing challenges: access to credit. Millions of small business owners, informal workers, and rural entrepreneurs are currently underserved by traditional banking channels. With P2P lending, individuals can now access loans quickly and digitally, while lenders have new avenues to invest directly in the country’s grassroots economy.

Building a Transparent, Inclusive Financial Future

Decree 94/2025 signals a larger shift in Vietnam’s financial strategy—toward a more inclusive, tech-driven system that embraces change while mitigating risk. It introduces formal oversight for platforms that were once unregulated, creating a safer environment for both lenders and borrowers.

The policy has also been well received by regional analysts and domestic fintech leaders, who see it as an essential step to level the playing field and eliminate predatory or deceptive practices.

For investors, it’s more than a regulatory update—it’s an invitation to be part of a new financial chapter in Vietnam’s development.

GBS: Your Trusted Partner in Vietnam’s Fintech Revolution

With over two decades of experience in legal and business consulting for foreign investors, GBS stands ready to support international players looking to explore Vietnam’s newly opened P2P lending space. From initial market entry to regulatory compliance and ongoing operations, GBS offers comprehensive end-to-end support.

“Foreign investors shouldn’t see this as a short-term play,” Sophie Dao emphasized. “Vietnam is laying the groundwork for a digital economy that will thrive in the next decade—and fintech will be at its core. Those who come early, with the right local guidance, will be in a strong position to lead.”

As Vietnam takes careful, deliberate steps into the future of finance, the world is watching. And for those ready to act, the door is now open.

For consultation on entering Vietnam’s fintech sector, contact GBS at www.gbs.com.vn or reach out to Sophie Dao and her team directly.

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Source: Vietnam Insider

GBS – Global Business Services LLC has been named a finalist in the prestigious Corporate INTL 2025 Global Awards for the category of Financial Services Law Firm of the Year in Vietnam. This recognition highlights GBS’s outstanding contribution to the financial services industry and its commitment to delivering exceptional legal solutions.

The selection process was rigorous, with the organizer’s research team conducting in-depth evaluations over the past six months. By gathering insights from global business leaders, legal advisers, and investors, as well as considering thousands of nomination forms submitted by the publication’s vast database, the shortlist represents the top firms in the field.

Sophie Dao, Senior Partner at GBS, expressed her gratitude for the nomination, saying, “We’re honored to be recognized for our work in the financial services sector. Our team deeply understands the legal challenges foreign investors face when entering the Vietnamese market, and we take pride in providing practical, effective solutions that enable our clients to succeed. This nomination is a testament to our commitment to excellence.”

The winner of the Financial Services Law Firm of the Year award will be recognized as a market leader in the jurisdiction by the readers of Corporate INTL Magazine, solidifying their position as a top provider of legal services in Vietnam’s financial sector.

About GBS – Global Business Services LLC

GBS is a full-service business and legal consulting firm based in Vietnam, specializing in corporate formation, investment advisory, and compliance services for both foreign and domestic businesses. With a proven track record of helping international clients navigate Vietnam’s regulatory landscape, GBS has earned its reputation as a trusted partner for companies looking to establish and grow their presence in the country.

SBI Financial Services Co., Ltd – a Japanese investor – has recently registered to purchase 1 million shares of FPT Securities Joint Stock Company (FPTS – code FTS) from March 16 to April 14 through order-matching method.

At the current market price of FTS shares, the major shareholder from Japan would have to spend approximately VND 19 billion to complete the deal.

Japanese shareholders currently hold almost 47.56 million FTS shares, equivalent to a 24.39% ownership rate. If the transaction is successful, SBI will increase its holdings to over 48.56 million shares, equivalent to a 24.9% increase in ownership rate.

On March 13, the FTS stock price closed at 19,200 dong/share, a 45% increase from the bottom four months ago. Hence, SBI would have to spend around VND 19 billion at this market price to complete the purchase.

SBI has been actively collecting FPTS shares to increase its ownership in the company, as seen in its purchase of 1.7 million FTS shares by Japanese shareholders on January 5, 2023. In 2022, SBI acquired FTS shares four times, with a total volume of over 6.8 million shares.

