Hanoi (VNA) – Vietnam’s digital payment ecosystem is gaining momentum as banks are ramping up efforts to accelerate digital transformation and develop modern products and services while controlling risks in the digitalised environment.
Non-cash payments on the rise
The State Bank of Vietnam (SBV) reported that cashless payment transactions in the first half topped 12 billion transactions, surpassing the total for all of 2023 and approaching the record 17.7 billion seen in 2024. This demonstrates how cashless payments are deeply penetrating into the socio-economic life.
Director of the SBV’s Payment Department Pham Anh Tuan said cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
Dr. Nguyen Quoc Hung, Vice Chairman and General Secretary of the Vietnam Banks Association, said the 2024 Value-Added Tax (VAT) Law, effective from July 1, 2025, stipulates that except for specific cases, all purchases, regardless of value, are only eligible for VAT deduction if accompanied by non-cash payment proof. The regulation is promoting cashless payment, supporting the development of the banking system, helping improve transparency in financial management, fueling e-commerce and public services, and cutting social costs.
Furthermore, the central bank has rolled out multiple measures to filter banking accounts. As of July 4, over 120.9 million individual customer profiles and 1.2 million organisational customer ones were verified through biometric data. Dormant accounts are being reviewed and removed while a database of suspected fraudulent accounts has been developed to prevent cybercrime and digital financial fraud.
The measures have borne fruits, the SBV said, adding the number of individual fraud victims has dropped by 57%, and fraudulent recipient accounts by 47%.
Comprehensive transformation
Under Dispatch No.124/CD/TTg, the Prime Minister ordered ministries, ministry-level agencies, Government agencies, and localities to keep facilitating non-cash payment, meeting citizens and businesses’ needs while helping save resources, prevent tax revenue loss and crime, and strictly handle law violations.
The SBV was requested to enhance inspection and supervision as well as strengthen efforts to prevent money laundering in banking operations. It is also responsible for detecting and meting out punishment to any violations, improving payment infrastructure, and directing credit institutions to develop cashless payment products and services.
Over the recent past, commercial banks have taken aggressive steps to boost this form of transactions across market segments.
Vietnam Prosperity Commercial Joint Stock Bank (VPBank) stands out with its super payment solution ecosystem, integrating multiple payment support tools including Pay by Account, Tap to Phone, Bion accounts, Shop Thinh Vuong, and Soundbox speakers. This has enabled seamless transactions for consumers and business households on the VPBank NEO digital banking platform. Users can open accounts, create QR codes, accept card payments directly on their phones, receive audio balance alerts, and process electronic invoices. Each operation is accompanied by incentives such as cashback, free premium account numbers, and e-voucher gifts.
With its new-generation digital banking system, Sai Gon – Hanoi Commercial Joint Stock Bank (SHB) offers a full range of financial services, from basic transaction to insurance, investment, and borrowing in a single interface. Besides, it supports electronic toll collection (ETC) account identification and links with the Vietnam Electronic Toll Collection (VETC) wallet. The account identification, account opening, and wallet linking processes are streamlined into a single step.
In the meantime, Vietnam Maritime Commercial Joint Stock Bank (MSB) invested over 4.3 million USD in high-tech platforms to collect, analyse, and respond to customers’ real-time needs, enabling personalised marketing campaigns based on individual behaviours and stages. Results show new online credit card openings shot up 186%, digital transactions rose 40%, and customer responses exceeded 80,000 interactions. The bank aims to further capitalise on AI and machine learning to fully automate customer interaction process, enhancing efficiency in financial experiences./.
VNA
