Vietnam’s fintech sector enters a post-MoMo reality
The country has close to one million active enterprises, the vast majority of them SMEs
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IF THERE was one company that defined the first chapter of Vietnam’s fintech journey, it would be MoMo.
What began in 2010 as a simple mobile wallet is now a firm that serves over 30 million users and is at the centre of a market projected to reach US$83 billion by 2031. MoMo’s scale is undeniable, processing 5.5 billion transactions in Q1 2025 and hitting profitability in 2024.
More importantly, the company reshaped consumer behaviour: It accelerated cashless payment adoption in Vietnam. Nationwide, non-cash transactions rose 43.4 per cent year on year, with values up 24.2 per cent, as Internet and mobile payments expanded strongly.
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