Have you ever thought that with just a few dozen million VND of idle money, you could become a kind of ‘mini bank’ – lending it to others and earning a much higher return than a normal savings account? That’s the idea behind Peer-to-Peer lending (or P2P lending). But is Vietnam ready for this game, and how does Vietnamese law regulate it?

Hello everyone, and welcome back to The Lawyers Talk, the podcast channel of BLawyers Vietnam. I’m Dang Thi Kim Chau, and I’m very happy to see you again in today episode.

Today, we’ll explore a topic that’s been making waves in Vietnam’s fintech community lately – Decree No. 94/2025/ND-CP (“Decree 94”), which sets out the regulatory sandbox mechanism in the banking sector (“Sandbox Mechanism”). This is Vietnam’s very first step toward legalizing the testing of innovative financial technology models, especially P2P lending.

1. Part 1: What is P2P Lending and why is it hot?

P2P lending connects lenders and borrowers through a digital platform – no bank in the middle.

For example: You have VND 50 million (nearly USD2,000). Instead of depositing it in a bank with an annual interest rate of 4–5%, you can lend it through a P2P platform and earn 10–12% instead. Sounds appealing, right?

But BLawyers Vietnam wants to ask you this question: Who will guarantee that your money is safe?

2. Part 2: Why is Decree 94 a turning point for Vietnam’s Fintech sector?

Decree 94 sets out the framework for a controlled testing mechanism in the banking sector. In other words, it allows organizations to test new fintech-based products, services, or business models that use technology but only under the close supervision of the State Bank of Vietnam (SBV).

There are three categories of Fintech solutions permitted to join the sandbox:

(i) Credit scoring;

(ii)Data sharing through open APIs; and

(iii) Peer-to-Peer (P2P) lending.

Each sandbox test can last up to two years, and can be extended twice, one year each time. All testing activities must take place within Vietnam – no cross-border trials are allowed.

And here’s an open question from BLawyers Vietnam: Is two years enough to prove that P2P lending is truly safe?

Read more, please click here: https://www.blawyersvn.com/28-p2p-lending-sandbox-fintech-opportunities-and-challenges-for-the-p2p-lending-mechanism-in-vietnam/

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The above is not official advice from BLawyers Vietnam. If you have any questions or suggestions about the above, or if you would like to collaborate and use BLawyers Vietnam’s legal advisory services, please contact us at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠info@blawyersvn.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. We will be delighted to hear from you.

📀 By: Chau Dang

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