Electronic and cashless payments saw significant increases in Vietnam in the first half of this year, with internet transactions growing by 76% in volume and 1.79% in value.
Hanoi (VNA) – Electronic and cashless payments saw significant increases in Vietnam in the first half of this year, with internet transactions growing by 76% in volume and 1.79% in value.
Mobile phone payments also surged by 65% in volume and 77% in value while QR code transactions rose by 152% and 301%, respectively. Meanwhile, transactions made through ATMs decreased by 4% in volume and 6% in value.
The Government has issued the National Digital Transformation Programme till 2025 with a vision to 2030. The State Bank has also released a digital transformation plan of the banking industry till 2025 with a vision to 2030. This provides an opportunity for banks to renovate their business models, improve financial services, and adapt to the changing landscape by offering diverse products and services that meet customer needs.
🦂 At the "Finovate Innovation Day: When Innovation Meets Sustainability" workshop organised by the National Innovation Centre and JobHopin, Deputy Chairman and Secretary General of the Vietnam Banks Association Nguyen Quoc Hung revealed that 96 banks and credit institutions in Vietnam are actively building digital transformation strategies. Moreover, 92% of the banks have developed internet and mobile apps to improve their services.
He added that these figures reflect a strong trend towards electronic payments. Banks and payment intermediaries are connected in real-time transactions, with an average daily value reaching approximately 900,000 trillion VND (40 billion USD), encompassing over 8 million transactions per day.
Illustrative image (Photo: vneconomy.vn)
Additionally, over 70% of adults in Vietnam have a bank account through digital channels. The cost-to-revenue ratio for banks has decreased by around 30%, resulting in significant cost savings.
According to a 2023 survey on digital transformation by DBS financial services group, Vietnam ranks second among the 10 Southeast Asian countries in the degree of digital transformation for enhancing customer experience and engagement in the financial sector, behind only Singapore./.
The State Bank of Vietnam (SBV) and the Banking Academy on May 23 organised a series of education communication events on finance management called "Future Bankers 2023".
A series of events and activities will be held under the 2023 Cashless Day to promote the adoption of non-cash payment and contribute to achieving the Government’s plans to drive Vietnam towards a cashless society.
The State Bank of Vietnam (SBV) has requested banks, branches of foreign banks, and providers of intermediary payment services to take steps to continue promoting cashless payment and the implementation of the national digital transformation programme.
Swiss fintech startups should tap into opportunities in Vietnam – the country with rising demand for digital financial solutions, supportive policies, and government initiatives to nurture fintech innovation, according to a new Vietnam Fintech report by Switzerland Global Enterprise (S-GE).
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
While German consumers are familiar with Vietnamese products such as coffee, seafood, tea, and spices, many other quality items remain relatively unknown in the market. The Selgros event not only helped introduce Bac Giang lychee to German consumers but also provided them with the opportunity to experience other Vietnamese agricultural products.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Illustrative image (Photo: Internet)
Illustrative image (Photo: vneconomy.vn)
