SHOPEEPAY JOINT STOCK COMPANY (CÔNG TY CỔ PHẦN SHOPEEPAY), one of Vietnam’s most recognizable names in the digital payment space, delivered a surprising turnaround in 2023 — but the numbers suggest this success may be more fragile than it appears.

Legally registered under Business ID 0103959912, SHOPEEPAY is a foreign-owned fintech company, fully owned by SEAMONEY (PAYMENT) PRIVATE LIMITED of Singapore (82% ownership). It has operated in Vietnam for over 15 years and currently employs around 500 people, with headquarters in Hanoi and a representative office in Ho Chi Minh City.

In 2023, the company posted a net profit of USD 4.11 million, a dramatic shift from its USD 8.66 million loss in 2022and USD 15.8 million loss in 2021. That’s a 147.44% improvement in profit — a big win for a digital wallet brand long criticized for aggressive user acquisition and cash burn. Owner’s equity rebounded by 186.03%, reaching USD 6.32 million, reflecting reinvested earnings or perhaps tighter spending controls.

However, there’s another side to the story. Revenue dropped by 15.2% year-over-year, landing at USD 250.07 millionin 2023 — down from nearly USD 295 million the year prior. For a high-growth fintech, a revenue contraction of that size suggests the company may be scaling back its aggressive market expansion or facing stiffer competition in Vietnam’s crowded e-wallet scene. Meanwhile, total assets rose to USD 189.5 million, showing continued capital commitment, but working capital remains low at USD 3.49 million, offering little financial buffer.

With a broad portfolio of registered business activities — from e-wallet services and credit agency operations to web portals and data processing — SHOPEEPAY remains well-positioned technologically. Still, its heavy dependence on a foreign parent company and past years of deep losses warrant caution.

For financial partners, retailers, and technology vendors considering business with SHOPEEPAY, reviewing the company's credit risk, liquidity, and historical volatility is essential. Services like those offered by VANGUARD BUSINESS INFORMATION LLC (VBI) — including in-depth credit reports, profitability trend analysis, and legal checks — help stakeholders assess whether this fintech rebound is sustainable or just temporary relief in a competitive market.