Digital payments fuel growth of Vietnam’s digital economy

The event, organized by Tuoi Tre (Youth) newspaper in collaboration with partner organizations, took place on Nguyen Hue Pedestrian Street and was attended by Deputy Prime Minister Nguyen Van Thang, State Bank of Vietnam Governor Pham Duc An, standing vice-chairman of the Ho Chi Minh City People’s Committee Nguyen Loc Ha, foreign consuls, and leaders of various departments and agencies.

At the seminar titled 'Smart Payments in the Digital Era,' jointly organized by Tuoi Tre and the State Bank of Vietnam following the opening ceremony, participants highlighted the growing role of digital payments in not only facilitating the circulation of money but also expanding access to financial services and supporting economic growth in a new development phase.

Deputy Prime Minister Nguyen Van Thang said digital payments are transforming consumer behavior and financial management across society.

Digital payments, once a new choice, have become a fundamental necessity, contributing to the development of a modern, inclusive, and secure financial ecosystem centered on serving citizens and businesses, he said.

Within that ecosystem, cashless payments have become the 'lifeblood' of the digital economy, linking banks with a wide range of services and digital platforms.

“Digital data, digital identity, digital connectivity, and digital payments are gradually forming a modern, transparent, and more convenient financial foundation for people and businesses,” Thang said.

He noted that the prime minister recently issued a decision approving the national financial inclusion strategy for 2026–30, which targets non-cash payment values reaching 30 times the country’s GDP by 2030.

According to statistics from the State Bank of Vietnam, by the end of 2025 nearly 89 percent of people aged 15 and above had bank accounts, while the value of non-cash transactions had reached 28 times the country's GDP.

“The likelihood of achieving the strategic target is very high,” Thang said.

To achieve that goal, he called for policies to waive or reduce fees for opening and using payment accounts, bank cards, and e-wallets, particularly for people who have rendered service to the nation.

He also urged ministries and agencies to promptly issue regulations on information security, cybersecurity, and personal data protection for digital financial service providers, while developing shared digital financial infrastructure to ensure safety and protect consumer rights.

Digital payments enhance tourism competitiveness

Ho Chi Minh City welcomed 8.6 million international visitors and 46 million domestic travelers in 2025, generating more than VND278 trillion (US$10.6 billion) in tourism revenue.

Expanding cross-border payment services, international QR payment systems, and modern digital payment solutions can improve visitor experiences, increase spending, and strengthen the image of Ho Chi Minh City as a dynamic, modern, and technology-friendly destination.

Digital transaction data can also improve management efficiency, reduce social costs, support tax administration, combat fraud, and promote a more transparent business environment.

This is particularly significant as the city aims to collect VND1 quadrillion ($38.5 billion) in budget revenue in 2026.

Nguyen Dang Hung, deputy general director of the National Payment Corporation of Vietnam (NAPAS), said global tourist arrivals reached about 1.5 billion in 2025, meaning one in every five people traveled internationally.

Vietnam’s tourism sector still has significant growth potential, with tourism revenue reaching nearly $39 billion in 2025, equivalent to about $1,500 per visitor.

International arrivals to Vietnam are projected to reach 25 million this year and 35 million by 2030.

Hung noted that exchanging cash remains inconvenient for international travelers, while card payments often impose relatively high costs on merchants.

As a result, digital and cross-border payment solutions are expected to encourage spending, improve visitor experiences, and attract more international tourists to Vietnam.

Vietnam currently offers cross-border payment services with China, South Korea, Thailand, Laos, and Cambodia, with Singapore expected to be added soon.

Building institutions for digital economy

Pham Anh Tuan, director general of the Payment Department under the State Bank of Vietnam, said trust is the most important invisible infrastructure of the digital economy.

However, people will not embrace digital payments unless they feel secure, especially as high-tech fraud and deepfake scams become increasingly sophisticated.

“Smart payments can only develop sustainably when people and businesses have confidence, service providers act responsibly, and regulators possess sufficient capacity to monitor risks,” Tuan said.

He stressed that smart payment systems must deliver tangible benefits for citizens and businesses.

The payment system should not only increase transaction volumes but also reduce social costs, improve transparency, expand financial inclusion, and support the digital economy.

“Smart payments must develop faster while being safer, become more open while being better controlled, and grow more interconnected while ensuring stronger data protection,” he said.

Tuan added that payment systems are increasingly becoming part of national competitiveness.

Countries are no longer competing solely through goods and products, but also through their ability to connect flows of money, data, and services.

“Building institutions for smart payments is not only about preparing for the future of the banking sector, but also for the future of Vietnam’s digital economy,” he said.

Nguyen Loc Ha, standing vice-chairman of the Ho Chi Minh City People’s Committee, said smart payments are creating new growth drivers for both the city and the country.

“Smart payments contribute to modern consumption and stimulate trade and services. For a major economic center like Ho Chi Minh City, this is an important factor in expanding the domestic market, increasing purchasing power, and promoting growth,” Ha said.

He added that digital payments have become an effective tool for businesses, household enterprises, and small traders in their digital transformation efforts.

Using digital payments makes transactions more convenient, creates transparent transaction data, improves governance capacity, expands access to credit, and enables deeper participation in the digital economy, he said.