According to Sophie Dao, Senior Partner at GBS – Global Business Services LLC – The foreign investors may prefer to acquire Vietnamese local businesses as Vietnam has been one of the fastest-growing economies in Southeast Asia, with a GDP growth rate averaging around 6% per year over the past decade.

“The country has made significant strides in improving its business environment in recent years, making it easier for foreign investors to do business in the country. The government has implemented a range of reforms to simplify administrative procedures, reduce bureaucratic red tape, and improve access to financing”, Sophie added.

In terms of business performance in 2022, FPTS’s operating revenue decreased by 39% to VND 850 billion, and profit after tax decreased by 62% to VND 319 billion. In 2023, FPTS is cautious about its target of pre-tax profit, which is set to decrease by 6% compared to the previous year to 680 billion dong. However, the company only achieved 65% of its profit target.

According to the Board of Directors, FPTS could not achieve its revenue and profit plan due to unfavorable market movements in the second half of 2022, causing brokerage revenue to decrease in response to plummeting market liquidity.

As of December 31, 2022, FPTS’s total assets were VND 5,288 billion, down 44% from the beginning of the year. Margin loan balance at the end of the year was only VND 3,461 billion, nearly VND 900 billion lower than the end of the third quarter of 2022.

In 2023, FPTS has set a target of VND 770 billion for total operating revenue and financial revenue, a 26.5% decrease compared to 2022. Its pre-tax profit target decreased by 34% compared to the previous year, down to VND 420 billion.

FPTS plans to submit a proposal to issue 19.5 million shares with a 10:1 issue ratio to shareholders for approval. The estimated implementation time is in the second quarter of 2023. After the issuance, FPTS will increase its capital to over 2,100 billion dong. Furthermore, the company intends to pay a cash dividend at a rate of 5%. With 195 million outstanding shares, it is expected that FPTS will spend VND 97 billion to pay dividends.

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Source: Vietnam Insider

Vietnam Prosperity Joint Stock Commercial Bank (VPBank) is reportedly close to finalizing a deal to sell a 15% stake to Sumitomo Mitsui Financial Group Inc. for $1.4 billion, Bloomberg reported.

People familiar with the transaction indicate that VPBank will sell over 1 billion shares to SMBC Consumer Finance, a unit of the Japanese “megabank,” at a price ranging from 32,000 to 33,000 dong ($1.35-$1.39) each. The deal is expected to be signed later this month.

When contacted for comment, a VPBank representative declined to provide any statement. Sumitomo Mitsui was not immediately available for comment outside of regular business hours.

Sumitomo Mitsui, Japan’s second-largest banking group, aims to capitalize on growth opportunities in emerging Asian markets through acquisitions, which have become increasingly attractive given the limited business prospects at home with low-interest rates and a rapidly ageing population. In November, the bank announced plans to acquire an additional 15% of the Philippines’ Rizal Commercial Banking Corp.

Why foreign investors interested in Vietnamese banks?

More and more foreign investors showed their interest in investing in Vietnamese banks thanks to strong financial performance of the banks in recent years, with stable profits and strong asset growth. This may make them attractive to foreign investors looking for solid returns on their investment.

“Vietnam has experienced strong economic growth over the past few years, which has led to an increase in demand for banking services. Foreign investors may see this as an opportunity to invest in a growing market”, Sophie Dao, Senior Partner at GBS – Global Business Services LLC – an awarded M&A advisory firm told Vietnam Insider.

The country has a stable political environment compared to many other countries in the region. This stability provides a favorable investment climate for foreign investors.

“Beside, Vietnam has been gradually opening up its banking sector to foreign investors, with plans to increase the foreign ownership cap in local banks. This potential for further liberalization may make investing in Vietnamese banks more attractive to foreign investors”, Sophie added.

The banking sector in Vietnam still has a relatively low penetration rate, with many people still unbanked. This presents a significant growth opportunity for banks that can reach out to these underserved populations.

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Source: Vietnam Insider