Hanoi (VNA) – Vietnam’s banking sector is making a strong breakthrough in digital transformation, with cashless payments exceeding expectations and emerging as a pillar of the country’s drive toward modernisation.
Guided by the Politburo’s Resolution No. 57-NQ/TW on breakthroughs in science and technology development, innovation and national digital transformation, the State Bank of Vietnam has affirmed the sector’s pioneering role in advancing the national digital agenda.
By the end of 2025, the value of cashless transactions had reached approximately 28 times GDP, while nearly 87% of the adult population held bank accounts. At the same time, the effective use of resident data under Project 06 on resident data, electronic identification, and electronic authentication has marked a turning point in data standardisation, helping enhancing system security and reliability.
In recent years, the central bank has advised central authorities about key policies and issued many mechanisms to establish a robust legal framework for digital payments, facilitate the adoption of new technologies while ensuring safety and security. These measures have enabled individuals and businesses to access an increasingly diverse range of modern, convenient, and cost-efficient payment methods.
At the same time, efforts to ensure the security and safety of payment systems and banking information systems have been further strengthened. The SBV has properly fulfilled its supervisory role over critical payment systems and the provision of intermediary payment services, thereby contributing to the overall stability and safety of the system.
Significant investment has been directed toward upgrading payment infrastructure. The interbank electronic payment system has operated smoothly and efficiently, meeting the needs of the economy. Meanwhile, the financial switching and clearing system, operated by the National Payment Corporation of Vietnam (Napas), continues to expand connectivity across sectors, supporting public services in health care, education, and transportation.
Notably, Vietnam has completed cross-border QR code payment connectivity with Thailand, Cambodia, Laos and China, contributing to trade, tourism, and regional integration.
The digital banking ecosystem has also seen rapid growth, with over 90% of transactions at many credit institutions conducted via digital channels. User-friendly digital products and services are increasingly integrated across sectors, delivering tangible benefits to customers.
After more than four years of implementing the Government’s cashless payment development scheme for 2021–2025, results have surpassed targets. Transaction volumes and values recorded strong annual growth, particularly via the Internet, mobile, and QR code platforms.
In 2025 alone, non-cash transactions rose by 42.21% in volume and 22.65% in value, Internet-based transactions by 53.95% in volume and 35.75% in value; and mobile transactions by 36.62% in volume and 20.07% in value, with QR code payments seeing particularly sharp rises of 50.94% in volume and 124.06% in value.
Cashless payments have also expanded in public services, with full adoption in urban higher education institutions and widespread use in social welfare disbursements. Meanwhile, the decline in ATM transactions alongside a jump in those made via POS devices reflects a clear shift in consumer habits.
Resident data has been identified as a “golden resource” underpinning secure digital banking. Through close coordination with the Ministry of Public Security, the banking sector has standardised and verified customer data, with over 146.1 million individual customer records and more than 1.6 million corporate customer records biometrically authenticated by the end of January 2026.
Administrative reforms linked to end-to-end digitalisation have been promoted, reducing costs and streamlining procedures. Last year, the central bank cut and simplified 90.3% of administrative processes and fully digitised eligible public services related to enterprises.
These achievements underscore the transformative impact of digitalisation and cashless payments, which are becoming a crucial driver of the banking system’s modernisation while ensuring system security and enhancing service quality./.
