Vietnam’s F88 plans listing in the country

Vietnam-based financial services company F88 has achieved public company status, as confirmed by the State Securities Commission of Vietnam on May 6.

This status allows F88 to register its shares for trading on the Unlisted Public Companies Market (UPCOM) within 30 days, according to local regulations.

F88 is set to become the first alternative financial services provider in Vietnam to list on the stock exchange. Alternative finance refers to financial solutions developed outside traditional banking systems.

The company operates nearly 900 stores nationwide, providing services such as loans, insurance, and banking products to underserved customers.

In its first-quarter financial report for 2025, F88 reported a 25% increase in loan disbursement, amounting to 3,284 billion dong (around US$126 million) compared to the same period last year.

Revenue grew by 21.5%, while pre-tax profit saw a significant increase of 204.1% over the same period.

F88 plans to expand its customer base and increase revenue by over 40% in 2025.

🔗 Source: F88

🧠 Food for thought

1️⃣ F88’s public company status represents a milestone in Vietnam’s alternative finance evolution

F88’s achievement comes amid explosive growth in Vietnam’s fintech sector, which has expanded to over 260 startups and seen investment increase by 180% from 2018 to 20221.

Their public listing is particularly significant given that approximately 70% of Vietnam’s adult population remains unbanked or underbanked, highlighting the substantial market potential for alternative financial services2.

As one of the first alternative finance companies to reach public status in Vietnam, F88’s development from a small lending operation to a network of nearly 900 stores mirrors the broader fintech market’s growth from $0.7 billion to $4.5 billion in valuation between 2018 and 20221.

The company’s focus on serving customers who don’t qualify for traditional banking addresses a critical gap in Vietnam’s financial ecosystem, as cash loans make up about 60% of the consumer finance portfolio in the country2.

This progression demonstrates how alternative financial institutions are increasingly gaining mainstream recognition and adopting higher governance standards to serve the significant portion of Vietnamese consumers who remain outside traditional banking systems.