Developing the Peer-to-Peer lending model in Vietnam: Current situation and policy completion requirements

Abstract

This article analyzes the robust development of the peer-to-peer (P2P) lending model in Vietnam amid the boom of financial technology (Fintech). While this model offers people more convenient access to capital, it also poses numerous risks due to the lack of a clear legal framework, information transparency and effective oversight mechanisms. The content focuses on clarifying the nature, operational characteristics, current development status, and major challenges such as credit risk, data security, fraud, money laundering and the potential for financial system instability. The article therefore proposes the urgent need to complete the legal corridor, build an independent credit scoring system and enhance transparency and consumer protection.