Motivating the formal financial services in Vietnam

Abstract

Formal financial services including variety of providers such as commercial banks, credit organizations,
micro financial organizations, insurance companies, etc. The services nowdays are integrated in to technological
infrastructures of which payment services and transfer services are able to supplied by fintech companies. It
has a lot to do with motivating the formal financial services due to the fact that formal financial facilites can
enhance economic development as well as mitigate the poverty. In Vietnam, people in rural areas also have
limitations in financial services accessment meanwhile the country has some advantages to develop financial
inclusion. In this research, we explore the fact of how Vietnamese people use formal financial services and
make an assessment on the circumstances of financial inclusions development in the country. Some insights
and implications also presented at the end of the paper.