Five priorities to accelerate digital payments

Pham Thanh Ha, deputy governor of the State Bank of Vietnam, outlined five priorities for the banking sector.

He outlined that the banking sector will continue reviewing and improving legal frameworks, institutions, and policies to promote digital payments, digital banking, and financial inclusion, while ensuring the effective implementation of strategies and programs assigned by the Politburo and the government.

The sector will also continue upgrading and developing modern payment infrastructure to provide safe, convenient, and secure payment services that meet the needs of citizens, businesses, agencies, and organizations.

In addition, banks will strengthen research and innovation efforts, develop new payment products and methods, and build smart digital ecosystems to support the needs of the economy.

Ensuring the security and safety of payment and banking operations will remain a key priority. Service providers will be required to implement stronger safeguards for online and card payments to protect customers’ legitimate rights and interests.

The banking sector will also step up communications and financial education programs to improve public knowledge and skills in using financial and banking products and services.

Supporting household businesses

Nguyen Chi Hien, deputy director of retail banking at VPBank, said many household businesses in Vietnam continue to face difficulties in managing operations, cash flow, and accessing bank loans due to limited financial transparency.

He said cashless payments can help address many of these challenges by improving cash-flow management, optimizing operations, and increasing profitability.

Banks are therefore developing comprehensive financial ecosystems that support businesses from account opening and revenue management to online tax declaration and payment.

Tran Thi Lien Hang, deputy head of digital channels and partnerships development at Vietcombank, said the bank aims to support household businesses through every stage of development, from startup to expansion and omnichannel sales.

Vietcombank also connects consumers with merchants through its VCB Digibank platform, which has nearly 20 million users, while continuing to expand QR code, card, and omnichannel payment solutions.

Dang Tuyet Dung, Visa country manager for Vietnam and Laos, said digital payments are developing rapidly in Vietnam and have become essential infrastructure serving consumers, businesses, government agencies, and household enterprises.

Visa has focused on integrating multiple payment methods into a single ecosystem, allowing users to pay by tapping, scanning QR codes, or making online transactions while enabling merchants to accept Visa cards issued in more than 200 countries and territories.

Sharad Jain, Mastercard country manager for Vietnam, Cambodia, and Laos, said Vietnam is at a pivotal stage in developing its digital payment ecosystem as more people and businesses adopt digital transactions in daily life.

He said the next phase should focus not only on increasing transaction volumes but also on making payments more convenient and seamless.

Mastercard has proposed building a secure, intelligent, and integrated digital ecosystem that delivers seamless payment experiences, strengthens security, boosts user confidence, and leverages technology to provide smart, comprehensive solutions.

In the life insurance sector, Phung Ba Khang, deputy chief customer, marketing, and product officer at Prudential Vietnam, described life insurance as a 'financial cushion' that helps customers cope with risks while preserving long-term savings and financial goals.

As digital transformation accelerates, insurance companies are investing in digital applications that allow customers to monitor policies, manage transactions, and access online services more conveniently.

Dam The Thai, deputy general director of HDBank, said Vietnam currently has around 5.2 million household businesses.

Amid the national digital transformation process and changes in tax management policies, many are facing challenges as they transition toward greater transparency and compliance.

HDBank has therefore shifted from merely providing procedural support to offering comprehensive assistance, positioning itself as a digital partner that helps small traders manage legal risks and improve cash-flow transparency.

Digital Finance Day expands scope

Speaking at the opening ceremony, Le The Chu, editor-in-chief of Tuoi Tre, said the transition from Cashless Day to Digital Finance Day represents more than a change in name.

It reflects a broader vision of building a comprehensive digital financial ecosystem for citizens and businesses.

The shift comes as Vietnam implements the newly approved national financial inclusion strategy for 2026–30, which aims to establish a modern, safe, and inclusive financial ecosystem that ensures equal access to financial products and services.

Digital Finance Day 2026 features a range of activities targeting different groups in society.

These include the 'Switch QR Codes – Unlock Multiple Utilities' campaign for household businesses and small traders, the 'Finance Arena' gameshow for young people, technology experience activities focused on smart and cross-border payments, personal financial management workshops, digital financial safety programs, and the 'Smart Payments in the Digital Era' seminar.

The event continues through Sunday, while a promotional month campaign will run until September 30.

Businesses introduce new payment solutions

MoMo introduced new payment solutions that allow users to book flights and hotels, purchase eSIMs, and make QR-code payments abroad through a single application.

The system can identify transaction locations and automatically convert currencies during payment.

NAPAS said cross-border QR-code payments are growing rapidly.

Its VietQRGlobal service is designed to facilitate payments for both international visitors to Vietnam and Vietnamese travelers abroad.

The network currently covers China, South Korea, Thailand, Laos, Cambodia, Singapore, and several other markets, with plans to expand to Japan, India, and additional Asia-Pacific countries.

Sacombank also showcased its VIETQRGlobal solution, allowing customers to make QR payments overseas and enabling international visitors to use QR payments across Vietnam’s extensive acceptance network.

Mike, an American freelancer attending the Digital Finance Day with a friend, said he was impressed by payment services introduced by NAPAS and Sacombank, particularly those supporting two-way cross-border transactions.

Having lived in Ho Chi Minh City for three years, Mike said he highly values the convenience of digital payments in Vietnam and believes their adoption in daily life is even more widespread than in the United States.