The digital payments revolution is transforming Vietnam's economy, and the country is poised to become a regional leader in this space. With a focus on innovation and security, Vietnam is building a robust digital financial ecosystem that will have far-reaching implications for its citizens and businesses.
The event, organized by Tuoi Tre (Youth) newspaper, brought together key stakeholders to discuss the growing role of digital payments in Vietnam. The seminar, titled 'Smart Payments in the Digital Era', highlighted the potential of digital payments to not only facilitate the circulation of money but also expand access to financial services and support economic growth.
One of the key takeaways from the event is the importance of trust in the digital economy. Pham Anh Tuan, director general of the Payment Department under the State Bank of Vietnam, emphasized that trust is the most important invisible infrastructure of the digital economy. However, people will not embrace digital payments unless they feel secure, especially as high-tech fraud and deepfake scams become increasingly sophisticated.
To address this, the government is taking steps to ensure the security and safety of payment and banking operations. This includes issuing regulations on information security, cybersecurity, and personal data protection for digital financial service providers, while developing shared digital financial infrastructure to ensure safety and protect consumer rights.
The potential of digital payments to enhance tourism competitiveness is also significant. Ho Chi Minh City, a major economic center, welcomed 8.6 million international visitors and 46 million domestic travelers in 2025, generating more than VND278 trillion (US$10.6 billion) in tourism revenue. Expanding cross-border payment services, international QR payment systems, and modern digital payment solutions can improve visitor experiences, increase spending, and strengthen the image of Ho Chi Minh City as a dynamic, modern, and technology-friendly destination.
The event also highlighted the importance of supporting household businesses in Vietnam. Many household businesses continue to face difficulties in managing operations, cash flow, and accessing bank loans due to limited financial transparency. Digital payments can help address these challenges by improving cash-flow management, optimizing operations, and increasing profitability.
The future of digital payments in Vietnam looks bright, with a focus on innovation and security. The government is committed to building a comprehensive digital financial ecosystem that will have far-reaching implications for its citizens and businesses. As the country continues to embrace digital payments, it is poised to become a regional leader in this space.
