Announced by Deputy Minister Vuong Sinh Hue, the Vietnamese government will issue a decision, allowing a pilot implementation of peer-to-peer (P2P) lending. The decision to regulate P2P lending is part of the government’s ambition to facilitate the development of the “sharing economy”. Solidiance report also recorded that the Vietnamese fintech market was worth USD 4.4 billion in 2017 and is expected to reach USD 7.8 billion by 2020. The fast-paced development will be driven by numerous factors, including regulatory efforts to increase financial inclusion and reduce cash payments, rising income and consumption, high internet and smartphone penetration rates and a young, digitally-savvy population.

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