Digital Financial Transformation and the Promotion of Financial Inclusion in Vietnam: Opportunities and Challenges as Reflected in Industry Reports

This study aims to systematically synthesize and analyze the opportunities and challenges of digital financial transformation for promoting financial inclusion in Vietnam. To achieve this objective, the study utilizes a qualitative method, specifically thematic analysis of specialized industry reports, white papers, and surveys published by reputable international and domestic organizations from 2018 to 2023. The analysis reveals a complex, dual-faceted picture: on one hand, digital transformation presents breakthrough opportunities by expanding access channels through mobile and e-KYC, reducing transaction costs to serve low-income segments, and fostering the emergence of innovative financial products (such as P2P lending and micro-insurance). On the other hand, this process faces serious systemic barriers, including the digital divide in infrastructure, limitations in digital literacy and public trust, cybersecurity risks, and a legal framework that has not kept pace with practical developments. Therefore, the study asserts that merely promoting technology is insufficient and proposes significant policy implications, including investing in digital skills enhancement, urgently finalizing the legal corridor for Fintech, and promoting public-private partnerships to bridge the digital infrastructure gap. The novelty of this research lies in filling an academic gap by systematizing practical evidence from an industry-wide perspective, providing a comprehensive, multi-dimensional, and valuable reference for policymakers and financial institutions.