Vietnam is reinforcing its regulatory and policy infrastructure to foster cashless transactions, aligning with its broader vision of building a digitally driven economy.
At a seminar held in Ho Chi Minh City on Saturday, Deputy Prime Minister Ho Duc Phoc underscored the increasing significance of non-cash payments across everyday transactions, including tuition fees, healthcare services and retail purchases.
“Cashless transactions are pivotal for the expansion of eCommerce, accelerating payments and increasing transparency in financial operations,” Mr Phoc stated. “They not only improve financial accountability but also streamline public service delivery, enhance productivity and reduce overall societal costs.”
Despite these advantages, he acknowledged the persistence of critical challenges, such as cybersecurity threats, online payment fraud and uneven digital infrastructure across regions.
“Transaction security is a central issue that must be resolved,” he said, calling on the State Bank of Vietnam (SBV) to collaborate with relevant ministries to strengthen the regulatory framework, drive innovation in payment technologies and proactively manage emerging risks.
He urged financial institutions, payment service providers and technology firms to enhance their product offerings and place greater emphasis on safeguarding consumer data. In addition, the Ministry of Finance and the Ministry of Industry and Trade were directed to support the use of cashless payments in public services, in a move designed to improve efficiency and access to digital platforms.
Local authorities were also encouraged to devise practical measures to extend financial services to underserved populations, particularly in rural and remote areas. These efforts aim to make digital payment options more accessible to small enterprises and traditional markets.
Le Anh Dung, Deputy Director of the SBV, highlighted the sharp rise in cashless transactions in recent years and stressed the urgency of bolstering payment security.
“The SBV remains committed to enhancing the legal and technological foundations for digital payments,” Mr Dung affirmed. He noted that raising public awareness of cybercrime tactics was a vital component of securing digital ecosystems.
The central bank, he added, plans to intensify cooperation with commercial banks and payment intermediaries to deploy advanced technological safeguards. A notable initiative involves the creation of systems capable of identifying counterfeit accounts and warning customers ahead of potentially fraudulent transfers.
Deputy Minister of Industry and Trade Phan Thi Thang attributed the dynamic growth of Vietnam’s digital payment sector to the expanding diversity of payment channels, which continue to meet the evolving needs of consumers and businesses alike.
“Today, Vietnamese citizens benefit from 24/7 fund transfers, mobile wallet capabilities and QR code-based payments,” she said. “The proliferation of these methods reflects the increasing maturity of the nation’s digital payment ecosystem, which is playing a transformative role in economic development.”
-ANN
