Deputy Prime Minister Nguyen Van Thang: Digital payments are the lifeblood of the modern economy
Cashless payments are no longer a standalone service but have become the "connecting thread" of the digital economy.
On the morning of June 6, delivering opening remarks at the workshop "Smart Payments Driving Digital Finance" as part of the 2026 Digital Finance Day series of events, on behalf of the Prime Minister, the Deputy Prime Minister commended Tuoi Tre Newspaper and the State Bank of Vietnam for jointly organizing this program to promote the policies of the Party, and the government regarding the goals of inclusive finance, the digital economy, digital government, digital banking, and digital payments.
Investing in infrastructure to enhance security
According to the Deputy Prime Minister, in recent times, we have witnessed a revolution in consumer behavior and cash flow management within society. From being a novel option, digital payments have now become an essential need for the economy and society, moving toward the goal of building a comprehensive, modern, and secure financial ecosystem centered on serving the people and businesses.
Within that ecosystem, cashless payments have become the lifeblood of the digital economy, seamlessly connecting banks with commerce, healthcare, education, transportation, tourism, public services, and other digital platforms.
Digital data, digital identity, digital connectivity, and digital payments are gradually forming a modern, transparent, and more convenient financial foundation for citizens and businesses. Digital payments are a key enabler for promoting cash flow, expanding access to financial services, enhancing governance efficiency, and driving digital economic growth in this new phase.
The Prime Minister has issued Decision No. 928 approving the National Comprehensive Financial Strategy for the 2026–2030 period. The strategy sets out a series of key objectives, such as striving to ensure that by 2030, 95% of the population aged 15 and older have a bank transaction account. The value of cashless payments will be 30 times the GDP.
According to statistics from the State Bank of Vietnam, as of the end of 2025, the percentage of people aged 15 and older with a bank account reached 88.96%. The value of cashless payments in 2025 was 28 times GDP. Thus, it appears we will achieve the goals set by the strategy.
However, according to the Deputy Prime Minister, while the banking sector has achieved notable results in developing cashless payments—contributing to the growth of the digital economy and digital society—we must also candidly acknowledge certain challenges.
Specifically, there remains a digital divide between urban and rural areas in access to cashless payment services. Access to digital services for the elderly and low-income individuals remains limited.
Payment infrastructure must continue to enhance security in the context of increasingly complex high-tech crime.
Encourage waivers or reductions in fees for opening and using payment accounts
According to the Deputy Prime Minister, to achieve the target of increasing the cashless payment ratio to 30 times GDP by 2030 as outlined in Decision 928, the Government encourages and facilitates the participation of fintech organizations and telecommunications companies in the supply chain of financial products and services,
Additionally, the Government encourages credit institutions, foreign bank branches, and payment intermediary service providers to implement preferential policies, including waivers and reductions of fees related to the opening and use of payment accounts, bank cards, and e-wallets to promote cashless payments in the economy, with priority given to those who have contributed to the revolution.
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Encourage businesses to pay wages to employees and settle payments for goods and services via bank accounts.
Assigning tasks to regulatory agencies, the Deputy Prime Minister instructed the State Bank of Vietnam to continue refining the institutional framework and policies to facilitate new payment models while ensuring system security.
The Ministry of Finance, the Ministry of Industry and Trade, and relevant ministries and sectors will closely coordinate to promote electronic payments in public sectors and enhance the efficiency of online public service delivery.
Localities are actively implementing specific solutions to expand financial services, particularly in rural, remote, and hard-to-reach areas; reaching individual businesses and local markets.
The Deputy Prime Minister also urged banks, payment service providers, and technology companies to continue enhancing product innovation, improving service quality, and protecting consumers.
At the same time, media and communication agencies need to step up publicity efforts to raise public awareness of the benefits and how to use modern payment methods, thereby helping to foster a digital consumption culture.
