On March 30, 2023, the investment team of Kirin Capital visited and held a working session at the headquarters of Fincorp Joint Stock Company. Mr. Do Van Chuan, CEO of Fincorp, warmly welcomed the Kirin delegation.
During the meeting, both parties discussed the overall development of the Fintech industry as well as investment applications in Vietnam in recent years. Vietnam’s Fintech market has demonstrated impressive growth, rising from USD 4.4 billion in 2017 to USD 12.9 billion in 2021 (Iris, 2021), attracting millions of dollars in additional funding from investors into domestic startups.
A 2021 survey by UOB and partners ranked Vietnam third in ASEAN in terms of Fintech funding, with USD 375 million, accounting for 11% of total investment capital among the region’s top six economies.
In addition, the Vietnamese public’s mindset regarding wealth accumulation and investment has improved significantly, laying the foundation for the growth of investment management software and platforms.
FinCorp also owns the promising investment platform Fmarket. As a pioneer in the digitalization of professional financial products and platforms, FinCorp has collaborated with and contributed to the success of numerous financial brands and institutions. Amid current market trends, FinCorp, in particular, and Vietnamese fintech companies in general, are presented with abundant opportunities for robust growth.
However, Kirin Capital also pointed out the challenges facing fintech companies in Vietnam, noting that most are still in early stages of development with relatively modest scale. According to a 2021 survey by the State Bank of Vietnam, the majority of fintech companies in the country are newly established and small in size. Specifically: 47% were in the initial business stage and had not yet broken even; 28% had launched minimum viable products and generated revenue within the six months preceding the survey; 13% were developing business models; 9% had achieved profitability; 3% were still validating their concepts with no revenue yet. Many of these companies have potential and clear strategic direction, but lack the capital required to scale and transform.
To address this need, Kirin Capital has established a Public Investment Fund to support and accompany these businesses. With a focus on enterprises with high growth potential in Vietnam, Kirin Capital offers in-depth industry insight and global investor networks as a financial partner—helping companies in the sector scale and grow efficiently.
Kirin Capital is currently conducting on-the-ground market research to identify investment opportunities across Vietnam. Companies interested in the program are encouraged to reach out using the contact information below for further support.
