During the Singapore Fintech Festival (SFF), held from November 12-14 in Singapore, Visa announced a strategic partnership with Sacombank, Vietcombank, and VPBank to introduce Visa Accept in Vietnam. This initiative aims to foster digital inclusion and drive SME growth across the country.
Collaboration: The Key to Supporting SMEs and Vietnam’s Digital Transformation
Visa Accept enables micro and small businesses to accept contactless Visa payments directly on NFC-enabled smartphones, eliminating the need for additional hardware. This solution empowers small enterprises to overcome barriers to digital payment acceptance, reducing cash reliance, lowering entry costs, and unlocking new growth opportunities, particularly for sellers in rural and informal sectors.
Sacombank, Vietcombank, and VPBank are seamlessly integrating Visa Accept into their mobile banking apps, allowing sellers to enroll quickly and start accepting payments via tap-to-phone or pay-by-link with minimal friction.
“By combining a trusted brand with streamlined onboarding and near real-time settlement, we empower SMEs and micro merchants to fully participate in the digital economy, driving prosperity,” stated Ms. Dung Dang, Country Manager for Visa Vietnam and Laos. “This solution not only advances digital and financial inclusion but also uplifts the Vietnamese economy.”
However, in an interview with VnEconomy / Vietnam Economic Times, Ms. Dung Dang highlighted fragmentation as the primary challenge to scaling up and ensuring the long-term sustainability of mobile payment systems in Vietnam. This fragmentation creates friction for consumers and limits growth for merchants who must manage multiple platforms.
“Our solution lies in our core identity as a ‘network of networks,'” she explained. “Our strategy is to partner with e-wallets, not compete. By fostering interoperability, we can create a more connected payment ecosystem that offers greater choice and benefits for everyone, especially consumers. Long-term sustainability isn’t about one system dominating; it’s about building a fully interoperable ecosystem where everyone can participate securely and seamlessly. This is how we unlock growth for the entire market.”
Mr. Pham Duc Duy, Deputy Director of Retail Banking Division at Sacombank, emphasized that partnering with Visa reflects Sacombank’s commitment to digital innovation and customer empowerment. “Our goal is to make secure, convenient, and accessible payment solutions available to every business,” he added.
Ms. Doan Hong Nhung, Head of Retail Banking Division at Vietcombank, stated that this integration will empower SMEs with frictionless payment acceptance, providing them with the modern tools necessary to succeed and expand their businesses.
Mr. Phung Duy Khuong, Standing Deputy CEO and Head of Retail Banking Division at VPBank, noted that this launch aligns with VPBank’s focus on accelerating SME digitization through streamlined onboarding and easy acceptance.
Vietnam: A Dynamic Market in the Digital Payment Transformation Journey
At SFF, Visa showcased innovative solutions such as an AI framework, stablecoins, and enhancements designed to simplify secure digital payment acceptance for merchants across Asia Pacific through widely used wallets and platforms.
According to Ms. Dung Dang, Vietnam’s digital transformation is remarkable, driven by a unique combination of factors. These include a young, tech-savvy population eager for new digital experiences, strong government support for a cashless economy, and the entrepreneurial spirit of Vietnamese banks, fintechs, and merchants, creating a highly dynamic and competitive ecosystem.
“This blend of demographic energy, regulatory ambition, and local innovation positions Vietnam as an ideal market for next-generation payment solutions,” she added. “Vietnam is not just following trends; it has the potential to leapfrog and shape them for the region. The rapid growth of mobile payments and e-wallets benefits consumers and underscores the market’s dynamism. By focusing on these next-generation opportunities, Vietnam can become a leader in defining the future of payments for emerging economies globally.”
Ms. Dung Dang also emphasized the need for a collaborative “Team Vietnam” approach to build a favorable environment for these technologies. “The government has done exceptional work in setting the vision for a cashless society,” she said. “The next step is to establish clear, agile, and pro-innovation regulatory frameworks, often called ‘sandboxes,’ where technologies like AI, blockchain, and Open Banking can be tested and scaled responsibly.”
In comparison to other regional markets, Mr. T.R. Ramachandran, Senior Vice President and Head of Products for Asia Pacific at Visa, noted that while countries like Singapore have mature digital infrastructure, Vietnam’s agility and leapfrogging potential set it apart. “Over the next three to five years, Vietnam’s key opportunity is to move beyond digitizing cash and enable truly new, digitally-native experiences,” he observed. “This includes embracing AI-driven commerce, facilitating seamless cross-border payments, and fostering a fully interoperable mobile payment ecosystem.”
At SFF, Vietnam made history with its first-ever National Pavilion – Vietnam Pavilion, marking the official and organized presence of the Vietnamese business community on the international financial technology stage.
Mr. Mac Quoc Anh, Vice President and General Secretary of the Hanoi Association of Small and Medium Enterprises (Hanoi SME), representing Vietnam, described the Vietnam Pavilion as a historic first step, initiating a ‘new autumn era’ of the Vietnamese economy – the autumn of integration, innovation, and global reach. “This achievement reflects the strategic vision of the Party and State in developing the private economy into a key driver of the economy, as outlined in Resolution 68-NQ/TW,” he added.
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Over 70% of Vietnamese adults now possess financial accounts, fueling a dramatic surge in digital payments across the country.
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Viettel’s Digital Financial App Honored at Better Choice Awards 2025
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SBV Payment Surge: Cashless Transactions Hit 25x GDP in 2024
At the seminar titled “Cashless Payments: Towards Convenience, Safety, and Comprehensive Connectivity” held on the morning of October 7th, Mr. Phạm Anh Tuấn, Director of the Payment Department at the State Bank of Vietnam (SBV), revealed that in just the first 8 months of 2025, key indicators for digital payments and transactions have shown robust growth. Interbank payment transactions surged by 19% in volume and 69.1% in value. Notably, cashless payments have reached a scale 25 times the GDP of 2024.