Smart payments are a new driver of development for Ho Chi Minh City’s economy
Speaking at the seminar, according to Mr. Nguyen Loc Ha—Member of the Standing Committee of the City Party Committee and Standing Vice Chairman of the Ho Chi Minh City People’s Committee—when citizens can make payments quickly, safely, and conveniently anywhere and anytime, transaction costs are reduced, and the consumer experience is enhanced, this will create momentum for shopping, tourism, entertainment, and service usage to develop more robustly.
For a major economic hub like Ho Chi Minh City, this is a crucial factor for expanding the domestic market, increasing purchasing power, and driving economic growth.
Moreover, smart payments are becoming a powerful tool for businesses, business households, and small traders in their digital transformation journey.
By the end of 2025, Ho Chi Minh City is expected to have approximately 345,000 businesses and 361,000 business households operating across various sectors. This constitutes a vital economic force. However, many business households still face challenges in managing revenue, accessing capital, and adopting technology.
"The use of digital payments will facilitate transactions, create transparent transaction data, enhance management capabilities, expand access to credit, and gradually enable deeper participation in the digital economy," said Mr. Nguyen Loc Ha.
Smart payments are the foundation for driving the development of e-commerce. E-commerce cannot thrive without safe, fast, and reliable digital payment solutions. Ho Chi Minh City is currently the nation’s e-commerce leader, accounting for approximately 33% of the country’s total e-commerce revenue. The city leads in the number of businesses registered for online sales, supported by a rich ecosystem of major e-commerce platforms.
As the government promotes the digital economy as a new growth driver, expanding digital payments will help complete the e-commerce ecosystem, enabling Vietnamese businesses to access a broader market.
Smart payments also open up new opportunities for the tourism and international trade sectors. Ho Chi Minh City serves as a trade gateway and a destination for millions of international visitors each year. In 2025 alone, Ho Chi Minh City’s tourism sector is projected to experience a significant surge, welcoming 8.6 million international visitors (a 40.3% increase) and 46 million domestic visitors (a 20% increase), with total tourism revenue reaching 278.566 trillion VND.
Finally, smart payments contribute to enhancing economic transparency. Digital transaction data improves management efficiency, reduces social costs, supports tax administration, prevent fraud, and foster a healthier business environment…, particularly as the city is aiming for a highly challenging budget revenue target of reaching a record milestone of 1 million billion VND by 2026.
"The city has identified cashless payments as one of the key pillars for driving digital transformation and enhancing the economy’s competitiveness. However, what we are focusing on now is not just faster or more convenient payments, but more importantly, how smart payments are creating new drivers of economic development," Mr. Nguyen Loc Ha emphasized.
Payments are becoming an integral part of the digital economic infrastructure
Earlier, in his opening remarks at the seminar "Smart Payments in the Digital Era," Mr. Le The Chu, Editor-in-Chief of Tuoi Tre Newspaper, noted that within the framework of Digital Finance Day 2026, this seminar has an additional mission.
"Let’s look beyond the experiences unfolding around us. Let’s discuss the role of smart payments in the nation’s future development. This is precisely why the organizing committee is holding the ‘Smart Payments in the Digital Era’ seminar," journalist Le The Chu emphasized.
According to the Editor-in-Chief of Tuoi Tre, a few years ago, when people mentioned cashless payments, many thought of convenience. Faster payments. Easier transactions. Lower costs. But the reality is changing very quickly. A payment transaction today does not merely complete a purchase but also generates data, helping to connect financial services.
Data helps businesses understand their customers and enables regulatory agencies to formulate more effective policies. As a result, payments have moved beyond the scope of a mere transactional tool. Payments are becoming an integral part of the digital economic infrastructure.
Today, smart payments are not just a new transaction method; they are becoming the soft infrastructure connecting digital finance, the digital economy, and the digital society. Smart payments drive modern consumption. Smart payments support e-commerce. Smart payments expand access to financial services. Smart payments facilitate the development of tourism, trade, and cross-border payments.
More importantly, smart payments contribute to the formation of a more transparent, connected, and efficient economy. However, payment technology does not automatically bring about social change. A solution is only truly successful when people understand, trust, and use it. That is why the media must play its role.
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