The State Bank of Vietnam has published an overview of a Government decree establishing a controlled testing mechanism in the banking sector to trial new fintech-based products, services and business models, effective 1 July 2025. The sandbox covers credit scoring, data sharing via open APIs and peer-to-peer lending, and can involve credit institutions, foreign bank branches (excluding peer-to-peer lending), fintech companies, public authorities and other relevant organisations and individuals. Admission will be decided through a public and transparent process using defined criteria, but participation does not amount to authorisation to operate the activity on an official basis under existing law. Each fintech solution can be tested for up to two years from the date the SBV issues a sandbox participation certificate, with the possibility of extension, and trials must be conducted only within Vietnam and not cross-border. Firms may provide solutions only within the scope approved in their certificate; peer-to-peer lending companies are additionally prohibited from providing their own guarantees and from acting as a customer of, or providing services to, pawnshop companies. Results from the testing are intended to inform potential refinements to the legal framework for fintech where needed.

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