Cashless transactions surge as Vietnam advances towards digital future

Speaking at a Ho Chi Minh City on June 14, Deputy Prime Minister Ho Duc Phoc has made rapid progress in cashless payments.

By the end of last year, the country had more than 204.5 million individual payment accounts, 154.1 million bank cards, and around 87 per cent of adults owned bank accounts.

People are embracing digital payments for services such as hospital fees, tuition, transportation, and fuel, many of which are integrated with e-invoicing, thereby reducing costs and boosting convenience for both businesses and consumers.

“These are highly encouraging indicators,” Phoc noted. “Cashless payment is a prevailing movement in the digital economy, demonstrating major behavioural changes among individuals and businesses, as well as the digital transformation of public institutions. We must continue to research and strengthen this system to ensure even more effective digital economic growth.”

Phoc emphasised that the Party and the government place great importance on science, technology, and digital transformation.

On the legislative front, the National Assembly has passed a range of key laws to support the sector, including the Law on Electronic Transactions, Law on Information Technology, Telecommunications Law, Law on Cybersecurity, the Anti-Money Laundering Law, the Law on Credit Institutions, and the Law on Personal Data Protection.

These laws form a framework that enables digital platforms to flourish and encourages the continued growth of cashless transactions, thus propelling the digital economy.

However, several challenges remain, said the deputy PM. These include deep-rooted habits such as using cash, privacy concerns, and a hesitancy to share personal data. Infrastructure issues, such as weak or unstable network coverage in some areas, are also impeding transaction efficiency.

Security risks, such as cybercrime and data breaches, remain prevalent, while some legal areas are still underdeveloped, particularly regarding cryptocurrency, cross-border payments, and virtual currencies.

“We must implement synchronised solutions to rapidly expand cashless payments and accelerate digital economic growth,” Phoc stressed.

One of the key priorities is to finalise the legal framework to lay the foundation for development. Currently, Vietnam lacks specific regulations governing digital assets such as cryptocurrency, digital tokens, and cross-border payment systems.

The government has tasked the Ministry of Finance with researching and drafting the appropriate regulatory structures.

“This is a complex and high-risk domain, but it represents the global trend, and Vietnam cannot remain on the sidelines,” said Phoc, while stressing the need to research and develop comprehensive legal mechanisms for cross-border transactions.

The government is also focusing on advancing shared digital infrastructure, payment technology platforms, and diversifying financial services. Enhancing cybersecurity and personal data protection is critical to safeguarding users and building trust in non-cash transactions.

This year is a key milestone, marking the completion of the cashless payment development plan for 2021-2025. It also coincides with a period of rapid transformation in Vietnam's economy towards a fully digital model.

According to the State Bank of Vietnam, in the first quarter of 2025, Vietnamese consumers conducted 5.5 billion cashless transactions, including 4.5 billion digital transactions valued at approximately $1.6 trillion.

These numbers are impressive. Vietnam’s per capita cashless transaction volume is now on par with Thailand and India, trailing only slightly behind China.

Digital transformation and sustainable development trends continue to be closely intertwined as Vietnam gears up its efforts to shape a thriving and sustainable future.

The GSMA ( Global System for Mobile Communications Association) Digital Summit Hanoi took place on April 15 to address one of the most pressing challenges facing the region's digital transformation: the growing threat of scams and erosion of consumer trust.

Visa is reinforcing its commitment to Vietnam’s national digital transformation by partnering with the Cashless Day campaign in Ho Chi Minh City from June 14 to 15.