Brian Jeffrey
During a press conference in Ho Chi Minh City on June 2, Pham Anh Tuan, the Director of the Payment Department at the State Bank of Vietnam, unveiled the “Cashless Day 2025” initiative.
Pursuant to Pham Anh Tuan, the State Bank has recently updated Circular No. 40, which governs intermediary payment services, to offer enhanced flexibility and promote the expansion of the digital payment landscape.
Tuan announced that starting July 1, 2025, e-wallets will officially be recognized as a formal payment method. These will operate similarly to bank accounts, credit cards, or cash, enabling users to transact across various sectors beyond mere purchases of goods and services.
Customers will have the capability to transfer money among wallets and between wallets and bank accounts without needing a linked bank intermediary. This enhancement broadens the functionality of e-wallets, particularly in reaching underserved areas and providing widespread financial services.
The State Bank is in the process of revising Circular No. 40, with an updated version anticipated to be implemented by September 1, 2025. This overhaul aims to foster the growth of e-wallet services while ensuring compliance with legal frameworks to prevent issues like fraud, illegal lending, gambling, or unauthorized trading activities.
As of March 31, 2025, there were 47 authorized entities offering e-wallet services in Vietnam. Approximately 30.27 million wallets were actively utilized, representing 65.8% of the nearly 46.01 million wallets that had been set up. Collectively, the balance in these active wallets exceeded VND 2.8 trillion (roughly USD 110 million).
