Vietnam is enhancing its regulatory framework and policies to encourage cashless payments as part of its wider push toward building a digital economy.
During a seminar in Ho Chi Minh City on Saturday, Deputy Prime Minister Ho Duc Phoc highlighted the increasing importance of cashless transactions in daily activities, including tuition payments, healthcare services, and 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 pointed out several persistent challenges, such as cybersecurity threats, online payment fraud, and uneven digital infrastructure across different regions, The Star reports.
“The security of transactions is a key issue that we must address,” he said.
He urged the State Bank of Vietnam (SBV) to collaborate closely with relevant ministries to enhance the regulatory framework and support innovation in payment systems, while also ensuring effective risk management.
In addition, he called on banks, payment service providers, and tech companies to upgrade their services and place greater emphasis on safeguarding consumer data.
He also instructed the Finance Ministry and the Ministry of Industry and Trade to work together to advance cashless payments for public services, aiming to improve the efficiency and accessibility of digital service delivery.
Local governments were also encouraged to devise practical measures to expand access to financial services, particularly in rural and remote regions, to make cashless payment options more accessible to small businesses and traditional markets.
Furthermore, SBV Deputy Director Le Anh Dung underscored the rapid rise of cashless transactions in Vietnam in recent years, highlighting the pressing need to bolster payment security.
“The SBV is committed to improving the legal framework and infrastructure for cashless payments,” he said.
He stressed that increasing public awareness of cybercrime tactics is crucial to ensuring secure digital transactions, adding that the SBV plans to collaborate closely with commercial banks and payment intermediaries to roll out technological solutions aimed at combating cyber threats.
Whereas Industry and Trade Deputy Minister Phan Thi Thang stated that the swift growth of Vietnam’s digital payment market is mainly driven by the diverse and dynamic expansion of payment channels that cater to the increasing needs of both consumers and businesses.
She noted that today, citizens benefit from the convenience of 24/7 money transfers, mobile payments, and QR code transactions.
“The growing variety of payment methods reflects the maturity of Vietnam’s digital payment ecosystem, which is transforming the national economy,” she went on to say.