The factors impact on the development digital finance in Vietnam

Abstract

The development of digital technology in the financial industry has been creating a significant
change in consumer behavior when they access and use digital financial services. To assess the
development of digital financial services in Vietnam during this period, the authors analyzed the factors impact on the development of digital finance, including: Government administration; The development of technology; Financial literacy and Social factors. Research result shows that Vietnam has advantages in terms of a high number of Internet users, good financial understanding of the people, and willingness to accept new technologies. Besides, Banks and Fintech companies are making efforts to apply digital technology in their products. However, research also shows that an inadequate legal system is one of the factors slowing down the development of digital finance. Based on the research results, the authors have made a number of implications to develop digital financial services in Vietnam.