In today's rapidly evolving digital landscape, Vietnam is experiencing a transformative shift towards a cashless society, and the implications are far-reaching. This article delves into the recent Digital Finance Day event, exploring how digital payments are not just a convenience but a catalyst for economic growth and societal change.
The Rise of Digital Payments in Vietnam
The event, a collaboration between Tuoi Tre newspaper and key stakeholders, highlighted the pivotal role of digital payments in Vietnam's development. With prominent figures like Deputy Prime Minister Nguyen Van Thang and State Bank of Vietnam Governor Pham Duc An in attendance, the message was clear: digital payments are a fundamental necessity for a modern, inclusive financial ecosystem.
Transforming Consumer Behavior
Deputy Prime Minister Thang emphasized how digital payments are reshaping consumer behavior and financial management. Once a novel choice, they have become the lifeblood of Vietnam's digital economy, connecting banks with diverse services and platforms. This shift towards a cashless society is creating a more transparent and convenient financial foundation for both individuals and businesses.
National Strategy and Inclusion
The Prime Minister's decision to approve the national financial inclusion strategy for 2026-30 sets an ambitious target: non-cash payment values reaching 30 times the country's GDP by 2030. With nearly 89% of people aged 15 and above already having bank accounts and non-cash transactions reaching 28 times the GDP, the likelihood of achieving this goal is high. However, to ensure this success, policies to waive or reduce fees for payment accounts and e-wallets, especially for those who have served the nation, are crucial.
Enhancing Tourism and Management Efficiency
Digital payments are not just about financial transactions; they are a tool for enhancing tourism competitiveness. Ho Chi Minh City, a major tourism hub, welcomed millions of visitors in 2025, generating significant revenue. By expanding cross-border payment services and modern digital solutions, visitor experiences can be improved, spending can be increased, and the city's image as a technology-friendly destination can be strengthened. Furthermore, digital transaction data can improve management efficiency, reduce social costs, and support tax administration, all while combating fraud and promoting a transparent business environment.
Building Trust and Infrastructure
Pham Anh Tuan, director general of the Payment Department, emphasized that trust is the invisible infrastructure of the digital economy. As high-tech fraud and deepfake scams become more sophisticated, ensuring the security and confidence of users is paramount. Smart payment systems must deliver tangible benefits, reduce social costs, improve transparency, and support the digital economy. Tuan stressed that payment systems are part of national competitiveness, and building institutions for smart payments is crucial for Vietnam's future.
Priorities and Support for Household Businesses
Pham Thanh Ha, deputy governor of the State Bank of Vietnam, outlined five priorities for the banking sector, including reviewing legal frameworks, developing modern payment infrastructure, and ensuring security and safety of payment operations. Banks are developing comprehensive financial ecosystems to support businesses, from account opening to online tax declaration. This support is especially crucial for household businesses, which often face challenges in managing operations and accessing bank loans due to limited financial transparency.
The Role of Digital Payments in Daily Life
Digital payments are not just a trend; they are becoming an integral part of daily life in Vietnam. Companies like MoMo and NAPAS are introducing innovative solutions, allowing users to make QR-code payments abroad and book flights and hotels through a single application. These advancements are not only convenient but also contribute to a more interconnected and data-driven society.
Conclusion
The transition from Cashless Day to Digital Finance Day symbolizes a broader vision: building a comprehensive digital financial ecosystem. As Vietnam continues its digital transformation, the focus on financial inclusion, security, and innovation will be key to unlocking the full potential of its digital economy. The insights and developments discussed at Digital Finance Day offer a glimpse into a future where digital payments are not just a choice but a cornerstone of economic growth and societal progress.
