Abstract
The development of digital financial services (DFS) in the context of global digital transformation poses fundamental challenges for the legal framework for consumer protection, particularly in developing countries such as Vietnam. This article argues that the sectoral approach currently adopted in Vietnam, with rules dispersed across various specialized statutes, has created a structurally significant legal gap, a lack of consistency in protection standards, and limitations on effective coordination among regulatory authorities. It thereby undermines the law’s capacity to protect consumers in the highly cross-sectoral environment of digital finance.
Through an analytical and comparative approach that draws on the experiences of New Zealand, Japan, and India, the study assesses the current state of Vietnamese law related to the protection of DFS customers on the basis of three pillars: (i) the establishment of a legal framework for their protection; (ii) the system of regulatory and supervisory authorities; and (iii) financial literacy. The findings indicate that there is a global transition from a sectoral model to an integrated model. Based on this trend, the article proposes that Vietnam should gradually develop an integrated legal framework, strengthen inter-agency coordination, and formulate a national strategy on digital financial education.
Recommended Citation
Nguyen, Ha Son; Cao, Lanh Dinh; and Phan, Nguyen Dinh
(2026)
"Evaluating Legal Frameworks for the Protection of Consumers of Digital Financial Services: Global Trends and Their Significance for Vietnam,"
International Journal on Consumer Law and Practice: Vol. 13, Article 3.
Available at:
https://repository.nls.ac.in/ijclp/vol13/iss1/3
