A woman rides a motorbike past the State Bank of Vietnam in Hanoi on February 25, 2025. (Photo by Nhac NGUYEN / AFP)
HO CHI MINH CITY: Vietnam is strengthening its regulatory framework and policies to promote cashless payments as part of a broader strategy to develop a more digital economy.
Speaking at a seminar in Ho Chi Minh City on Saturday, Deputy Prime Minister Ho Duc Phoc emphasised the growing role of cashless transactions in everyday life – from paying for tuition and medical care to shopping.
“Cashless transactions are essential for the growth of eCommerce, enabling faster payments and enhancing transparency in financial dealings,” he said.
“They not only improve financial management transparency, but also support online shopping and public services, boost productivity and help reduce costs for society overall.”
However, Ho also acknowledged several ongoing challenges, including cybersecurity risks, online payment fraud and disparities in digital infrastructure between regions.
“The security of transactions is a key issue that we must address,” he said.
He urged the State Bank of Vietnam (SBV) to work closely with the relevant ministries to refine the regulatory framework and foster innovation in payment systems, while also effectively managing associated risks.
He called on banks, payment service providers and technology firms to improve their offerings and prioritise the protection of consumer information.
He also directed the Finance Ministry and the Industry and Trade Ministry to collaborate in promoting cashless payments for public services, thereby enhancing the efficiency and accessibility of online service delivery.
In addition, local governments were encouraged to develop practical solutions to ensure broader access to financial services, especially in rural and remote areas, making cashless payment options more widely available to small businesses and traditional markets.
SBV deputy director Le Anh Dung highlighted the rapid growth of cashless transactions in Vietnam in recent years and the urgent need to strengthen payment security.
“The SBV is committed to improving the legal framework and infrastructure for cashless payments,” he said.
He said the importance of raising public awareness about cyber crime tactics was a key measure to ensure secure digital transactions.
The SBV planned to work closely with commercial banks and payment intermediaries to implement technological solutions to combat cyber crime, he said.
One key initiative includes developing a system to detect fake accounts and alert customers before they make potentially fraudulent transfers, the SBV deputy director added.
Industry and Trade Deputy Minister Phan Thi Thang said the rapid development of Vietnam’s digital payment market is largely attributed to the diverse and robust expansion of various payment channels that meet the growing demands of both consumers and businesses.
Today, citizens enjoy the convenience of 24/7 money transfers, mobile payments and QR code transactions, she said.
“The growing variety of payment methods reflects the maturity of Vietnam’s digital payment ecosystem, which is transforming the national economy,” she added. — Viet Nam News/ANN
