Vietnam is strengthening its regulatory framework and policies to promote cashless payments as part of its broader strategy to develop a more digital economy.
Speaking at a seminar in Ho Chi Minh City on June 14, Deputy Prime Minister Ho Duc Phoc emphasised the growing role of cashless transactions in everyday life, from paying for tuition and medical care to shopping.
Deputy Prime Minister Ho Duc Phoc at the meeting
“Cashless transactions are essential for the growth of e-commerce, enabling faster payments and enhancing transparency in financial dealings,” he said.
“They not only improve financial management transparency but also support online shopping and public services, boost productivity, and help reduce costs for society overall.”
However, the Deputy PM also acknowledged several ongoing challenges, including cybersecurity risks, online payment fraud, and disparities in digital infrastructure between regions.
“The security of transactions is a key issue that we must address,” he noted.
In response, he urged the State Bank of Vietnam (SBV) to work closely with relevant ministries to refine the regulatory framework and foster innovation in payment systems, while also effectively managing associated risks.
He called on banks, payment service providers, and technology firms to improve their offerings and prioritise the protection of consumer information.
He also directed the Ministry of Finance and the Ministry of Industry and Trade to collaborate in promoting cashless payments for public services, thereby enhancing the efficiency and accessibility of online service delivery.
In addition, local governments were encouraged to develop practical solutions to ensure broader access to financial services, especially in rural and remote areas, making cashless payment options more widely available in small businesses and traditional markets.
Payment security: a top priority
Le Anh Dung, Deputy Director of the SBV’s Payment Department, highlighted the rapid growth of cashless transactions in Vietnam in recent years and the urgent need to strengthen payment security.
“The SBV is committed to improving the legal framework and infrastructure for cashless payments,” he said.
He stressed the importance of raising public awareness about cybercrime tactics as a key measure to ensure secure digital transactions.
The SBV plans to work closely with commercial banks and payment intermediaries to implement technological solutions to combat cybercrime. One key initiative includes developing a system to detect fake accounts and alert customers before they make potentially fraudulent transfers.
Phan Thi Thang, Deputy Minister of Industry and Trade, said the rapid development of Vietnam’s digital payment market is largely attributed to the diverse and robust expansion of various payment channels that meet the growing demands of both consumers and businesses.
Today, citizens enjoy the convenience of 24/7 money transfers, mobile payments, and QR code transactions, she noted.
“The growing variety of payment methods reflects the maturity of Vietnam’s digital payment ecosystem, which is transforming the national economy,” she said.
Le Hoang Oanh, Director of the Department of E-commerce and Digital Economy, added that digital payments are a key driver of e-commerce development, contributing significantly to the digital economy.
Vietnam is also emerging as a regional leader in e-commerce, with an average annual growth rate of 16% to 30%, and the digital economy now contributing 18.7% to the country’s GDP.
According to an SBV report, the interbank electronic payment system currently processes an average of 820 trillion VND daily, handling about 26 million transactions.
Vietnam has continuously upgraded its national credit information infrastructure, achieving an impressive 98% data update success rate across credit institutions.
There are now over 204.5 million payment accounts and 154.1 million active bank cards in the country, with nearly 87% of adults holding bank accounts.
A recent survey revealed that 59% of daily transactions are cashless, rising to 72% among those aged 25 to 44.
Vietnam is also advancing cross-border retail payments via QR codes with neighbouring countries such as Thailand, Laos, and Cambodia, with plans to expand further into Asia.
The seminar was held as part of the annual Cashless Day 2025 programme, themed “Cashless Payments – A Driving Force for Digital Economic Growth.”
Cashless Day, celebrated annually on June 16, was first launched in 2019 and is organised by the SBV’s Payment Department in collaboration with Tuoi Tre (Youth) newspaper.
