Cashless payments are here to stay

Cashless payments have become a norm in many countries in recent years, bringing great benefits to individuals in the payment process.
Cashless payments are here to stay ảnh 1A shopper uses VietQR, a non-cash payment method developed by Napas. (Photo courtesy of Napas)
Hanoi (VNS/VNA) - Cashless payments have become a norm in manycountries in recent years, bringing great benefits to individuals in thepayment process.

This remark was made by Editor-in-chief of Tien Phong newspaper Le Xuan Son ina webinar on digital payments on April 13.

Son underlined the pandemic as a key factor that has promoted non-cash paymentsin Vietnam over the past two years.

Banks have shifted their focus to these methods of payments and reaped great success.

To further promote digital transformation in the banking system, he called fora favourable environment and a suitable technology infrastructure to encouragemore clients to change their payment habits.

“Cashless payments are novel methods of payment. Unfortunately, a majority ofthe Vietnamese population still do not have access to technology,” he said.

Le Van Tuyen, deputy director of the Payment Department under the State Bank ofVietnam, revealed that the Government Project on Cashless Payments in Vietnam between2021 and 2025 has four major objectives.

First, the project aims to make non-cash payments a norm in urban areas andexpand their coverage in rural areas.

Second, it seeks to develop safe non-cash payment infrastructure with variousconveniences and facilities to meet the rising demand of firms and individuals.

Third, it strives to enhance the security and transparency of cashlesspayments, allowing authorities to better monitor economic transactions in thecountry.

Lastly, it aims to realise growth targets set for non-cash payments in theshort term, including 50 percent of transactions on e-commerce platforms beingconducted through cashless payments and economic transactions via smartphonesgrowing at 50-80 percent per year.

Nguyen Quang Minh, deputy general director of the National Payment ServicesCorp. (Napas), noted that his corporation had developed various financialsolutions to promote cashless payments in Vietnam.

Notably, it has introduced multi-purpose chip cards that are compatible withapplications from different fields, including healthcare and insurance,allowing cardholders to easily make payments in such fields.

However, he also admitted that current payment acceptance networks areinadequate to meet the demand of a market of nearly 100 million.

“For this reason, Napas, banks and financial intermediaries will cooperate toexpand payment acceptance networks in the near future,” he added.

Pham Thi Mai Anh, director of the Digital Banking Service Centre at MilitaryBank, claimed that her bank was the first to cooperate with Napas in theroll-out of QR Code payments, notably VietQR.

“We are continuing to promote VietQR among sellers in local marketplaces toexpand its coverage,” she added.

The director also revealed that her bank’s virtual cards would target youngpeople, which are the driving force behind the growth of digital payments.

Hoang Xuan Que, director of the Finance and Banking Institute at the NationalEconomic University, highlighted non-cash payments as an inevitable globaltrend and Vietnam is no exception.

In the near future, cashless payments will move at a faster pace thanks tobetter technology infrastructure and cheaper smartphones.

“Many Vietnamese families have opted for cashless payments to pay their billsand tuition fees of their children. This indicates that it is time to step upnon-cash payments in the country,” he added.

The director also anticipated that 100 percent of undergraduates would switchto chip cards in the near future and their payment habits would affect theirfamilies, drawing more clients to the new methods of payment./.
VNA

See more

Chairman of the Ba Ria - Vung Tau Provincial People's Committee Nguyen Van Tho and Glen Hilton, CEO of DP World Asia-Pacific, sign a Memorandum of Understanding. (Photo: VNA)

Discussion underway for Vietnam’s first FTZ in Ba Ria-Vung Tau

The seaport-linked FTZ in the Cai Mep Ha vicinity is expected to boost the maritime economy to capitalise on the strategic location of Ba Ria-Vung Tau, attract foreign investment, and drive growth in the logistics, seaport, and international trade sectors.

The Tan Ky Tan Quy Bridge crosses the Tham Luong Canal, directly connecting to National Route 1. (Photo: VNA)

HCM City plans substantial investment in infrastructure

HCM City will direct funding towards transport, energy, and telecommunications infrastructure, including national highways, regional connectivity roads, Tan Son Nhat International Airport, Can Gio international transhipment port, and the Lotte Eco Smart City.

Delegates mark the launch of the new shipping route on February 18. (Photo: VNA)

New shipping route linking China, Vietnam, India launched

The container shipping route connecting the ports of Beibu Gulf (China), Hai Phong (Vietnam) and Kolkata (India) is destined to become a key strategic trade axis, contributing to the sustainable growth of both the regional and Vietnamese maritime industries.

Ca Mau province Deputy Secretary Nguyen Ho Hai receives a gift from the Singaporean ambassador Jaya Ratnam at a meeting held on February 17 to enhance exports and cooperation. (Photo: tuoitre.vn)

Ca Mau wants more exports to, cooperation with Singapore

The southernmost province of Ca Mau wants to increase agricultural and fishery exports to Singapore and strengthen cooperation in several sectors, Deputy Secretary of its Party Committee, Nguyen Ho Hai has told Singaporean embassy officials.

Permanent Deputy Secretary of the municipal Party Committee Nguyen Thanh Nghi hosts a reception for Japanese Ambassador to Vietnam Ito Naoki on February 17. (Photo: www.sggp.org.vn)

HCM City looks to deepen ties with Japan

The city aims to deepen cooperation with Japan in key areas such as sustainable urban development, emissions reduction, climate change adaptation, innovation, digital transformation, supply chain resilience, supporting industries, healthcare, tourism, culture, workforce development, and people-to-people exchanges.

Workers process shrimp for export. (Photo: VNA)

Shrimp exports grow in the first month of 2025

Shrimp products recorded a strong 13%increase in export value in January 2025, reaching a total of 273.3 million USD. This growth accounted for 35.3% of Vietnam's total seafood export turnover, contributing significantly to the country's overall seafood export performance.

Vietnam imposes VAT on low-value imported goods

Vietnam imposes VAT on low-value imported goods

It is estimated that if low-value goods worth less than 1 million VND are subject to a 10% VAT rate, State budget revenue could increase by around 2.7 trillion VND (105.6 million USD).

Can Gio International Transit Port blueprint. (Photo: sggp.org.vn)

Can Gio port added to national seaport development plan

The Ministry of Transport has approved adjustments to policies, solutions, and resource allocations for the implementation of the national seaport system master plan for 2021-2030, with a vision to 2050. The Can Gio port is now part of the implementation roadmap.