Vietnam will begin a two-year regulatory sandbox for selected fintech services, including peer-to-peer (P2P) lending, credit scoring, and open banking data sharing, starting July 1, under a government decree issued earlier this week.
Decree 94, released on April 29, establishes a controlled testing environment for financial technologies within the banking sector.
The sandbox will be overseen by the State Bank of Vietnam (SBV) and is intended to encourage innovation while ensuring consumer protection and market stability.
Under the framework, only SBV-licensed companies will be permitted to conduct P2P lending during the pilot.
The model allows individuals to lend and borrow funds directly via digital platforms, bypassing traditional financial institutions.
Foreign banks are excluded from the program, although licensed credit institutions and fintech firms are eligible. However, participation in the sandbox does not imply future regulatory approval once permanent laws are enacted.
The SBV estimates there are currently about 100 P2P lending platforms operating in Vietnam, many backed by foreign investors.
Authorities have expressed concerns over transparency, citing the absence of formal loan management mechanisms and an increased risk of fraud and disputes.
The central bank has also warned of some firms misusing the P2P label to promote misleading investment schemes or impose excessive interest rates under the guise of low-cost loans.
In addition to P2P lending, Decree 94 authorizes the controlled testing of credit scoring systems and data sharing through open application programming interfaces (APIs), a key component of open banking frameworks.
These services are widely used across Vietnam’s growing fintech sector, which comprises approximately 200 companies—90% of which provide digital solutions to banks, such as e-wallets and financial apps.
The government says the sandbox aims to enhance financial inclusion by expanding access to low-cost, efficient services for consumers and small businesses. It also seeks to strike a balance between innovation and risk management in the evolving digital finance ecosystem.
