On May 15, 2025, the Government of Vietnam promulgated Decree No. 94/2025/ND-CP (“Decree 94”), introducing a regulatory sandbox mechanism for certain fintech activities in the banking and financial services sector.  This legal milestone marks a pivotal step in Vietnam’s digital finance landscape.  It establishes a controlled environment for the testing of innovative financial technology solutions under State Bank of Vietnam’s (SBV) supervision, while simultaneously fostering innovation and mitigating associated risks.

This newsletter offers a detailed legal analysis of Decree 94, examining its scope, eligibility criteria for participating fintech solutions, and strategic legal implications for stakeholders.