During the 2025 Cashless Day press event on June 2, Pham Anh Tuan, the Payment Department Director at the State Bank of Vietnam (SBV), highlighted the ongoing efforts to enhance regulations aimed at fostering the growth of cashless transactions.
Thanks to robust legal support from the State Bank and improvements in payment infrastructure, the outlook is encouraging. In 2024, the total value of cashless transactions exceeded VND295.2 quadrillion, which is 26 times the nation’s GDP. By the end of 2024, 86.97 percent of individuals aged 15 and older possessed bank accounts.
Tuan noted that while this number slightly decreased compared to 2023 (87.08 percent), this was a natural outcome of the processes involved in data verification and biometric checks.
Initially, Vietnam had recorded 200 million bank accounts, but after thorough verification, only 113 million individual accounts and over 711,000 organizational accounts are currently active.
“This represents a significant data cleansing initiative. While the total account number remains at 200 million, by September 2025, a legal framework will come into effect allowing the closure of accounts without biometric verification to prevent fraud,” he explained.
“In the past seven years, we have effectively promoted cashless transactions, spurring account creation and utilization,” Tuan stated.
As reported by the General Statistics Office (now part of the Ministry of Finance), by December 31, 2024, Vietnam had over 69 million adults aged 15 and above, with more than 68 million holding bank accounts, showcasing the rapid rise of cashless payments.
Tuan mentioned that seven “Cashless Day” initiatives have been launched since 2025, organized by Tuoi Tre (Youth) newspaper. This year’s theme, “Cashless Payments Propel Digital Economy Growth,” emphasizes that cashless payments serve not only as a transactional method but also as a fundamental strategy connecting the various elements of the digital economy.
This strategic foundation fosters a seamless, efficient, and evolving digital ecosystem, moving Vietnam towards a modern, transparent economic landscape.
As part of the 2021-2025 Cashless Payment Development Plan, as articulated in Prime Minister’s Decision No 1813, the SBV has collaborated closely with various ministries and local authorities to enhance legal frameworks, implement innovations, and develop secure and convenient products and services that offer value and enriching experiences for customers, moving towards a cashless society.
Remarkable progress has been recorded in the payment sector throughout 2024 and the early months of 2025.
In the first quarter of 2025, the interbank electronic payment system registered 35,665,760 transactions valued at VND 81,468,633 billion, marking a 9.60 percent increase in transaction volume and a 36.81 percent rise in value compared to the same quarter of 2024.
In comparison to the first quarter of 2024, non-cash payments surged by 44.43 percent in volume, with Internet-based transactions up by 40.41 percent, mobile payment transactions rising by 39.82 percent, and QR code transactions increasing by 81.64 percent. Nearly 10.4 million Mobile Money accounts have been created, with over 72 percent located in rural, mountainous, and remote areas.
By March 31, 2025, there were 47 providers of e-wallet services, with 30.27 million active e-wallets, comprising 65.8 percent of the nearly 46.01 million total activated e-wallets, and a combined balance of over VND 2.8 trillion.
For enhanced security, the SBV has teamed up with the Ministry of Public Security to execute Government Project 06, verifying approximately 57 million loan customer records and over 111.8 million individual customer records against the National Population Database.
Tuan announced that starting July 1, 2025, e-wallets will officially be recognized as a payment method on par with bank accounts, cards, and cash.
Recent enactments of Circular 40 by the central bank outline regulations for intermediary payment services and introduce new measures to enhance the sector.
From July 1, 2025, e-wallets will operate like traditional accounts, cards, or cash, permitting transactions beyond retail, such as e-wallet to e-wallet transfers and transfers from e-wallets to bank accounts, or vice versa, all without needing linked bank accounts. This opens up new possibilities for e-wallets, especially in reaching underserved markets and providing services in remote regions.
The State Bank is also revising Circular 40, aiming for implementation on September 1, 2025, to further facilitate e-wallet services. Nonetheless, service providers must adhere to legal standards to prevent fraud, scams, or illegal activities such as unapproved credit, gambling, or unauthorized trading platforms.