A mixed-methods investigation into the uncertainties of vietnam’s P2P lending landscape

Abstract

Peer-to-Peer (P2P) lending is a rapidly expanding alternative financing model, yet it faces persistent challenges in developing countries, including fraud, limited transparency, and weak legal frameworks. While Singapore and Indonesia have stabilized their markets through regulatory sandboxes, China witnessed the collapse of over 4,000 platforms due to poor oversight. In Vietnam, P2P lending remains nascent. Although Decree 94/2024 introduces a pilot sandbox from July 2025, mechanisms for investor protection and credit transparency remain inadequate. This study investigates individual lenders’ perceptions of risk, investment intention, and the moderating role of regulatory oversight by the State Bank of Vietnam. Based on a survey of 200 participants in Ho Chi Minh City, legal framework analysis, and international case comparisons, the research also incorporates bibliometric analysis using Scopus- indexed publications and VOSviewer to map emerging trends and thematic structures in global P2P lending studies. Findings reveal a lack of trust, high perceived risk, and legal uncertainty among Vietnamese investors. Policy recommendations are proposed to support a safer, more transparent, and sustainable P2P lending ecosystem aligned with Vietnam’s digital finance landscape. Research purpose: This study investigates individual lenders’ perceptions of risk, investment intention, and the moderating role of regulatory oversight by the State Bank of Vietnam. Research motivation: Peer-to-Peer (P2P) lending is a rapidly expanding alternative financing model, yet it faces persistent challenges in developing countries, including fraud, limited transparency, and weak legal frameworks. In Vietnam, P2P lending remains nascent. Although Decree 94/2024 introduces a pilot sandbox from July 2025, mechanisms for investor protection and credit transparency remain inadequate. Research design, approach, and method: Based on a survey of 200 participants in Ho Chi Minh City, legal framework analysis, and international case comparisons, the research also incorporates bibliometric analysis using Scopus-indexed publications and VOSviewer to map emerging trends and thematic structures in global P2P lending studies. Main findings: Findings reveal a lack of trust, high perceived risk, and legal uncertainty among Vietnamese investors. Practical/managerial implications: Policy recommendations are proposed to support a safer, more transparent, and sustainable P2P lending ecosystem aligned with Vietnam’s digital finance landscape.