Digital payments become 'operating system' of Vietnam's economy

Digital payments are rapidly transforming Vietnam's economy, evolving from a novel option to an essential tool for financial inclusion and economic growth. The nation is actively fostering a comprehensive, modern, and secure financial ecosystem centered on its citizens and businesses.

Deputy Prime Minister Nguyễn Văn Thắng highlighted that digital payments are revolutionizing consumer behavior and cash flow management. He stated that digital payments have become the "lifeblood" of the digital economy, seamlessly linking banking services with other digital platforms. The integration of digital data, identification, connectivity, and payments is progressively forming a more transparent and convenient financial foundation for the public and enterprises.

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Digital payments are creating a revolution in consumer behavior and the management of social cash flow. Digital payments, from a novel option, have now become an essential need for the economy and society, moving towards building a comprehensive, modern, and safe financial ecosystem, with people and businesses at the center of service.

Vietnam has set an ambitious goal under the National Financial Inclusion Strategy for 2026-2030, aiming for the value of non-cash transactions to reach 30 times the country's GDP by 2030. This target appears highly achievable, as statistics from the State Bank of Vietnam show that by the end of 2025, nearly 89% of individuals aged 15 and above possessed bank accounts, and non-cash payment values had already reached 28 times GDP.

To further accelerate this transition, the government is considering policies such as fee exemptions or reductions for opening and using payment accounts, bank cards, and e-wallets, with a particular focus on encouraging adoption among vulnerable populations. The Deputy Prime Minister also urged relevant ministries and agencies to promptly issue regulations on information security, cybersecurity, and personal data protection for digital financial service providers, while simultaneously developing a shared digital financial infrastructure that ensures safety and protects consumer rights.

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Digital data, digital identification, digital connectivity, and digital payments are gradually forming a modern, transparent, and more convenient financial platform for people and businesses.