Cashless Payments: Accelerating Vietnam’s Digital Economy
On June 14, a workshop themed “Cashless Payments: Driving Force for Digital Economic Growth” was held in Ho Chi Minh City as part of the “Cashless Day” program initiated by Tuoi Tre Newspaper, in collaboration with the Payment Department, Banking Times, State Bank of Vietnam, Ho Chi Minh City’s Department of Industry and Trade, and the National Payment Corporation of Vietnam (NAPAS).
The workshop emphasized the vital role of cashless payments in fostering Vietnam’s digital economy. Deputy Prime Minister Ho Duc Phoc highlighted that cashless payments are essential for the development of e-commerce, enhancing transparency, and boosting economic growth. He also underscored the importance of strengthening cybersecurity and data protection measures to build trust and confidence among users.
According to statistics from the State Bank of Vietnam, by the end of 2024, the country had over 204.5 million individual payment accounts and 154.1 million circulating bank cards. Nearly 87% of adults have bank accounts, signifying a notable shift towards cashless transactions.
Deputy Prime Minister Ho Duc Phoc delivers a speech at the workshop
Ho Chi Minh City’s Vice Chairman, Mr. Nguyen Van Dung, acknowledged the growing trend of cashless payments but also pointed out existing challenges and limitations. He emphasized that transaction security and user data protection are crucial in encouraging wider adoption, especially amid the rising sophistication of cybercrimes and fraud.
Introducing cashless payments integrated with public transportation at the Cashless Day event in 2025
To address these concerns, the banking sector is implementing various solutions, including AI applications, to mitigate risks associated with cybercrimes. Starting July 1, 2024, individuals are required to use biometric citizen identification cards for financial transactions. This requirement will extend to legal representatives of enterprises from July 1, 2025.
Mr. Pham Tien Dung, Deputy Governor of the State Bank of Vietnam, emphasized the pivotal role of cashless payments in promoting economic digitization and transparency. He highlighted the collaboration between the State Bank, the Ministry of Public Security, and other stakeholders in this regard. Over 110.8 million individual customer profiles and more than 711,000 organizational customer profiles have been biometrically verified.
The theme for Cashless Day 2025 is “Cashless Payments: Boosting the Digital Economy.” This year’s event series is held during the final year of implementing the Government’s Decision on the Scheme for Developing Cashless Payments from 2021 to 2025.
A highlight of this year’s program is the “Ting Ting Day” festival, taking place from 7:30 AM on June 14 to 9:00 PM on June 15 at Nguyen Hue Walking Street in District 1, Ho Chi Minh City.
Mr. Le Anh Dung, Deputy Director of the Payment Department, State Bank of Vietnam, stressed the importance of educating people about the tactics used by cybercriminals to avoid falling victim to their schemes. He also mentioned future plans to collaborate with commercial banks and payment intermediaries to implement technological solutions to combat cybercrimes, including a project to collect information on fraudulent accounts and provide timely warnings to customers.
Experiencing virtual reality Pickleball at VPBank’s exhibition booth
Several banks, including BIDV and MB, are already utilizing AI solutions to detect and prevent potential fraud. Ms. Do Que Anh, Deputy Director of MB’s Digital Banking Division, shared that AI is being used to analyze transaction behavior in real time, across multiple dimensions, and with vast data sets. This has led to significant success in preventing deep fake attempts and reducing customer fraud by 95%, protecting tens of billions of VND monthly.
According to Mr. Nguyen Hung Nguyen, NAPAS’ Deputy General Director, in the first quarter of 2025, Vietnamese citizens conducted 5.5 billion cashless transactions, with 4.5 billion of those being digital transactions totaling 40 million billion VND. The shift towards a cashless society is accelerating, and Vietnam’s digital economy is experiencing robust growth, with e-commerce contributing over 60%.
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Vice Prime Minister Ho Duc Phoc emphasized the benefits of a cashless society, stating that digital payments take only a few seconds while providing transparency in financial transactions and boosting the growth of the digital economy.
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