Industry experts and regulators meeting in Hanoi this week called on Vietnam to accelerate its regulatory sandbox framework for fintech, arguing that the country’s new international financial centers and ambitious growth targets demand faster progress on alternative funding channels. The push comes as Vietnam’s Ministry of Finance estimates the country needs USD 1.46 trillion in investment over the next five years to hit its growth goals, more than double the previous five-year period.
Key Facts At A Glance
- Experts spoke at the “Synchronized Solutions for Capital Market Development” conference in Hanoi on July 23, 2026, hosted by The Investor magazine
- Vietnam’s Ministry of Finance estimates the country needs to raise USD 1.46 trillion in investment over five years to meet growth targets through 2030
- Credit currently equals 146 percent of GDP as of end-2025, according to BIDV chief economist Can Van Luc
- The Vietnam Association of Small and Medium Enterprises says SMEs currently have no viable funding channel outside traditional bank lending
- A sandbox mechanism for innovative startups is being incorporated into draft changes to the Securities Law, according to the State Securities Commission
- International financial centers in Ho Chi Minh City and Danang have sandbox provisions built into their legal framework through government decrees
- Initial sandbox licensing will be restricted to established institutions with strong international reputations
Regulators Point To Funding Gap
Speaking at the conference, Nguyen Van Than, chairman of the Vietnam Association of Small and Medium Enterprises, said small businesses in Vietnam currently have no viable funding channel outside traditional bank lending. He called for a sandbox framework that would allow peer to peer lending and alternative finance models to operate, noting that neighboring countries have already implemented similar frameworks and that Vietnam risks falling behind.
Vu Chi Dung, head of the legal and foreign affairs department at the State Securities Commission, said authorities are drafting changes to the Securities Law that would incorporate a sandbox mechanism specifically for innovative startups. A separate government decree on startup innovation is also under development. The goal, he said, is to give early stage technology companies a legal pathway to test financial products and services under regulatory supervision before pursuing full licensing.
Financial Centers Positioned As Testing Ground
Associate Professor Nguyen Huu Huan of the University of Economics Ho Chi Minh City said the newly established international financial centers in Ho Chi Minh City and Danang are the primary locations designated for testing new financial products and models. A regulatory sandbox at both centers has already been written into the legal framework through a series of government decrees, he said, and will become operational once the government adopts its charter for the centers. In its initial phase, licensing will be limited to established institutions with strong international reputations.
Capital Gap Drives Urgency
The push for faster sandbox rollout is tied directly to Vietnam’s financing needs. Can Van Luc, chief economist at BIDV and a member of the National Advisory Council on Financial and Monetary Policy, said the Ministry of Finance estimates Vietnam must raise USD 1.46 trillion in investment over the next five years to meet its growth targets through 2030, more than double the amount raised in the prior five year period. With credit already equivalent to 146 percent of GDP at the end of 2025, Luc said the country needs to develop alternative long-term funding channels rather than relying further on bank lending.