Vietnam’s government has approved a two-year pilot programme to test peer-to-peer (P2P) lending, credit scoring, and open API-based data sharing, according to Vietnam News.
Outlined under Decree 94 issued on 29 April, the initiative introduces a regulatory sandbox for fintech innovations in the banking sector, set to begin on 1 July.
The pilot is designed to evaluate emerging financial technologies under controlled conditions while balancing innovation with risk management.
P2P lending will be central to the trial, enabling borrowers and lenders to connect directly via digital platforms without the involvement of traditional banks.
Only firms licensed by the State Bank of Vietnam (SBV) will be allowed to participate, and foreign banks are explicitly excluded.
While domestic fintechs and credit institutions may apply to join, participation in the sandbox does not guarantee future regulatory approval once permanent legal frameworks are introduced.
In addition to lending, the pilot will cover technologies such as credit scoring models and data-sharing mechanisms through open APIs.
The government aims to use the sandbox to boost financial inclusion, promote transparency, and expand access to lower-cost financial services.
Vietnam currently has around 100 P2P lending firms, many backed by foreign investors.
However, the SBV has flagged several risks in the sector, including poor transparency and weak oversight.
Authorities have warned that some firms exploit the P2P model to mislead the public—offering inflated profit promises or advertising easy credit with misleadingly low rates, only to impose excessive hidden fees.
The pilot is expected to guide future legislation while ensuring consumer protection in Vietnam’s growing fintech ecosystem.
Featured image credit: Edited from Freepik
