Exploring the Role of Fintech in Fostering Financial Inclusion and Social Welfare in Rural Vietnam

This study aims to explore the role of financial technology (Fintech) in fostering financial inclusion and social welfare in rural Vietnam, focusing on the transition from a state of "access" to genuine financial "empowerment." Applying a qualitative comparative case study method, the research conducted 25 in-depth interviews with residents, business households, and stakeholders in two communes of Hung Yen province, followed by a thematic analysis of the data. The results reveal that Fintech plays a dual role: on one hand, it is a powerful empowering tool that helps break down spatio-temporal barriers, create economic opportunities, and strengthen family welfare networks. On the other hand, it also creates serious risks such as debt traps from digital predatory lending and exacerbates inequality through the digital divide, leaving vulnerable groups behind. Therefore, the study affirms that Fintech's impact is highly dependent on user capability and context. These findings have significant implications for policymakers regarding the urgent need to build a robust legal framework to protect consumers and to implement extensive digital financial literacy programs to ensure a fair and sustainable digital transformation.